San Clemente Municipal Code Ch. 2.43 Investment Advisory Committee

There is established an Investment Advisory Committee which shall consist of five members. All members of the Investment Advisory Committee shall be San Clemente citizens, with the exception of the Industry Specialist representative who is not required to reside in San Clemente. The City Council shall appoint two San Clemente citizens and one current member of the City Council to serve on the Committee. The Committee shall also consist of the City Treasurer, who shall serve as Chair of the Committee, as well as one Industry Specialist to be appointed by the City Treasurer.

(Ord. No. 1615, § 1, 1-19-2016; Ord. No. 1684, § 1(Exh. A), 2-4-2020; Ord. No. 1710, § 1(Exh. A), 2-2-2021; Ord. No. 1713, §§ 1—3, 5-4-2021; Ord. No. 1714, § 4(Exh. D), 6-15-2021)

The Investment Advisory Committee's functions and duties are to:

A. Review and recommend City Investment policies to the City Council;

B. Review investment practices for performance and conformance to adopted policies and procedures;

C. Limit meetings to three hours unless otherwise approved by a majority vote of the Committee plus the concurrence of the primary staff support to the Committee;

D. Perform such other duties as may be prescribed by the City Council.

(Ord. No. 1615, § 1, 1-19-2016; Ord. No. 1684, § 1(Exh. A), 2-4-2020; Ord. No. 1710, § 1(Exh. A), 2-2-2021; Ord. No. 1713, §§ 1—3, 5-4-2021; Ord. No. 1714, § 4(Exh. D), 6-15-2021)

The terms of office of the Investment Advisory Committee members shall be as follows:

City Treasurer (Chair) - Serves during the City Treasurer's term of office and until a new City Treasurer assumes office.

Two citizen members appointed by the City Council - The terms of the City Council appointed citizen representatives to the Investment Advisory Committee shall be for two years from July 1st to June 30th of the second following year, and with such terms staggered so that one (1) Committee member is appointed in even-numbered years and one Committee member is appointed in odd-numbered years. No less than 60 days prior to the expiration of the term of a Council-appointed citizen member, the City Clerk shall notify the City Council of the forthcoming vacancy and the City Council shall make the necessary appointment prior to the expiration of the term. In the event the City Council does not make the necessary appointment prior to the expiration of the term, the existing citizen member with an expiring term shall continue to serve as an Investment Advisory Committee member until a successor is appointed by the City Council and assumes office.

One City Council member appointed by the City Council - Serves a one-year term to be selected in December of each year. Membership on the Investment Advisory Committee will immediately cease if the appointee's status as a member of the City Council should conclude for any reason.

One Industry Specialist appointed by the City Treasurer - Serves during the term of his/her appointing City Treasurer and until a new City Treasurer makes his/her appointment of an Industry Specialist and that person assumes office. The Industry Specialist is not required to reside in San Clemente.

(Ord. No. 1615, § 1, 1-19-2016; Ord. No. 1684, § 1(Exh. A), 2-4-2020; Ord. No. 1697, § 1, 5-19-2020; Ord. No. 1710, § 1(Exh. A), 2-2-2021; Ord. No. 1713, §§ 1—3, 5-4-2021; Ord. No. 1714, § 4(Exh. D), 6-15-2021)

The Investment Advisory Committee shall hold meetings quarterly (January, April, July and October) in accordance with the rules of procedure to be enacted and recorded in a book of official proceedings. The location, dates, time and organization of Investment Advisory Committee meetings shall be established by resolution of the Investment Advisory Committee. Any member of the Investment Advisory Committee, who was appointed to the Investment Advisory Committee by the City Council, who is absent from three consecutive regular meetings of the Investment Advisory Committee, without furnishing to the City Clerk a certificate of illness from a duly practicing physician, or without the authorization of the Investment Advisory Committee to be absent from three consecutive regular meetings for good cause, shall, as a result, surrender his or her office on the Investment Advisory Committee and the office shall be considered vacant. If the Industry Specialist member is absent from three consecutive regular meetings of the Investment Advisory Committee, without furnishing to the City Clerk a certificate of illness from a duly practicing physician, or without the authorization of the Investment Advisory Committee to be absent from three consecutive meetings for good cause, he/she may be removed from office at the discretion of the City Treasurer.

(Ord. No. 1615, § 1, 1-19-2016; Ord. No. 1684, § 1(Exh. A), 2-4-2020; Ord. No. 1710, § 1(Exh. A), 2-2-2021; Ord. No. 1713, §§ 1—3, 5-4-2021; Ord. No. 1714, § 4(Exh. D), 6-15-2021)

Any vacancy occurring in the office of a member of the Investment Advisory Committee shall be filled in the same manner as the original appointment, and a successor shall hold office for the unexpired portion of the term of his or her predecessor. Members of the Investment Advisory Committee who were appointed to the Investment Advisory Committee by the City Council shall serve at the pleasure of the City Council and may be removed from office with or without cause during his or her term in office by a majority vote of all members of the City Council. The Industry Specialist shall serve at the pleasure of the City Treasurer and may be removed from office with or without cause at the will of the City Treasurer.

(Ord. No. 1615, § 1, 1-19-2016; Ord. No. 1684, § 1(Exh. A), 2-4-2020; Ord. No. 1710, § 1(Exh. A), 2-2-2021; Ord. No. 1713, §§ 1—3, 5-4-2021; Ord. No. 1714, § 4(Exh. D), 6-15-2021)

The members of the Investment Advisory Committee shall each have one vote on any matter pending before the committee.

(Ord. No. 1615, § 1, 1-19-2016; Ord. No. 1684, § 1(Exh. A), 2-4-2020; Ord. No. 1710, § 1(Exh. A), 2-2-2021; Ord. No. 1713, §§ 1—3, 5-4-2021; Ord. No. 1714, § 4(Exh. D), 6-15-2021)

The Investment Advisory Committee shall be subject to the rules and regulations regarding the conduct of meetings under state and city law, and to the provisions of this Code and any other ordinance of the City.

(Ord. No. 1615, § 1, 1-19-2016; Ord. No. 1684, § 1(Exh. A), 2-4-2020; Ord. No. 1710, § 1(Exh. A), 2-2-2021; Ord. No. 1713, §§ 1—3, 5-4-2021; Ord. No. 1714, § 4(Exh. D), 6-15-2021)

Effective July 1, 2026, Investment Advisory Committee Members shall be subject to a term limit of four full two-year terms (eight years total). Investment Advisory Committee members must reapply for their seat at the end of each two-year term, regardless of the implementation of term limits. Appointments mid-term shall not count toward such limit. Commission and Committee members may serve on only one Commission or Committee at a time. The City Council may exercise its discretion to waive any of the foregoing limitations if there is a lack of applicants or for other cause.

(Ord. No. 1790, § 3(Exh. C), 6-3-2025)