FROM: Robert Thompson, General Manager
Originator: Wally Ritchie, Director of Finance
SUBJECT:
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INVEST AND/OR REINVEST ORANGE COUNTY SANITATION DISTRICT'S FUNDS AND ADOPT INVESTMENT POLICY STATEMENT
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
Adopt Resolution No. OC SAN 24-14 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 23-23".
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BACKGROUND
This agenda item presents updates to the Orange County Sanitation District (OC San) Investment Policy Statement for consideration by the Administration Committee as it is the oversight committee for the Investment Policy (Section 19.2). Most changes are in Section 18.0 (Reporting). This section was revised to better align with the Reporting Requirements language on the Local Agency Investment Guidelines published by the California Debt and Investment Advisory Commission.
Other changes include:
- Expanding the definition of eligible commercial paper to be consistent with state statutes. Commercial paper issuers to include special purpose corporations, trusts, and limited liability companies in Section 8.4 (Commercial Paper).
- Adding language to adjust callable agency exposure to the percent of the portfolio instead of the percent of total agencies in Section 14.2 (Diversification). This removes the moving target on the callable agency limit.
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 2025.
RELEVANT STANDARDS
* Comply with OC San Policy: OC San Investment Policy
* Comply with Government Code Sectio...
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