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. OC SAN 21-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 20-13".
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BACKGROUND
As there were no significant changes in State law governing the Orange County Sanitation District's (OC San) investments, this agenda item presents an update to the OC San 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 OC San's Investment Policy Statement, portfolio performance benchmarks, and monitoring and reporting requirements for calendar year 2022.
The following is a summary of the changes to the Investment Policy Statement:
* Changed: "The Sanitation District" to "OC San"
* Changed: "Comprehensive Annual Financial Report" to "Annual Financial Comprehensive Report"
* Changed: "The Bond Market Association" to "The Securities Industry and Financial Markets Association"
OC San's Investment Policy Statement was previously approved by the Administration Committee and the Board of Directors for calendar year 2021 in December 2020.
RELEVANT STANDARDS
* Comply with OC San Policy: Orange County Sanitation District Investment Policy
* California Government Code Sections 53607 and 53646
PROBLEM
California Governmen...
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