CC RESOLUTION 3764RESOLUTION 3764
SA RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EL SEGUNDO, CALIFORNIA ESTABLISHING AN
INVESTMENT ADVISORY COMMITTEE.
WHEREAS, the safekeeping and investment of funds of the City
of El Segundo is essential to providing for the needs of
residents of the City.
WHEREAS, the City of El Segundo desires to invest its
surplus funds in a safe and prudent manner to provide additional
income to the City.
WHEREAS, the City Council of the City of E1 Segundo believes
that the City would benefit from the advice and assistance of
persons with experience in the investment field on the investment
of City funds.
WHEREAS, the City Council of the City of E1 Segundo believes
that the creation of an Investment Advisory Committee to review
City investments and make recommendations to the City Treasurer
and City Council concerning investments of City funds will help
ensure that City funds are invested in a safe and prudent manner.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EL SEGUNDO,
CALIFORNIA, DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Council does hereby establish an
Investment Advisory Committee ( "Committee "). The structure and
actions of the Committee are governed by the terms of this
resolution as it may be revised from time to time.
SECTION 2. NUMBER OF COMMITTEE MEMBERS
The Committee shall have four (4) members appointed by the
City Council to serve at the discretion of the City Council.
SECTION 3. COMPOSITION OF COMMITTEE
One member of the Committee shall be the City Treasurer.
One member of the Committee shall be the Director of Finance of
the City. One member of the Committee, excluding the City
Treasurer and the Director of Finance, shall be a City resident.
One member of the Committee, excluding the City Treasurer and
Director of Finance, may be a non - resident of the City.
Desirable qualifications of Committee members include, but are
not limited to, work experience or educational background in
banking, investments or finance.
SECTION 4. TERM
The members of the Committee shall serve a term of four (4)
years. However, the terms of the initial two members, excluding
the City Treasurer and Director of Finance, shall be as follows:
One of the initial members to be designated by the City Council,
shall serve a term of one (1) year and the other initial member
shall serve a term of (3) three years. A member may be removed
at any time from the Committee at the discretion of the City
Council without a hearing. There shall be no limit to the number
of terms an individual may serve.
SECTION 5. COMPENSATION
The members of the Committee shall not receive any compen-
sation for their service on the Committee.
R3764 -City Treasurer
City Council 6 -2 -1992
SECTION 6. MEETINGS
The Committee shall hold regular meetings quarterly - one
meeting every three months during the fiscal year of the City.
The Committee may call a special meeting to review and vote on
approval of any new type of investment.
SECTION 7.
The Committee shall perform the following functions:
(1) review and make recommendations on City investment
policy and guidelines;
(2) review and make recommendations on list of banking
institutions working with the City;
(3) review and make recommendations on list of brokers and
dealers working with the City;
(4) review and make recommendations on investments in the
-City portfolio, and
(5) review and vote on recommendation of any new type of
investment.
SECTION 8. VOTING
Any recommendations of the Committee must be approved by a
majority of the members of the Committee except that the Commit-
tee must unanimously approve any new type of investment which is
authorized by an amendment of the state law provisions regulating
investments of City funds.
The City Clerk shall certify to the adoption of the passage
and adoption of this Resolution; shall enter same in the Book of
original Resolutions of said City, and shall make a Minute of the
passage and adoption thereof in the records of the proceedings of
the City Council of said City, in the Minutes of the meeting at
which the same is passed and adopted.
0
ATTEST:
(SEAL)
0
PASSED, APPROVED AND ADOPTED THIS 2nd day of June, 1992.
City erk
of the ,gity of El Segundo,
R3764 -City Treasurer
City Council 6 -2 -1992
STATE OF CALIFORNIA ]
COUNTY OF LOS ANGELES ] SS
CITY OF EL SEGUNDO ]
I, Cindy Mortesen, City Clerk of the City of El Segundo, California, DO
HEREBY CERTIFY that the whole number of members of the City Council of
the said City is five; that the foregoing resolution, being RESOLUTION NO.
3764 was duly passed and adopted by the said City Council, approved and
signed by the Mayor or said City, and attested by the City Clerk of said City,
all at a regular meeting of the said Council held on the 2nd dap of June,
1992, and the same was so passed and adopted by the following vote:
AYES: Mayor Jacobson, Mayor ProTem Wise, and
Councilmembers Robbins, Switz, and West.
NOES: None
ABSENT: None
WITNESS MY HAND THE OFFICIAL SEAL OF SAID CITY this 12th day
of June, 1992.
City Clerk of 0
City of E1
California
(SEAL)
Segundo,