ORDINANCE NO. 02-22
AN ORDINANCE OF THE CITY COUNCIL OF
THE CITY OF ORANGE REPEALING
CHAPTER 2.50 OF THE ORANGE
MUNICIPAL CODE TO ELIMINATE THE
INVESTMENT OVERSIGHT COMMITTEE
DUE TO THE CREATION OF THE
INVESTMENT AND AUDIT COMMITTEE.
WHEREAS, the City of Orange (“City”) is a general law city, duly organized under the Constitution and laws of the State of California; and
WHEREAS, Section 53600 et seq. of the Government Code sets forth investment authority in the City Council; and
WHEREAS, Orange Municipal Code Chapter 2.50 sets forth the duties and responsibilities of the Investment Oversight Committee; and
WHEREAS, the City Council approved Resolution No. 11387, which established the Investment and Audit Committee among other provisions; and
WHEREAS, the new Investment and Audit Committee shares the same duties and responsibilities as the Investment Oversight Committee; and
WHEREAS, the City Council finds that the existence of the new Investment and Audit Committee and the duties and responsibilities of the City Treasurer, City Manager, and Finance Director , in their roles as defined by the Orange Municipal Code, provide sufficient oversight of the City’s investments;
NOW, THEREFORE , the City Council of the City of Orange does ordain as follows:
SECTION I:
Chapter 2.50 of the Orange Municipal Code (Administration and Personnel – Investment Oversight Committee) is hereby repealed in its entirety.
SECTION II:
If any section, subdivision, paragraph, sentence, clause or phrase of this Ordinance is for any reason held to be invalid or unconstitutional, such decision shall not affect the validity of the remaining portions of this Ordinance. The City Council hereby declares that it would have passed this Ordinance, and each section, subdivision, paragraph, sentence, clause and phrase thereof, irrespective of the fact that any one (or more) section, 2 subdivision, paragraph, sentence, clause or phrase had been declared invalid or unconstitutional.
SECTION III:
The City Clerk is hereby directed to certify the adoption of this Ordinance and cause a summary of the same to be published as required by law. This Ordinance shall take effect thirty (30) days from and after the date of its final passage.
ADOPTED this ____ day of ___________________, 2022.
Mark A. Murphy, Mayor, City of Orange
ATTEST:
Pamela Coleman, City Clerk, City of Orange
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ORANGE )
I, PAMELA COLEMAN, City Clerk of the City of Orange, California, do hereby certify that the foregoing Ordinance was introduced at the regular meeting of the City Council held on the ___ day of _____________, 2022, and thereafter at the regular meeting of said City Council duly held on the ___ day of ____________, 2022 was duly passed and adopted by the following vote, to wit:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
Pamela Coleman, City Clerk, City of Orange