FROM: James D. Herberg, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
title
INVEST AND/OR REINVEST ORANGE COUNTY SANITATION DISTRICT'S FUNDS AND ADOPT INVESTMENT POLICY STATEMENT
end
GENERAL MANAGER'S RECOMMENDATION
recommendation
RECOMMENDATION: Recommend to the Board of Directors to:
Adopt Resolution No. OC SAN 22-36, entitled: "A Resolution of the Board of Directors of the Orange County Sanitation District Authorizing the Orange County Sanitation District's Treasurer to Invest and/or Reinvest the Orange County Sanitation District's Funds, Adopting the Orange County Sanitation District's Investment Policy Statement and Performance Benchmarks, and Repealing Resolution No. OC SAN 21-22".
body
BACKGROUND
As there were no significant changes in State law governing the Orange County Sanitation District's (OC San) investments, this agenda item presents updates to the OC San Investment Policy Statement for consideration by the Administration Committee as it is the oversight committee for the Investment Policy (Section 18.2). The Investment Policy reflects minor changes which include minor formatting and grammatical corrections. With adoption of the Resolution, the Board of Directors would readopt OC San's Investment Policy Statement, portfolio performance benchmarks, and monitoring and reporting requirements for calendar year 2023.
RELEVANT STANDARDS
* Comply with OC San Policy: OC San Investment Policy
* Comply with Government Code Sections 53607 & 53646
PROBLEM
Government Code ?53607 allows for the Board of Directors to delegate authority to invest and/or reinvest OC San's funds to the Treasurer for a one-year period. Government Code ?53646 requires OC San to review its Investment Policy annually and readopt its Policy at a public meeting, which will establish specific performance benchmarks and objectives, and specific monitoring and reports. Pursuant to Government Code ?53646, OC San's Investment Policy m...
Click here for full text