Orange Municipal Code Ch. 2.51 Investment Advisory Committee

There is established in the City an Investment Advisory Committee consisting of seven voting members to act in an advisory capacity and provide recommendations on matters that include, but are not limited to:

A. General advice to the City Council regarding the City's Investment Policy.

B. Compliance with applicable California laws and regulations.

C. Review of the City's investment strategy.

(Ord. 03-24, 3/12/2024)

The Committee shall have the following duties:

A. Review the City's Investment Policy annually.

B. Review the Treasurer's Report to ensure conformance with the City's statement of investment policy and review related factors such as risk, diversification, and maturity.

C. Provide advice regarding potential investment strategies and suitability of pools such as Local Agency Investment Fund.

D. Provide written recommendations as applicable to the City Council regarding subsections A, B, and C.

(Ord. 03-24, 3/12/2024)

The Mayor, with approval of the City Council, will appoint each voting member of the Investment Advisory Committee. The term of office shall be for two years and thereafter until a successor for the voting member whose term is expiring has been appointed.

(Ord. 03-24, 3/12/2024)

The Committee shall elect at its first meeting of the calendar year, from its voting members, a Chairperson and Vice Chairperson. The terms of office for these offices shall be for one year.

(Ord. 03-24, 3/12/2024)

The Committee shall meet in regular session on dates and at times to be determined from time to time by resolution of the City Council. All meetings shall be open to the public, and the Brown Act shall apply.

(Ord. 03-24, 3/12/2024)

A majority of at least four voting members shall constitute a quorum. A majority vote of the voting members present (at least four voting members, vacancies shall not count toward establishing a quorum) shall be required to carry a motion; provided, however, that all recommendations to the City Council must have the approval of at least four voting members.

(Ord. 03-24, 3/12/2024)

Absence from three consecutive meetings without formal notice to the Committee will be deemed to constitute the resignation of such voting member, and the position declared vacant. In the event of a vacancy, either by because of absence or otherwise, may be filled by the Mayor subject to ratification by the City Council.

(Ord. 03-24, 3/12/2024)

No voting member shall take any action or make any statement committing the Committee unless given express authority to do so by a majority vote of the Committee's entire seven voting members.

(Ord. 03-24, 3/12/2024)

All recommendations of the Committee to the City Council for its consideration and action shall be transmitted in writing.

(Ord. 03-24, 3/12/2024)