HomeMy WebLinkAbout03/24/2009 21B Investment Committee Creation; YMC Amendment 1.73.010, 1.73.020, 1.73.030, 1.73.040 BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. A ( 2/
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 Offic575 -6070
SUMMARY EXPLANATION: l
As part of staff's research relative to reviewing and amending the City's Investment Policy, staff
also reviewed the Yakima Municipal 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
O housekeeping in nature, and include: (1) the YMC refers to a City Finance Director and a City
Treasurer, 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: --�- -o
City Manager
STAFF RECOMMENDATION: Pass Ordinance
BOARD /COMMISSION RECOMMENDATION: Council Budget Committee recommends passage
COUNCIL ACTION:
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• ORDINANCE NO. 2009 -
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• 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.
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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 _ _ _ _ _ - - i Deleted: , i
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_ _ - - Deleted: city treasurer
investments of city funds, as authorized by law, and, at any time, to convert ' -- (Deleted: 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
0 read as follows:
1.73.020 Officers of investment committee.
The city manager is appointed as chair of the investment 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 - - - -f Deleted: city treasurer J
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. 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.
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T he investment committee shall meet at least semi - annually„ at a time designated by _ - ; D on each
the city manager. Additional meetings may be called by'the city manager, from time to - - -- ( Deleted: month
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
(j c)ord /Investment•Committee 1
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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
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read as follows:
1.73.040 Report to city council.
The Finance Director submit to the city council a auarterlk 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. _
706 § 1 (part), 1965). ' Deleted: transactions of the
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
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City Clerk
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Publication Date:
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Effective Date:
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