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Home My WebLink About2009-010 Investment Committee Revisions; YMC Amendments 1.73.010, 1.73.020, 1.73.030, 1.73.040 ORDINANCE NO. 2009 -10 AN ORDINANCE related to the Investment Committee, providing for the composition of the investment committee membership, the appointment of the investment committee secretary and recording of all Investment Committee strategic decision - making actions during committee meetings, a minimum semi- annual meeting requirement and a requirement for quarterly status reports for the City's investment holdings, amending sections 1 73 010, 1 73 020, 1 73 030 and 1 73 040 of the City of Yakima Municipal Code BE IT ORDAINED BY THE CITY OF YAKIMA: Section 1 Section 1 73 010 of the City of Yakima Municipal Code is amended to read as follows 1 73.010 Investment committee created — Authority There is created an investment committee composed of the city manager and the city's director of finance and his /her designees as may be assigned by the city manager and /or the director of finance from time to time. The committee is authorized to make investments of city funds, as authorized by law, and, at any time, to convert investments, or any part thereof, into cash, and to engage in all such transactions without the consent of the city council being first obtained for each such transaction (Ord 1399 § 1, 1972: Ord. 706 § 1 (part), 1965) Section 2. Section 1 73 020 of the City of Yakima Municipal Code is amended to read as follows 1 73.020 Officers of investment committee. The city manager is appointed as chairman of the investment committee to preside at all meetings thereof; provided, that the city manager shall designate some other member of the investment committee as chairman thereof to preside at any meeting from which the city manager may be absent. The Finance Director, or her designee, is appointed as secretary of the investment committee, and shall maintain a record of the minutes of each meeting of the investment committee, together with a record of all strategy decisions (Ord 1399 § 2, 1972: Ord. 706 § 1 (part), 1965) Section 3. Section 1 73 030 of the City of Yakima Municipal Code is amended to read as follows 1 73.030 Meetings of investment committee. The investment committee shall meet at least semi - annually , at a time designated by the city manager Additional meetings may be called by the city manager, from time to time, as he deems necessary or desirable for the best interests of the city; provided, the function of the investment committee is deemed to be continual so that the city manager may direct that any two members of the committee may perform functions of the investment committee at any time without a special meeting being called for that purpose. (Ord. 1399 § 3, 1972: Ord. 706 § 1 (part), 1965) {jc)ord /Investment Committee Section 4. Section 1 73 040 of the City of Yakima Municipal Code is amended to read as follows 1 73.040 Report to city council. The Finance Director shall submit to the city council a quarterly report of all investment transactions of the City of Yakima during the quarter The report shall be in writing, and shall be submitted to the city council at a regular city council meeting.(Ord 706 § 1 (part), 1965) Section 5 This ordinance shall be in full force and effect 30 days after its passage, approval, and publication as provided by law and by the City Charter PASSED BY THE CITY COUNCIL, signed and approved this 24 :ay of March, 2009 A A/ ATTEST / %avid Edler, ayor City Clerk Publication Date 3/27/09 Effective Date 4/26/09 (jc)ord /Investment Committee • ORDINANCE NO 2009 - AN ORDINANCE r elated to the Investment Committee, providing for the composition of the investment committee membership, the appointment of the investment committee secretary and recording of all Investment Committee strategic decision - making actions during committee meetings, a minimum semi- annual meeting requirement and a requirement for quarterly status reports for the City's investment holdings; amending sections 1 73 010, 1 73 020, 1 73 030 and 1 73 040 of the City of Yakima Municipal Code. BE IT ORDAINED BY THE CITY OF YAKIMA. Section 1 Section 1 73 010 of the City of Yakima Municipal Code is amended to read as follows: 1 73.010 Investment committee created — Authority There is created an investment committee composed of the city manager' and the _ _ _ _ - _ - -, Deleted: city's director of finance and his /her designees as may be assigned by the city manager and /or the director of finance from time to time.. The committee is authorized to m ake _ , - i Deleted: city treasurer investments of city funds, as authorized by law, and, at any time, to convert - ' D of the city of Yakima. 1 investments, or any part thereof, into cash, and to engage in all such transactions without the consent of the city council being first obtained for each such transaction. (Ord 1399 § 1, 1972: Ord. 706 § 1 (part), 1965). Section 2. Section 1 73 020 of the City of Yakima Municipal Code is amended to e read as follows. l 1 73.020 Officers of investment committee. The city manager is appointed as chairman of the investment committee to preside at all meetings thereof; provided, that the city manager shall designate some other member of the investment committee as chairman thereof to preside at any meeting from which the city manager may be absent. The Finance Director, or her designee, is appointed as secretary of the investment - _ - - Deleted: city treasurer committee, and shall maintain a record of the minutes of each meeting of the investment committee, together with a record of all strategy decisions, fOrd 1399_,§ 2, 1972: Ord _ _ - { Deleted: transactions thereof 706 § 1 (part), 1965) Section 3. Section 1 73:030 of the City of Yakima Municipal Code is amended to read as follows: 1 73.030 Meetings of investment committee. The investment committee shall meet at least semi - annually,, at a time designated by fDeIe te nce each the city manager Additional meetings may be called by the city manager, from time to I Deleted: month i time, as he deems necessary or desirable for the best interests of the city; provided, the — function of the investment committee is deemed to be continual so that the city manager (jc)ord /Investment Committee 1 III may direct that any two members of the committee may perform functions of the investment committee at any time without a special meeting being called for that purpose. (Ord. 1399 § 3, 1972 Ord 706 § 1 (part), 1965) Section 4 Section 1 73 040 of the City of Yakima Municipal Code is amended to read as follows: 1 73.040 Report to city council. The Finance Directo ,shall submit to the city council a quarterly report of all _ - - Deleted: city treasurer investment transactions of the City of Yakima during the quarter, The report shall be in - ,[ Deleted: monthly writing, and shall be submitted to the city council at a regular city council meeting,(Ord_ _ Deleted: transactions of the 706 § 1 (part), 1965) investment committee Deleted: no later than the second regular city council meeting of each Section 5. This ordinance shall be in full force and effect 30 days after its passage, month approval, and publication as provided by law and by the City Charter PASSED BY THE CITY COUNCIL, signed and approved this 24 day of March, 2009 ATTEST David Edler, Mayor City Clerk Publication Date Effective Date (jc)ord /Investment Committee 2 • BUSINESS OF THE CITY COUNCIL • YAKIMA, WASHINGTON AGENDA STATEMENT Item No A` ( 2/ ,6 For. Meeting Of 3 -24 -2009 ITEM TITLE An Ordinance providing for the creation and composition of an investment committee, its officers, and responsibilities, amending sections 1 73 010, 1 73 020, 1 73 030 and 1 73 040 of the City of Yakima Municipal Code SUBMITTED BY Finance Department CONTACT PERSON /TELEPHONE Rita DeBord, Finance Director 575 -6070 Tim Jensen, Treasury Services Offic7575 -6070 SUMMARY EXPLANATION / As part of staffs research relative to reviewing and amending the City's Investment Policy, staff also reviewed the Yakima Municiipal Code (YMC) with regards to the City's Investment Committee (Sec 1 73), and noted that it was also in need of updating These updates are primarily housekeeping in nature, and include (1) the YMC refers to a City Finance Director and a City or reasurer, the City of Yakima has combined these two functions and, thus, no longer has a separate position of Treasurer; thus the references to the Treasurer have been eliminated, (2) Authorizes the City Manager and the Finance Director to assign additional employees to sit on the Investment Committee with them, should they so desire, and finally, to update the YMC to more accurately reflect current practice, changes the investment committee meetings from monthly to at least semi - annually and investment reports to Council from monthly to quarterly Resolution , Ordinance X Other (Specify) Contract Mail to (name and address) Phone Funding Source N/A APPROVED FOR SUBMITTAL. .==,------ City Manager STAFF RECOMMENDATION Pass Ordinance BOARD /COMMISSION RECOMMENDATION Council Budget Committee recommends passage 411)COUNCIL ACTION