HomeMy WebLinkAboutAGENDA REPORT 2020 1021 CCSA REG ITEM 11ACITY OF MOORPARK, CALIFORNIA
City Council Meeting
of October 21, 2020
ACTION Adopted Ordinance No. 483. (Roll
Call Vote: Unanimous). BY B.Garza.
A. Consider Ordinance No. 483 Amending Chapter 3.16 (Investment of City Funds)
of Title 3 (Revenue and Finance), and Section 2.14.030 (Functions) of Chapter
2.14 (Director of Finance) of Title 2 (Administration and Personnel), of the
Moorpark Municipal Code. Staff Recommendation: Waive full reading, declare
Ordinance No. 483 read for the second time, and adopted as read. (ROLL
CALL VOTE REQUIRED)
Item: 11.A.
Item: 11.A.
ORDINANCE NO. 483
AN ORDINANCE OF THE CITY OF MOORPARK,
CALIFORNIA, AMENDING CHAPTER 3.16 (INVESTMENT
OF CITY FUNDS) OF TITLE 3 (REVENUE AND FINANCE),
AND SECTION 2.14.030 (FUNCTIONS) OF CHAPTER 2.14
(DIRECTOR OF FINANCE) OF TITLE 2 (ADMINISTRATION
AND PERSONNEL), OF THE MOORPARK MUNICIPAL
CODE
WHEREAS, Ordinance No. 2 was enacted by the Moorpark City Council on
July 20, 1983 to establish the Moorpark Municipal Code, including but not limited to
Chapter 3.16, relating to the investment of City funds, of Title 3 (Revenue and Finance);
and
WHEREAS, Ordinance No. 293 was adopted by the Moorpark City Council on
March 19, 2003 to amend Section 3.16.050 of Chapter 3.16 setting forth the
requirement for the City Treasurer to provide periodic reports to the City Council
containing information about City investments; and
WHEREAS, since the City Council’s adoption of Ordinance No. 2, the State
Legislature has amended Section 53607 of the California Government Code to limit the
authorization for the City Council to delegate its investment authority to a one-year
period, renewable annually subject to review; and
WHEREAS, since the City Council’s adoption of Ordinance No. 293, the State
Legislature has amended Section 53646 of the California Government Code to make
optional, rather than mandatory, the City Treasurer’s rendering to the City Council of an
annual investment policy and quarterly investments reports with respect to City
investments; and
WHEREAS, the City Council now wishes to amend certain provisions of Chapter
3.16 of Title 3 of the Moorpark Municipal Code to address the updated provisions of the
California Government Code; and
WHEREAS, Ordinance No. 116 was adopted by the Moorpark City Council on
November 15, 1989 to amend the Moorpark Municipal Code to add Chapter 2.12, now
renumbered as Chapter 2.14, relating to the office of the Director of Finance, to Title 2
(Administration and Personnel), including but not limited to current Section 2.14.030
relating to functions of the Director of Finance; and
WHEREAS, since the City Council’s adoption of Ordinance No. 116, the State
Legislature has amended Section 53891 of the California Government Code to extend
the amount of time in which a report of the City’s financial transact ions is required to be
furnished to the State Controller from 90 days to seven months after the close of each
fiscal year; and
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Ordinance No. 483
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WHEREAS, the City Council now wishes to amend Section 2.14.030 of Chapter
2.14 of Title 2 of the Moorpark Municipal Code to conform to the updated time frame in
Section 53891 of the California Government Code.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK,
DOES ORDAIN AS FOLLOWS:
SECTION 1. Section 3.16.010 (Authority) of Chapter 3.16 (Investment of city
funds) of Title 3 (Revenue and Finance) of the Moorpark Municipal Code is hereby
amended in its entirety to read as follows:
“3.16.010 Authority.
A. Investment Authority. Pursuant to Article 1 of Chapter 4 of Part 1 of Division
2 of Title 5 of the Government Code (commencing with Section 53600), including but
not limited to Sections 53601 and 53607 therein, the authority to invest and reinvest
funds of city, and to sell or exchange securities so purchased for investment, is vested
in the city council. Pursuant to, and in accordance with, and to the extent allowed by,
Section 53607 of the Government Code, such investment authority may be delegated
by the city council to the city treasurer for a one-year period, renewable annually subject
to review. Any such delegation of investment authority by the city council to the city
treasurer shall be made by resolution adopted as follows:
1. In connection with the city treasurer’s annual rendering of the
statement of investment policy for city council review and approval pursuant to Section
3.16.050 of this chapter; or
2. If pursuant to Section 3.16.050 the city council has provided, by
resolution or in the city’s adopted statement of investment polic y, that the city treasurer
is only required to render the statement of investment policy to the city council for
consideration and approval when a change is proposed to be made to the statement of
investment policy, then in connection with either (a) the city council’s consideration and
approval of the city’s annual budget, or (b) the city treasurer’s quarterly report to the city
council covering the last quarter of the fiscal year; or
3. If impracticable at the times described in subsections 1 and 2 above, at
a public meeting at any other time during the year that is convenient for the city council.
B. Deposit and safekeeping of investments. Pursuant to, and in accordance
with, and to the extent allowed by, Section 53608 of the Government Code, the
authority to deposit for safekeeping with an authorized financial institution the securities
in which the money of the city is invested pursuant to Article 1 of Chapter 4 of Part 1 of
Division 2 of Title 5 of the Government Code (commencing with Section 53600) or
pursuant to other legislative authority is delegated to the city treasurer.”
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Ordinance No. 483
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SECTION 2. Section 3.16.020 (Investments authorized) of Chapter 3.16
(Investment of city funds) of Title 3 (Revenue and Finance) of the Moorpark Municipal
Code is hereby amended in its entirety to read as follows:
“3.16.020 Investments authorized.
The city council, or the city treasurer to the extent that the city council has
delegated its investment authority to the city treasurer pursuant to Section 3.16.010.A of
this chapter and such delegation is in full force and effect, is authorized to purchase, at
their original sale or after they have been issued, securities which are permissible
investments under any provision of state law relating to the investing of general city
funds, including but not limited to Sections 53601 and 53635 of the Government Code,
as said sections now read or may hereafter be amended, from moneys in the city’s
treasury which are not required for the immediate necessities of the city and as the city
council or the city treasurer, as applicable, may deem wise and expedient, and to sell or
exchange for other eligible securities and reinvest the proceeds of the securities so
purchased. In connection with any such investment, the prudent investor standard set
forth in Government Code Section 53600.3 and the investment objectives set forth in
Government Code Section 53600.5 shall apply. ”
SECTION 3. Section 3.16.030 (Sales of securities) of Chapter 3.16 (Investment
of city funds) of Title 3 (Revenue and Finance) of the Moorpark Municipal Code is
hereby amended in its entirety to read as follows:
“3.16.030 Sales of securities.
From time to time the city treasurer shall sell the securities in which city moneys
have been invested pursuant to this chapter, so that the proceeds may, as appropriate,
be applied to the purchase for which the original purchase money may have been
designated or placed in the city treasury; provided, if the city council has not delegated
its investment authority to the city treasurer pursuant to Section 3.16.010.A of this
chapter, or such investment authority has expired or been revoked, in the absence of a
designated purchase or purpose for which the original purchase money for a security
was placed in the city treasury, the city treasurer shall request approval by the city
council prior to selling such security.”
SECTION 4. Section 3.16.050 (Reports to council) of Chapter 3.16 (Investment
of city funds) of Title 3 (Revenue and Finance) of the Moorpark Municipal Code is
hereby amended in its entirety to read as follows:
“3.16.050 Reports to council.
A. The city treasurer may render, or if so provided in the city’s adopted
statement of investment policy shall render, a quarterly report in furtherance of
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Ordinance No. 483
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Government Code Section 53646 to the city council of all securities, investments, and
moneys held by the city within thirty (30) days following the end of the quarter.
B. Pursuant to Government Code Section 53607, the city treasurer shall make a
monthly transactions report of all investment transactions made pursuant to the
investment authority delegated by the city council pursuant to Section 3.16.010.A of this
chapter.
C. The city treasurer shall annually, as well as when any change is proposed to
be made to the policy, render a statement of investment policy to the city council which
the city council shall consider for approval at a public meeting; provided, the city council,
by resolution or in the city’s adopted statement of investment policy, may provide that
the city treasurer is only required to render the statement of investment policy to the city
council for consideration and approval when a change is proposed to be made to the
statement of investment policy. The statement of investment policy shall be submitted
to any oversight committee determined by state law.”
SECTION 5. Section 3.16.060 (Deposits of securities) of Chapter 3.16
(Investment of city funds) of Title 3 (Revenue and Finance) of the Moorpark Municipal
Code is hereby amended in its entirety to read as follows:
“3.16.060 Deposits of securities.
Pursuant to the delegation of authority in Section 3.16.010.B of this chapter, the
city treasurer is authorized to deposit for safekeeping, the securities in which city
moneys have been invested pursuant to this chapter, in any institution or depository
authorized by the terms of any state law, including but not limited to Section 53608 of
the Government Code as it now reads or may hereafter be amended. In accordance
with said section, the city treasurer shall take from such institution or depository a
receipt for the securities so deposited and shall not be responsible for such securities
delivered to and receipted for by such institution or depository until they are withdrawn
therefrom by the city treasurer.”
SECTION 6. Section 2.14.030 (Functions) of Chapter 2.14 (Director of Finance)
of Title 2 (Administration and Personnel) of the Moorpark Municipal Code is hereby
amended in its entirety to read as follows:
“2.14.030 Functions.
The director of finance is the accounting officer of the city and should maintain
records readily reflecting the financial condition of the city. Within seven (7) months after
the close of each fiscal year, he or she shall prepare and present to the city council a
summary statement of receipts and disbursements by departments and funds, including
opening and closing fund balances in the city treasury. He or she shall cause a
summary of the city’s financial report required by Government Code Section 53891, in a
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Ordinance No. 483
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form prescribed by the State Controller, to be published in accordance with the
provisions of Section 40804 of the Government Code as required. He or she shall
compile financial information necessary for the preparation of the city’s budget. He or
she shall supervise the preparation and submission of monthly statements of all receipts
and disbursements in sufficient detail to show the financial condition of the city and each
of its departments, copies of which shall be filed in the city clerk’s office. He or she shall
supervise and be in charge of all payroll records. He or she shall maintain a record of all
insurance policies and their expiration dates. He or she shall perform other such duties
as required by the city council to provide information related to the financial condition of
the city.”
SECTION 7. 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 8. This Ordinance shall become effective thirty (30) days after its
passage and adoption.
SECTION 9. 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 written record of the passage and adoption thereof in the minutes of the
proceedings of the City Council at which the same is passed and adopted; and shall
publish notice of adoption in the manner required by law.
PASSED AND ADOPTED this 21st day of October, 2020.
__________________________
Janice S. Parvin, Mayor
ATTEST:
____________________________________
Ky Spangler, City Clerk
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