ORD 222ORDINANCE NO. 222
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF LA QUINTA, CALIFORNIA
ADDING CHAPTER 2.70 TO THE MUNICIPAL CODE
CREATING AN INVESTMENT ADVISORY BOARD
WHEREAS, the Investment Policy Task Force Committee's Final
Report dated April 21, 1992 called for the establishment of an
Investment/Finance Committee in their recommendation number 3)a. ;
and
WHEREAS, at the February 9, 1993 City Council meeting,
direction was given to create an "Investment Advisory Board" (the
"Board") to review and make recommendations on investment policy
and procedures ; and '
WHEREAS, La Quinta Municipal Code Chapter 2.06 covers only the
general provisions for boards and commissions that are not further
defined in specific code sections ; and
WHEREAS, the attached Chapter 2.70 defines the rules regarding
the Investment Advisory Board, as a supplement to and/or further
specific definition of the existing Chapter 2.06.
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City
of La Quinta, California, that an Investment Advisory Board be
created by amending the City of La Quinta Municipal Code to add the
attached Chapter 2.70 entitled "Investment Advisory Board
Provisions".
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City
Council of the City of La Quinta, held on this 16th day of March,
1993, by the following vote, to wit :
AYES: Council Members Bangerter, McCartney, Perkins, Sniff
NOES: None & Mayor Pena
ABSENT: None
ABSTAIN: None
(Au�
JOH ANA, y r
City of La Quinta, California
ATTEST:
AUNDRA L. JUHO , City Clerk
City of La Quinta, California
APPROVED AS TO FORM:
za4-1j"u , r d" / Z L6td �
DAWN HONEYWELL, City Attorney
City of La Quinta, California
Ordinance 93-222
Chapter 2.70
INVESTMENT ADVISORY BOARD PROVISIONS
Sections:
2.70.010 General Rules Regarding Appointment and Terms.
2.70.020 Board meetings and compensation.
2.70.030 Board functions.
2.70.010 General rules regarding appointment and terms.
Except as set out below, see Chapter 2.06 for General
Provisions.
The Investment Advisory Board (the "Board") is a standing
board composed of five (5) members from the public that are
appointed by City Council. La Quinta residency is preferred, but
not a requirement for Board members. Recruitment for members may be
advertised outside of the City.
Background in the investment field and/or related experience
is preferred. Background information will be requested and
potential candidates must agree to a background check and
verification.
On an annual basis, in conjunction with the Political Reform
Act disclosure statutes, or at any time if a change in.
circumstances warrants, each board member will provide the City
Council with a disclosure statement which identifies any matters
that have a bearing on the appropriateness of that member's service
on the board. Such matters may include, but are not limited to,
changes in employment, changes in residence, or changes in clients.
The Board members will serve for two year staggered terms
beginning on July 1 of every other year, commencing July 1, 1993.
Initially, two members will be appointed for two year terms and
three members will be appointed for one year terms. These initial
appointments will start their yearly calculations from July 1,
1993.
2.70.020 Board meetings and compensation.
Board members will be reimbursed for meeting and related
expenses at an amount of fifty dollars ($50) per meeting.
Initially, the Board should meet once a month, but this
schedule may be extended to quarterly meetings upon the concurrence
of the Board and the City Council. The specific meeting dates will
be determined by the Board members and meetings may be called for
on an as needed basis.
Ordinance 93-222
2.70.030 Board functions.
The Board will annually elect a Chairperson and Vice -
Chairperson at the first meeting held after each June 30.
The following are functions of the Board that are to be
addressed at each meeting: (i) review account statements and
verifications to ensure accurate reporting; (ii) monitor compliance
with existing policy and procedures; and (iii) review and make
recommendations concerning investment policy and procedures,
investment contracts, and investment consultants.
The Board will report to City Council after each meeting
either in person or through correspondence at a regular City
Council meeting.
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LA QUINTA )
I, SAUNDRA L. JUHOLA, City Clerk of the City of La Quinta,
California, do hereby certify the foregoing to be a full, true and
correct copy of Ordinance No. 222 which was introduced on the 2nd
day of March, 1993 and was adopted at a regular meeting held on the
16th day of March, 1993 not being less than 5 days after date of
introduction thereof.
I further certify that the foregoing
(3) places within the City of La
re olution of the City Council.
SAUNDRA L. JUH LA, City Clerk
City of La Quinta, California
ordinance was posted in three
Quinta as specified in a
DECLARATION OF POSTING
I, SAUNDRA L. JUHOLA, City Clerk of the City of La Quinta,
California, do hereby certify that the foregoing ordinance was
p sted on March 23, 1993 pursuant to City Council Resolution.
SAUNDRA L. J140LA, City Clerk
City of La Quinta, California