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5502FOLLOWS: I ORDINANCE NO. 5502 AN ORDINANCE OF THE CITY OF ANAHEIM ADDING NEW SECTION 1.04.995 TO CHAPTER 1.04 OF TITLE 1 OF THE ANAHEIM MUNICIPAL CODE ESTABLISHING THE INVESTMENT ADVISORY COMMISSION. THE CITY COUNCIL OF THE CITY OF ANAHEIM DOES ORDAIN AS SECTION 1. That a new Section 1.04.995 be, and the same is hereby, added to Chapter 1.04 of Title 1 of the Anaheim Municipal Code to read as follows: 111.04.995 INVESTMENT ADVISORY COMMISSION .010 ESTABLISHMENT The Investment Advisory Commission is hereby established pursuant to Section 900 of the Charter of the City of Anaheim. .020 MEMBERSHIP The Investment Advisory Commission shall consist of five (5) members, none of whom shall hold any paid office or employment in the City government and each of whom shall reside or work within the City of Anaheim. The members shall also meet and retain certain qualifications, if any, as may be established by resolution of the City Council. No member shall be financially interested in any contract, or otherwise conduct any business with, the City or any of its agencies, either on an individual basis or as a partner, shareholder, member or employee of any firm. .030 APPOINTMENT AND REMOVAL The members of the Commission shall be appointed by the affirmative votes of a majority of the entire City Council and shall be subject to removal at any time by motion of the City Council adopted by the affirmative votes of a majority of the entire City Council. .040 TERM OF APPOINTMENT Each member of the Commission shall serve for a term of four years and until his or her respective successor is appointed and qualified; provided, however, that the terms of the Commission members first appointed shall expire as designated by the City Council at the time of their appointments as follows: I One on the thirtieth day of June of the first year following the year of appointment; One on the thirtieth day of June of the second year following the year of appointment; One on the thirtieth day of June of the third year following the year of appointment; and Two on the thirtieth day of June of the fourth year following the year of appointment. .050 VACANCIES Any vacancy occurring before the expiration of the term of a Commission member shall be filled by appointment by the City Council for the remainder of such term. .060 ORGANIZATION, MEETINGS AND PROCEDURES .010 The Commission shall, not later than fifteen (15) days following the effective date of this Section, and annually at its first regular meeting following the first day of July in each year thereafter, hold a meeting duly called and noticed by the City Clerk as may be required by law to elect a Chairman and Vice -Chairman and to conduct such other business as may be necessary. .020 The Commission shall meet regularly at least once each quarter and shall hold such other meetings as from time to time shall be called in the manner and form required by law. Meetings shall be conducted in accordance with Section 904 of the Anaheim City Charter. Regular meeting dates and times shall be established by the Commission. A majority of the total number of members of the Commission then in office shall constitute a quorum. .030 The meetings and procedures of the Commission shall be subject to and governed by the resolutions and ordinances of the City Council establishing rules and regulations for City boards and commissions. .040 The Commission shall have the power to appoint subcommittees of less than a quorum of the Commission to perform tasks within the scope of the Commission's responsibility and to make reports and recommendations for consideration by the Commission. 2 I .070 APPROPRIATIONS The City Council shall include in its annual budget such appropriations of funds as, in its opinion, shall be sufficient for the efficient and proper functioning of the Commission. .080 NO COMPENSATION Members of the Commission shall serve without compensation. .090 POWERS AND DUTIES The Investment Advisory Commission is an advisory body to the City Council and, as such, shall have the power and duty to: .010 Review the Annual Investment Policy proposed by the City Treasurer and the monthly City Treasurer's Report as submitted to the City Council pursuant to Section 53607 of the Government Code; and review other investment reports, if any, prepared for submission to the City Council. .020 Make recommendations to the City Council regarding said Investment Policy, monthly City Treasurer's Reports, and other investment reports, if any, submitted to the City Council. .030 Act in an advisory capacity to the City Council in matters pertaining to the investment of City funds and the funds of other agencies governed by the City Council and which funds are invested by the City Treasurer (including but not limited to funds of the Anaheim Redevelopment Agency, Anaheim Housing Authority, and Anaheim Public Financing Authority). .040 Review and make recommendations on the City Treasurer's investment strategies and portfolio asset and maturity structure. Emphasis of the Commission shall be on overall investment activities incorporating cash flow, permitted investments and risk/return factors. The Commission shall function in a general oversight capacity and shall not make investment decisions on individual securities. .050 Perform such additional duties and functions as may be required from time to time by specific action and direction of the City Council. 3 .060 Receive such administrative support, assistance and information from the City Manager, and/or such other appointed officers or employees of the City as directed by the City Manager, and/or such consultants, advisors or professionals as engaged by the City for such purpose., as may be directed by the City Council, or as may from time to time reasonably be requested by the Commission for purposes of performing the duties and functions specified herein; provided, however, any such requests must be consistent with the City Charter and all City ordinances, resolutions, contracts, policies and rules, including any limitations contained in the City Charter which are otherwise applicable to the City Council or its members. .070 It shall not be the purpose of the Commission to advise on regular or routine Treasury administration. It is intended that the Commission act in an advisory capacity to the City Council only and that the Commission not be vested with final authority in the establishment of investment strategies or the purchase of specific securities nor that it direct City staff to conduct costly analyses unless specifically directed and approved by the City Council." SECTION 2. SEVERABILITY The City Council of the City of Anaheim hereby declares that should any section, paragraph, sentence or word of this ordinance of the Code, hereby adopted, be declared for any reason to be invalid, it is the intent of the Council that it would have passed all other portions of this ordinance independent of the elimination herefrom of any such portion as may be declared invalid. THE FOREGOING ORDINANCE is approved and adopted by the City Council of the City of Anaheim this 13th _ day of June , 1995. MAY R OF THE CITY OF HEIM ATTEST: CITY CLERK OF THE CITY OF ANAHEIM JLW:lm 11057.1\JWHITE\May 30, 1995 4 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF ANAHEIM ) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing Ordinance No. 5502 was introduced at a regular meeting of the City Council of the City of Anaheim, held on the 6th day of June, 1995, and that the same was duly passed and adopted at a regular meeting of said City Council held on the 13th day of June, 1995, by the following vote of the members thereof: AYES: MAYOR/COUNCIL: Tait, Lopez, Zemel, Feldhaus, Daly NOES: MAYOR/COUNCIL: None ABSENT: MAYOR/COUNCIL: None AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Ordinance No. 5502 on the 13th day of June, 1995. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim this 13th day of June, 1995. CITY CLERK OF THE CITY OF ANAHEIM (SEAL) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original of Ordinance No. 5502 and was published once in the North Orange County News on the 22nd day of June, 1995 CITY CLERK OF THE CITY OF ANAHEIM