FROM: James D. Herberg, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
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: Recommend to the Board of Directors to:
Adopt Resolution No. OCSD 20-XX, 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. OCSD 19-21".
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BACKGROUND
This agenda item presents an update to the Orange County Sanitation District's (Sanitation District) Investment Policy Statement to the Administration Committee for consideration in the Committee's capacity as the oversight committee for the Investment Policy (Section 18.2). With adoption of the Resolution, the Board of Directors would readopt the Sanitation District's Investment Policy Statement, portfolio performance benchmarks, and monitoring and reporting requirements for calendar year 2021.
The following is a summary of the changes to the Investment Policy Statement:
* Added: Public Bank Obligations of a maximum of five (5) years maturity which includes commercial paper, debt securities, or other obligations of a public bank, a public bank as defined in California Government Code Section 57600-57607.
* Changed: Commercial paper shall not exceed 40% of the market value of the portfolio. Previously, commercial paper shall not exceed 25% of the market value of the portfolio. Senate Bill No. 998 (SB 998) increases the allowable limit for investments in commercial paper for Local Agencies with more than $100,000,000 of investable assets under management from 25% to 40% until January 1, 2026.
* Added: Securiti...
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