HomeMy WebLinkAboutAGENDA REPORT 2003 0305 CC REG ITEM 09ATO:
FROM:
DATE:
MOORPARK CITY COUNCIL
AGENDA REPORT
Honorable City Council
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Cindy Borchard, Administrative Services Director
February 21, 2003 (CC Meeting of March 5, 2003)
SUBJECT: Consider an Ordinance Amending Section 3.16.050 of
Chapter 3.16 of the Moorpark Muncipal Code Changing
the Reporting Requirements of the City Treasurer to
the City Council
DISCUSSION
The City of Moorpark Municipal Code, Section 3.16.050, requires
the City Treasurer to report to the City Council concerning all
investments made every month. However, Government Code Section
53645(2) (b) requires that such treasurer's reports be submitted
to the City Council quarterly. In the past, the City Treasurer
has provided these reports quarterly. Because much of the
information required to prepare these reports, including Local
Agency Investment Fund earnings information, is not available
timely, monthly reports would not be practical.
The proposed ordinance
to require the City
quarterly rather than
compliance with the
practice.
STAFF RECOMMENDATION
would amend the Moorpark Municipal Code
Treasurer to provide investment reports
monthly. This will bring it into
Government Code and the City's past
Staff recommends that the City Council introduce the attached
Ordinance for first reading and waive full reading of the
Ordinance.
Attachment: Draft Ordinance
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i
A
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF MOORPARK,
CALIFORNIA, AMENDING SECTION 3.16.050 OF
CHAPTER 3.16, INVESTMENT OF CITY FUNDS, OF
TITLE 3, REVENUE AND FINANCE
WHEREAS, Ordinance No. 2 was enacted by the Moorpark City
Council on July 20, 1983 to establish the Moorpark Municipal
Code; and
WHEREAS, Section 3.16.050 sets forth the requirement for
the City Treasurer to provide periodic reports to the City
Council containing information about City investments; and
WHEREAS, the City Council now wishes to amend this section
to reflect newly legislated reporting requirements.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK,
DOES ORDAIN AS FOLLOWS:
SECTION 1. Chapter 3.16, Investment of City Funds, Section
3.16.050, Reports to Council, is hereby amended in its entirety
to read as follows:
"A. The city treasurer shall make a quarterly report to the
city council of all investments made pursuant to the
authority delegated in this chapter within thirty (30) days
following the end of the quarter. The city treasurer shall
submit copies of quarterly investment reports to any
oversight committee determined by state law.
B. The city treasurer shall annually render a statement of
investment policy to the city council which the city
council shall review and approve at a public meeting. The
statement of investment policy shall be submitted to any
oversight committee determined by state law."
Ordinance No.
Page 2
SECTION 2. If any section, subsection, sentence, clause,
phrase, part or portion of this Ordinance is for any reason held
to be invalid or unconstitutional by any court of competent
jurisdiction, such decision shall not affect the validity of the
remaining portions of this Ordinance. The City Council declares
that it would have adopted this Ordinance and each section,
subsection, sentence, clause, phrase, part or portion thereof,
irrespective of the fact that any one or more section,
subsections, sentences, clauses, phrases, parts or portions be
declared invalid or unconstitutional.
SECTION 3. This Ordinance shall become effective thirty
(30) days after its passage and adoption.
SECTION 4. The City Clerk shall certify to the passage and
adoption of this Ordinance; shall enter the same in the book of
original ordinances of said City; shall make a minute of the
passage and adoption thereof in the records of the proceedings
of the City Council at which the same is passed and adopted; and
shall, within fifteen (15) days after the passage and adoption
thereof, cause the same to be published once in the Moorpark
Star, a weekly newspaper of general circulation, as defined in
Section 6008 of the Government Code, for the City of Moorpark,
and which is hereby designated for that purpose.
PASSED AND ADOPTED this day of March 2003.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk