ORD 336ORDINANCE NO. 336
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LA QUINTA,
CALIFORNIA, AMENDING CHAPTER 2.70, SECTIONS 2.70.020 AND
2.70.030 OF THE LA QUINTA CHARTER AND MUNICIPAL CODE
RELATING TO THE INVESTMENT ADVISORY BOARD.
THE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, DOES ORDAIN
AS FOLLOWS:
SECTION 1. That Chapter 2.70, Sections 2.70.020 and 2.70.030 of the
La Quinta Charter and Municipal Code is hereby amended to read as follows:
2.70.020 Board Meetings.
The Board usually will meet monthly, 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.
2.70.030 Board Functions.
A. The principal functions of the Board are: review at least annually the City's
Investment Policy and recommend appropriate changes; (2) review monthly
Treasury Report and note compliance with the Investment Policy and adequacy
of cash and investments for anticipated obligations; (3) receive and consider
other reports provided by the City Treasurer; (4) meet with the independent
auditor after completion of the annual audit of the City's financial statements,
and receive and consider the auditor's comments on auditing procedures,
internal controls, and findings for cash and investment activities, and; (5) serve
as a resource for the City Treasurer on matters such as proposed investments,
internal controls, use of change of financial institutions, custodians, brokers and
dealers.
B. The Board will report to the City Council after each meeting either in person
or through correspondence at a regular City Council meeting.
SECTION II. EFFECTIVE DATE: This Ordinance shall be in full force and effect
thirty (30) days after its adoption,
Ordinance No. 336
Investment Advisory Board
Adopted: October 19, 1999
Page 2
SECTION III. POSTING: The City Clerk shall within fifteen (15) days after
passage of this Ordinance, cause it to be posted in at least three (3) public places
designated by resolution of the City Council; shall certify to the adoption and posting
of this Ordinance; and shall cause this Ordinance and its certification, together with
proof of posting to be entered into the Book of Ordinances of the City of La Quinta.
PASSED, APPROVED and ADOPTED this 19th day of October, 1999 by the
following vote:
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Pena
NOES: None
ABSENT: None
ABSTAIN: None
JOHN . PENA, ayor
City of La Quinta, California
ATTEST:
E IA HENSL Y, Deputy Cit Jerk
Cit f La Quinta, California
APPROVED AS TO FORM:
( '�44 41d,016L,11'14�yl a
DAWN C. HONEYWE L, City Attorney
City of La Quinta, California
_ Ordinance No. 336
Investment Advisory Board
Adopted: October 19, 1999
Page 3
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) ss.
CITY OF LA QUINTA )
I, REGENIA HENSLEY, Deputy 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. 336 which
was introduced at a regular meeting on the 5' day of October, 1999 and was adopted
at a regular meeting held on the 19' day of October, 1999, not being less than 5 days
after the date of introduction thereof.
I further certify that the foregoing Ordinance was posted in three places within the City
of La Quinta as specified in a Resolution of the City Council.
RE �ENIAHENSLEY, Deputy City Clerk
City of La Quinta, California
DECLARATION OF POSTING
I, REGENIA HENSLEY, Deputy City Clerk of the City of La Quinta, California, do hereby
certify that the foregoing ordinance was posted on October 22, 1999 pursuant to
Council Resolution.
RE ENIA HENSLEY, Deput City Clerk
City of La Quinta, California