Huntington Beach Municipal Code Ch. 2.110 Investment Advisory Board

There is hereby created an Investment Advisory Board.

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The Investment Advisory Board shall consist of up to seven members. Each City Council member may appoint one member of the Board to serve the same term as the City Councilmember.

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The Investment Advisory Board shall act in an advisory capacity to the City Council and City Treasurer in matters pertaining to all the City's investments.

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The Investment Advisory Board shall have the duty to:

A. Prepare an annual report to the City Council. Annually, by January 20th, the Board shall submit a report to the City Council. In preparing this report, the Board shall review the investment policy, and any other investment information determined by the Board to be applicable to its annual report. The report shall include any recommendations by the Board pursuant to subsection B of this section.

B. Review and make recommendations regarding:

1. City's statement of investment policy.

2. Risk-return analysis.

3. Long-term investment strategies.

4. New investment opportunities.

5. Proposed state or federal legislation which impacts the City's investments.

6. Anticipated exposure to loss.

7. Quarterly reports.

8. Compliance with investment policy.

C. Meet on a quarterly basis.

D. Perform such other duties or studies as may be directed by the City Council.

(3920-11/11)

A. It is intended that the Investment Advisory Board act only in an advisory capacity and not be vested with final authority in the establishment of priorities, the expenditure of funds or the establishment of the investment policy.

B. The Board shall not interfere with the duties of any elected or appointed officer specified in the City Charter.

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Except as otherwise provided in this chapter, the Investment Advisory Board shall conform to operating policies for boards and commissions as set forth in Chapter 2.100 of the Huntington Beach Municipal Code.

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Meetings of the Investment Advisory Board shall be subject to the open meeting law (Government Code Section 54950).

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The Investment Advisory Board shall have the power to appoint subcommittees of not more than three of its members to perform tasks within the scope of duties.

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