A G E N D A
Meeting of the
Scotts Valley City Council
In-Person and Remote Access
Date: April 19, 2023
Time: 6:00 PM
CONTACT
INFORMATION
MEETING LOCATION POSTING
City of Scotts Valley
1 Civic Center Drive
Scotts Valley, CA
95066
(831) 440-5600
City Council Chambers
1 Civic Center Drive
Scotts Valley, CA 95066
OR
Zoom Video Conference
https://us02web.zoom.us/j/87408936045
The agenda was posted
on 4-14-2023 at City
Hall, SV Senior Center,
SV Public Works and on
the Internet at
www.scottsvalley.org.
ELECTED OFFICIALS CITY STAFF MEMBERS
Jack Dilles, Mayor
Randy Johnson, Vice Mayor
Donna Lind, Council Member
Derek Timm, Council Member
Allan Timms, Council Member
Mali LaGoe, City Manager
Kirsten Powell, City Attorney
Lauren Lambert, Deputy City Clerk
MEETING NOTICE AND AGENDA PACKET MATERIALS
Notice regarding City Council Meetings:
The City Council meets regularly on the 1st and 3rd Wednesday of each month at 6:00 PM in the City Hall Council Chambers located at 1 Civic Center Drive, Scotts Valley, CA 95066, and via Zoom Webinar remote access.
Agenda and Agenda Packet Materials:
The City Council agenda and the complete agenda packet are available for review by 5:00 PM the Friday before the Wednesday meeting on the Internet at the City’s website:
www.scottsvalley.org and in the lobby of City Hall at 1 Civic Center Drive, Scotts Valley, CA.
Pursuant to Government Code §54957.5, materials related to an agenda item, submitted after distribution of the agenda packet, are available for public inspection in the lobby of City Hall during normal business hours, Monday-Friday, 8am-12 pm and 1-5 pm. In accordance with AB 1344, such documents will be posted on the City’s website at www.scottsvalley.org.
Public Participation:
The meeting will be available on Zoom and livestreamed to the City of Scotts Valley’s YouTube channel: https://www.youtube.com/@cityofscottsvalley
For those wishing to participate via Zoom you can join the following ways:
Zoom Webinar meeting link: https://us02web.zoom.us/j/87408936045 City Council Meeting Agenda Page 2
Date: April 19, 2023
Or dial one of these numbers: (669) 900-9128 or (669) 444-9171 Webinar ID: 874 0893 6045
Whether attendance is in-person or remote, you will be given opportunities to provide public comment at the appropriate times throughout the meeting. The time limit is up to 3 minutes for an individual, or 5 minutes for someone who is representing a group of three or more, at the discretion of the Mayor. Please note that this is not a question-and-answer time, but simply a time to provide comments to the Council. At the appropriate times during the meeting for public comment, on items not on the agenda, and on specific agenda items, the Mayor will announce that public comment will be accepted.
How to comment via in-person attendance:
Please proceed to the public comment podium when the Mayor opens the item for public comment.
How to comment via Zoom Webinar:
Use the webinar attendee option to “raise hand” when the Mayor opens the item for public comment. The Clerk will unmute you when it is your turn. If you have joined via Zoom phone call, dial *9 or your phone to “raise your hand”, and the Clerk will unmute you when it is your turn.
CALL TO ORDER 6:00 PM
PLEDGE OF ALLEGIANCE and MOMENT OF SILENCE
ROLL CALL
SPECIAL SET MATTER
Dientes Community Dental presentation - Laura Marcus, Chief Executive Officer
COMMITTEE REPORTS
Council members are appointed to committees which are either City committees or committees dealing with other jurisdictions. This portion of the agenda allows the committee member to present oral or written reports to the Council regarding their committee assignments. It also allows the Council to make comments and give the committee member direction, as required.
CITY MANAGER REPORT
PUBLIC COMMENT TIME
This is the opportunity for individuals to make and/or submit written or oral comments to the Council on any items within the purview of the Council, which are NOT part of the Agenda.
No action on the item may be taken, but the Council may request the matter be placed on a future agenda.
ALTERATIONS TO CONSENT AGENDA
Council can remove or add items to the Consent Agenda.
City Council Meeting Agenda Page 3
Date: April 19, 2023
CONSENT AGENDA
The Consent Agenda is comprised of items which are intended to be non-controversial and are approved without discussion. Persons wishing to speak on any item may request the item be moved to the Regular Agenda by raising their hand to be recognized by the Mayor. An item will only be moved from the Consent Agenda to the Regular Agenda if a City Council Member requests it to be moved and a majority of the Council agrees.
A. Approve special closed session meeting minutes of 04-05-2023, joint special meeting minutes of 04-05-2023, and regular meeting minutes of 04-05-2023 B. Approve check registers dated 04-06-2023 and 04-12-2023 C. Adopt resolution approving Senior Center Organization Bylaws update D. Adopt resolution approving the annual review of the City of Scotts Valley Investment Policy
ALTERATIONS TO REGULAR AGENDA
Council can remove or add items to the Regular Agenda.
REGULAR AGENDA
Persons wishing to speak on any item may do so by raising their hand to be recognized by the Mayor.
1. Future Council agenda items
(This portion of the Regular Agenda allows the Council to determine items to be placed on a future agenda and to choose a date, if so desired.)
ADJOURNMENT
ADA NOTICE
The City of Scotts Valley does not discriminate against persons with disabilities. The City Council Chambers is an accessible facility. If you wish to attend a City Council meeting and require assistance such as sign language, a translator, or other special assistance or devices in order to attend and participate at the meeting, please call the City Clerk's office at (831) 440- 5600 five to seven days in advance of the meeting to make arrangements for assistance. If you require the agenda of a City Council meeting be available in an alternative format consistent with a specific disability, please call the City Clerk’s Office. The California State Relay Service (TTY/VCO/HCO to Voice: English 1-800-735-2929, Spanish 1-800-855-3000; or, Voice to TTY/VCO/HCO: English 1-800-735-2922, Spanish 1-800-855-3000), provides Telecommunications Devices for the Deaf and Disabled and will provide a link between the TDD caller and users of telephone equipment.
City Council Meeting Agenda Page 4
Date: April 19, 2023
PROCEDURAL INFORMATION FOR THE PUBLIC
THE FOLLOWING IS THE PROCEDURE COUNCIL SHOULD TAKE IN
APPROVAL OF A RESOLUTION:
1. Move the Resolution number for approval.
2. Second the motion.
3. Vote by body, a roll call vote is not required.
THE FOLLOWING IS THE PROCEDURE COUNCIL SHOULD TAKE IN
INTRODUCTION/ADOPTION OF AN ORDINANCE:
1. Move the Ordinance number for introduction (or adoption).
2. Move the Ordinance be introduced by title only and waive the reading of the text.
3. Read the Ordinance title.
4. Second the motion.
5. Vote by body, a roll call vote is not required.
THE FOLLOWING IS THE PROCEDURE COUNCIL SHOULD TAKE IN
PUBLIC COMMENT/PUBLIC HEARINGS:
Unless otherwise determined by the presiding officer of the meeting:
1. Three minutes allowed per individual to speak.
2. Five minutes allowed per individual representing a group of three or more. ❖❖❖❖❖❖❖❖
The City of Scotts Valley does not discriminate against persons with disabilities. The City Council Chambers is an accessible facility. If you wish to attend a City Council meeting and require assistance such as sign language, a translator, or other special assistance or devices in order to attend and participate at the meeting, please call the City Clerk's office at (831) 440-5602 five to seven days in advance of the meeting to make arrangements for assistance. If you require the agenda of a City Council meeting be available in an alternative format consistent with a specific disability, please call the City Clerk’s Office. The California State Relay Service (TTY/VCO/HCO to Voice: English 1-800-735-2929, Spanish 1-800-855-3000; Voice to TTY/VCO/HCO: English 1- 800-735-2922, Spanish 1-800-855-3000; or, from or to Speech-to-Speech, English & Spanish 1- 800-854-7787), provides Telecommunications Devices for the Deaf and Disabled and will provide a link between the TDD caller and users of telephone equipment.
THE STATE OF
ORAL
HEALTH
IN SANTA CRUZ COUNTY
A summary of “The Continuing Need for Oral Health Services,” Barbara Aved Associates, April 2022
A GENDA ITEM: SPECIAL SET MATTER
DATE: 04-05-2023
The OHA Journey
Dientes grantfunded 1st Oral
Health (OH) Needs
Assessment
OHASCC
founded;
launched with 1st
OH Summit and
roadshow
County receives
LOHP $1M grant
to facilitate
OHASCC
1st OH
Report Card
2nd OH Summit;
2nd OH Report
Card
Dientes funds 2nd
OH Needs
Assessment;
County receives
2nd LOHP $1M
grant for OHASCC
New OHASCC
Strategic Plan
2015 2016 2017 2018 2021 2022 2023
OHA’s
2016
Strategic
Plan
OHA Partners
• First Tooth/First Birthday
Education Campaign
• Promote Kindergarten Oral
Health Screenings
• Expand Treatment,
Prevention, and Clinical
Capacity
OHA Activities 2017 - 2020
OHA’s
2021
Report
Card
25% increase in individuals who
accessed dental care
25k
31k
49k
51k
2014
2019
74k
82k
25% Growth
First Tooth
First Birthday
60% more
0-2 yr-olds went
to the dentist
2014
36%
2019
57%
Kinder Dental
Screenings
Only 18% of Kinders
had cavities
► a 25% improvement
from 2014
75% more
adults went to
the dentist
2014 2019
12,300
7,100
The 2022
Needs
Assessment
31,000 went
to the dentist
in 2019…
Yet,
51,000
people
did not
Finding 1: After age 9, going to the
dentist dramatically drops
68%
21%
0%
10%
20%
30%
40%
50%
60%
70%
80%
1-2 3-5 6-9 10-14 15-18 19-20 21-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75+ % who visited the dentist in 2019
Age
Santa Cruz County California
Finding 2: Over 75% of adults did not
receive dental care in 2019
Finding 3:
64% of Seniors
have gum disease
and less than
1 in 4 visit
a dentist
2019 utilization from a race/ethnicity lens
Other
White
Hispanic
Went to the dentist Did not go to the dentist
48% 52%
25% 75%
30% 70%
42K
23K
15K
OHA 2023 and Beyond
• Continue activities focused on children and
pregnant people
• New focus areas:
• Older kids (youth and teens)
• People with diabetes
• Seniors
Learn More
OralHealthSCC.org
2 M I N U T E S
Special Closed Session Meeting of the
Scotts Valley City Council
Date: April 5, 2023
Time: 5:30 PM
CONTACT INFORMATION MEETING LOCATION POSTING
City of Scotts Valley
1 Civic Center Drive
Scotts Valley, CA 95066
(831) 440-5600
City Council Chambers
1 Civic Center Drive
Scotts Valley, CA 95066
The agenda was posted on
3-31-2023 at City Hall, SV Senior
Center, the SV Public Works
Building and on the Internet at
www.scottsvalley.org.
ROLL CALL
ELECTED OFFICIALS PRESENT:
Jack Dilles, Mayor
Randy Johnson, Vice Mayor
Donna Lind, Council Member
Derek Timm, Council Member
Allan Timms, Council Member
CITY STAFF MEMBERS PRESENT:
Mali LaGoe, City Manager
Kirsten Powell, City Attorney
Stephanie Hill, Administrative Services Director
CALL TO ORDER 5:30 PM
The City Council Special Closed Session Meeting was called to order at 5:31 PM.
CONVENE TO CLOSED SESSION
CLOSED SESSION SUBJECT(S)
The City Council convened to closed session at 5:32 PM to discuss the following item:
(1) Conference with legal counsel regarding real property negotiations Legal Authority: Government Code Section 54956.8
Location: APNS: 022-721-07, 022-721-08, 022-721-09
(Town Center)
Staff Present: City Manager, City Attorney, Administrative Services Director
AGENDA ITEM A
DATE: 04-19-2023
001
City Council Meeting Minutes Page 2
Date: April 5, 2023
RECONVENE TO OPEN SESSION
The City Council reconvened to open session at 6:10 PM.
REPORT ON ACTION TAKE DURING CLOSED SESSION
Mayor Dilles announced that there was nothing to report.
ADJOURNMENT
The meeting adjourned at 6:10 PM.
Approved: _____________________________
Jack Dilles, Mayor
Attest: __________________________
Lauren Lamber, Deputy City Clerk
002
M I N U T E S
Joint Special Meeting of the
Scotts Valley City Council and
Planning Commission
In-Person and Remote Access
Date: April 5, 2023
Time: 6:00 PM
CONTACT INFORMATION MEETING LOCATION POSTING
City of Scotts Valley
1 Civic Center Drive
Scotts Valley, CA 95066
(831) 440-5600
City Council Chambers
1 Civic Center Drive
Scotts Valley, CA 95066
And
Zoom Video Conference
The agenda was posted
3-31-2023 at City Hall, SV Senior
Center, SV Public Works and on
the Internet at
www.scottsvalley.org.
CALL TO ORDER 6:00 PM
The meeting was called to order at 6:11 PM.
PLEDGE OF ALLEGIANCE and MOMENT OF SILENCE
ROLL CALL
ELECTED OFFICIALS PRESENT:
Jack Dilles, Mayor
Randy Johnson, Vice Mayor
Donna Lind, Council Member
Derek Timm, Council Member
Allan Timms, Council Member
CITY STAFF MEMBERS PRESENT:
Mali LaGoe, City Manager
Kirsten Powell, City Attorney
Steve Walpole, Chief of Police
Taylor Bateman, Community Development Director
Chris Lamm, Public Works Director/City Engineer
Lauren, Deputy City Clerk
Sarah Wikle, Senior Planner
PLANNING COMMISSIONERS:
Lori Gentile, Chair
Chuck Maffia, Vice Chair
David Hodgin, Commissioner
Steven Horlock, Commissioner
Shawn Mosley, Commissioner
003
City Council Special Meeting Minutes Page 2
Date: April 5, 2023
REGULAR AGENDA
1. 6th Cycle Housing Element – potential Candidate Sites Strategies to Address RHNA and Considerations Per State Law Updates
Bill Wiseman and Ines Galmiche from Kimley-Horn presented a slide show and answered questions from the City Council Members and the Planning Commissioners.
Public Comment:
Dave Duquette, a Scotts Valley resident, spoke about Industrial areas concerns.
The Industrial areas are such a huge part of Scotts Valley economy. As a property owner on Scotts Valley Drive, Dave feels his hands are tied, and he can’t build something that he knows will be vacant or fight hard to fill it. He believes there should be more residential on Scotts Valley Drive and reduce commercial.
Steve Smith, a Scotts Valley resident, spoke about concerns regarding affordability and how it would be measured, by purchase power or by how much per month it would cost to rent. Mr. Smith also brought up the question of, how to maintain affordability in an inflationary economy.
Wayne Shaffer, a Scotts Valley resident and whose family owns two acres on Scotts Valley Drive, spoke about the zoning restrictions on Scotts Valley Drive with 50% commercial. Mr. Shaffer would like to suggest changing the zoning to allow for a higher density residential and lower commercial component. His property is within walking distance to amenities which would be a draw for residents.
Bill Brooks, who has done development around Scotts Valley, supported what Mr. Shaffer said. Mr. Brooks built the twenty homes behind Pinnacle pass, and he spoke on the troubles of the 50% commercial requirement. Mr. Brooks also represents the site where U-Save Liquors is, and there are a lot of sites that are similar that have irregular shapes that are not marketable to commercial or offices. He believes changing the zoning in that section would allow a lot of opportunities.
Evan Sirosky, a Scotts Valley resident, spoke on the high cost of housing along with the limited availability of housing. Mr. Sirosky spoke on the 1,220 units, which are the minimum Scotts Valley must plan for. Limiting housing could create homelessness.
David Alrich, a Scotts Valley resident, spoke on how he doesn’t understand the methodology from the state that tells us to build this many units. Mr. Alrich believes Scotts Valley is disproportionately taking the burden and, with his 004
City Council Special Meeting Minutes Page 3
Date: April 5, 2023
calculations, we are proportionally required almost twice as many as Santa Cruz.
If we follow what Scotts Valley is required to build it would increase the population by 30% and would that mean the City would have 30% more police and staff, including public works staff. Mr. Alrich believes the City needs to “take a stand” and go forward with what the City is currently doing, but do it under protest.
Robert Bailey, a property owner on Scotts Valley Drive, spoke on how he believes his property is underutilized/overparked. Mr. Bailey suggested looking at how traffic flows now and how the work from home has impacted the commercial market. He suggested looking at the 50/50 rule closely and how the daytime use of commercial and nighttime use of residential may help better utilize properties.
Are there opportunities for smaller scale in-fill that balance out more with today’s work and living environment and better utilize the properties.
ADJOURNMENT
The meeting adjourned at 7:55 PM.
Approved: _____________________________
Jack Dilles, Mayor
Attest: __________________________
Lauren Lambert, Deputy City Clerk
005
From: Ruth S�les
Date: April 5, 2023 at 4:48:00 PM PDT
To: Jack Dilles <[email protected]>, Dave Hodgin <[email protected]> Subject: Endangered, species and underu�lized parcels
Hello Dave and Jack,
In advance of today’s mee�ng, I wanted to alert you to an endangered species that’s on one of the socalled underu�lized parcels. Scots Valley spineflower is a cute litle pink flower that is found nowhere else on earth except a few loca�ons in Scots Valley. Polo Ranch and the High School were redesigned around this plant and associated insects.
I found this plant on the the upper part of the vacant parcel adjoining Casa Way and Sandraya Heights.
The upper part of this parcel should be le� alone to preserve this plant.
I spoke with the developer about this and he proposed throwing some money at another site that was supposed to be a mi�ga�on area for the High School. Developers shouldn’t be allowed to do a mi�ga�on project, and then get more credit for the same mi�ga�ons.
Please call out preserva�on for the upper part of this parcel. Biologists associated with the California Na�ve Plant society will be able to give the City excellent advice on appropriate mi�ga�ons if needed.
Sorry I can’t be there this evening. You’re doing excellent work.
Ruth
Ruth S�les
Hor�cultural Consultant
Board Cer�fied Master Arborist WE 6613-B
006
From: Sini Bava
Sent: Monday, April 3, 2023 11:26:27 AM
To: lorigen�[email protected] <lorigen�[email protected]>; [email protected] <[email protected]>; [email protected] <[email protected]>; [email protected] <[email protected]>; [email protected] <[email protected]>; Jack Dilles <[email protected]>
Subject: 6th Cycle Housing Element : comment from a resident Gree�ngs
I’m a fortunate to be a Scots Valley resident for past five years.
When I saw 6th Cycle Housing Element informa�on, I couldn’t resist adding my comment. 40 years back, I felt most lucky when I got admited to as a ( female) Civil engineering student, that too as part of a class where more than 50% were girls!
In the post COVID world being part of a county where university students are major part of the renters in search of housing, if we can change our focus from housing families to individual students who are aware of climate change, willing to be part of a new world where houses are not meant to show social status or economic well being but provide healthy living close to nature in a safe and secure way. (Source Santa Cruz :: Demographics :: County :: Santa Cruz Popula�on by age- more than one fourth is below age 34
)
thanks
Sini
007
M I N U T E S
Regular Meeting of the
Scotts Valley City Council
In-Person and Remote Access
Date: March 15, 2023
Time: 6:00 PM
CONTACT INFORMATION MEETING LOCATION POSTING
City of Scotts Valley
1 Civic Center Drive
Scotts Valley, CA 95066
(831) 440-5600
City Council Chambers
1 Civic Center Drive
Scotts Valley, CA 95066
and
Zoom Video Conference
The agenda was posted 3-10-23
at City Hall, SV Senior Center, SV
Library and on the Internet at
www.scottsvalley.org.
CALL TO ORDER 6:00 PM
The City Council meeting was called to order at 7:57 PM.
ROLL CALL
ELECTED OFFICIALS PRESENT:
Jack Dilles, Mayor
Randy Johnson, Vice Mayor
Donna Lind, Council Member
Derek Timm, Council Member
Allan Timms, Council Member
CITY STAFF MEMBERS PRESENT:
Mali LaGoe, City Manager
Kirsten Powell, City Attorney
Lauren Lambert, Deputy City Clerk
Chris Lamm, Public Works Director
Taylor Bateman, Community Development Director
Steve Walpole, Chief of Police
COMMITTEE REPORTS
CM Timm attended a couple Town Center Subcommittee meetings, the topics were covered in closed session and CM Timm has nothing additional to report.
CM Timm along with Mayor Dilles sat in on the trust discussions around which investment vehicles the City might use and still looking at alternatives.
CM Timms attended a meeting of the Local Agency Formation Commission (LAFCO) and reported LAFCO approved the annexation of 184 parcels into the Scotts Valley Water District. Of those parcels, 149 were already in the boundary, and of the remaining 35 most were already provided by The Scotts Valley Water District. 008
City Council Meeting Minutes Page 2
Date: April 5, 2023
CM Timms attended the first meeting of the Economic Development Committee along with Mayor Dilles, City Manager LaGoe, Administrative Services Director Stephanie Hill, Consultant Steve Toler, and City Clerk Cathie Simonovich. CM Timms reported they spoke about some of the organizations that would support local businesses and started to talk around how to approach reforming potential business licensing and other revenue sources, as well as and how to better represent the needs of businesses. They also spoke on how the City brands itself as a city. The committee felt there is an opportunity to better brand the City, both for attracting visitors and residents but also attracting better business traffic.
CM Lind attended a meeting of the Criminal Justice council ADHOC committee for which CM Lind is the Chair. They covered the plan of their study which is on behavioral health, relating to the courts, jail, and probation. This phase is the next step on what happens in the courts and resources or lack thereof with our courts, jails, and probation.
A common theme is the lack of resources in Santa Cruz County concerning assisting those who have behavioral health issues.
CM Lind attended a Santa Cruz Metropolitan Transit District (METRO) board meeting and one of the topics covered was looking at leasing a property in Watsonville and trying to purchase a property that could house some of the buses. They have 12 articulated buses coming from San Diego and they are a third larger that all the other buses so they are running out of room to store them. METRO has some zero emission buses coming online, which will help the problems at UCSC where there are some challenges meeting the needs. METRO is also proposing a tax measure to meet the financial needs and some of the same challenges all the jurisdictions are facing right now. One of the things they are looking at is the sales tax measure, which we’re maxed out.
CM Lind also reported she had a meeting with Public Works to start planning and preparation for the Fourth of July Parade. If anyone is interested in volunteering, please get in contact with Parks & Recreation or with CM Lind.
CM Lind attended the kickoff at the Monterey Bay National Marine Sanctuary of the One Ride at a Time campaign. As part of the program if people ride 10 times on the bus, they then can designate the funds go to one of the programs supporting our environment with the Monterey Bay Sanctuary.
Mayor Dilles attended the League of California Cities Revenue and Taxation Committee, which is a statewide committee. The committee discussed potential changes in sales tax and getting more taxes to go directly to cities. They also heard a representative from CALPERS talking about projections and where they are going.
Mayor Dilles attended a meeting of the Santa Magarita Groundwater Agency and received an annual report for water year 2022, and the agency approved submitting the report to the State. Despite dryer conditions throughout the year the ground water levels remained stable compared to prior years.
009
City Council Meeting Minutes Page 3
Date: April 5, 2023
Mayor Dilles attended two D.A.R.E. graduations at Vine Hill and Brook Knoll, and he complimented Officer Ahrens on a great job.
Mayor Dilles also attended the kickoff at the Monterey Bay National Marine Sanctuary of the One Ride at a Time campaign.
CITY MANAGER REPORT
Police Department: Reserve Officer Richard Lebo, who was sworn in as a Reserve Officer a couple months ago, has been incredible showing up for night shift and working full-time as a Reserve Officer Volunteer. Today he was hired as a full-time officer with the Scotts Valley Police Department. The Police Officer of the Year, being honored by the Exchange Club is Forrest Brown. The City is happy to honor Forrest and thank him for his service to the community. The Police Department hosted three D.A.R.E. graduations and City Manager LaGoe thanked those who attended to congratulate the kids on successfully completing the D.A.R.E. program.
Public Works: There is continued work in responding to storm damage and Public Works is working on assessments for long-term permanent fixes to the roads that were damaged across the City. Related to that, President Biden approved a Federal Disaster Declaration, including Santa Cruz County, which frees up federal resources to help us recover and respond to this last round of storms that hit in March. This also frees up assistance to residents and businesses. Please look for information on our social media about events and resources for businesses that may have been impacted by the storms.
Parks Master Plan: In April the Park’s Master Plan is going to have a big community outreach push, we want to ask the community to participate in the survey that will be sent out and in several events that will take place across the City in April. The City is asking for input on what features and amenities people would like to see at our parks.
This is a great opportunity to envision what our parks could look like moving forward into the future and we appreciate everyone’s participation.
Pavement Management Assessment: The Pavement Management Assessment completed inspections in March, and the next step is that the consultant and staff are working on drafting a report on our current pavement conditions. That report will be coming to Council in May ahead of planning the Capital Improvement Plan (CIP) for the budget for the next fiscal year. A City Facilities Assessment is also underway which will help plan our facilities and our infrastructure moving forward.
Administration Services Department: City Manager LaGoe thanked staff for their hard work with the auditors. The Annual Comprehensive Financial Report was finalized today, much later than we expected, and hoped. The report will be on our website shortly. Staff are working both internally and with our auditors on what improvements need to be made so that the report will be completed more timely next year. This year 010
City Council Meeting Minutes Page 4
Date: April 5, 2023
was a challenging year to get the report done due to a vacancy in the Administrative Services Department, so City Manager LaGoe thanked the Finance staff who make it through this process. She is grateful to have Stephanie Hill come on board as the Administrative Services Director to lead us in that area.
Monterey Bay Area Self Insurance Authority (MBASIA): At the MBASIA meeting on Monday, March 10th, City Manager LaGoe was elected Treasurer/Secretary. MBASIA is the insurance pool consisting of 10 cities, including Scotts Valley, which serves all of the City’s insurance needs, City Manager LaGoe is excited to serve on the executive committee and learn more about how MBASIA supports our city, and how we pool that need across the 10 cities that participate in MBASIA.
PUBLIC COMMENT TIME
No one came forward.
ALTERATIONS TO CONSENT AGENDA
M/S: Lind/Timm
To approve the Consent Agenda.
Carried 5/0 (AYES: Dilles, Johnson, Lind, Timm, Timms)
CONSENT AGENDA
A. Approve City Council minutes of 03-15-2023
B. Approve check registers dated 03-16-2023, 03-22-2023, 03-27-23, and 03-30- 2023
C. Ratify the appointments of Bernadette (Bernie) J. Jestrabek and Katherine Rathe to serve on the Arts Commission, with an effective date of April 5, 2023
ALTERATIONS TO REGULAR AGENDA
M/S: Lind/Timm
To approve the Regular Agenda.
Carried 5/0 (AYES: Dilles, Johnson, Lind, Timm, Timms)
REGULAR AGENDA
1. Future Council Agenda Items
CM Timm would like to have the discussion of the Pride Flag on a future City Council Agenda.
011
City Council Meeting Minutes Page 5
Date: April 5, 2023
CONVENE TO CLOSED SESSION
The City Council convened to closed session at 8:13 PM to discuss the following item:
(1) Conference with legal counsel regarding anticipated litigation Legal Authority: Government Code 54956.9(b)
Case Name: County of Santa Cruz, et al., v. Purdue Pharma L.P., et al., U.S.D.C., Northern District of California, Case No. 5:18-cv- 02803 and U.S.D.C., Northern District of Ohio, MDL No.
2804, Case No. 17-MD-2804
Staff Present: City Manager, City Attorney
RECONVENE TO OPEN SESSION
The City Council reconvened to open session at 8:20 PM.
REPORT ON ACTION TAKE DURING CLOSED SESSION
Mayor Dilles announced that there is action to report.
City Attorney reported that the City Council voted unanimously to join the settlement in the County of Santa Cruz, et al. v. Perdue Pharma L.P., et al. The Council also voted unanimously to assign the funding under that settlement to the County to operate programs consistent with the settlement to subject to input from city staff.
ADJOURNMENT
The meeting adjourned at 8:21 PM.
Approved: _____________________________
Jack Dilles, Mayor
Attest: ___________________________
Lauren Lambert, Deputy City Clerk
012
SCOTTS VALLEY ACCOUNTS PAYABLE CITY OF SCOTTS VALLEY
04/06/2023 17:28:18 Check Register GL050S-V08.19 COVERPAGE GL540R
Report Selection:
RUN GROUP... 040623 COMMENT... 04/06/2023 A/P
DATA-JE-ID DATA COMMENT
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W-04062023-702 04/06/2023 A/P
Run Instructions:
Jobq Banner Copies Form Printer Hold Space LPI Lines CPI CP SP RT L 01 Y S 6 066 10
AGENDA ITEM B
DATE: 04-19-2023
001
SCOTTS VALLEY ACCOUNTS PAYABLE
CITY OF SCOTTS VALLEY
04/06/2023 17:28:18 Check Register
GL540R-V08.19 PAGE 1
BANK VENDOR CHECK# DATE AMOUNT
BA GENERAL CHECKING ACCOUNT
000041 ACC BUSINESS 126485 04/06/23 1,817.59
003919 ACCO ENGINEERED SYSTEMS 126486 04/06/23 5,031.47 003597 ADAMS ASHBY GROUP, INC 126487 04/06/23 500.00
003534 ADOBE ANIMAL HOSPITAL SO 126488 04/06/23 235.80
004057 ANDREWS/SELINA 126489 04/06/23 50.00
004029 ARMSTRONG/AMANDA 126490 04/06/23 50.00
000097 AT&T 126491 04/06/23 1,113.59
003746 AVENU HOLDINGS, LLC 126492 04/06/23 2,110.25
001928 BATEMAN/TAYLOR 126493 04/06/23 50.00
000614 BATTERIES + BULBS #314 126494 04/06/23 37.15
001373 BAY TREE, LLC 126495 04/06/23 3,620.38
001593 BENEDICT DDS/NANNETTE 126496 04/06/23 354.30
000437 BRASS KEY LOCKSMITH 126497 04/06/23 9.88
001566 BUSINESS WITH PLEASURE 126498 04/06/23 269.65
003887 CHEUNG/ATHENA 126499 04/06/23 87.34
002091 COMCAST 126500 04/06/23 202.82
.15943 CYNDI CASE 126501 04/06/23 300.00
005083 DUMONCEAUX/CHRISTOPHER 126502 04/06/23 50.00
000426 ENTENMANN-ROVIN CO 126503 04/06/23 84.94
003253 FIRST ALARM 126504 04/06/23 893.53
004039 GARNER/SCOTT 126505 04/06/23 50.00
004093 GERA/BEAUJO 126506 04/06/23 50.00
003706 GRANADOS/JUSTIN 126507 04/06/23 50.00
002003 GREEN RUBBER-KENNEDY AG 126508 04/06/23 1,124.48 000057 HACH COMPANY 126509 04/06/23 135.93
004059 HAROS/JOANNA 126510 04/06/23 50.00
003944 HEBARD/TYLER 126511 04/06/23 50.00
005071 HILL/STEPHANIE 126512 04/06/23 50.00
000801 HINDERLITER, DE LLAMAS & 126513 04/06/23 1,965.33 003266 INTERGRITY AUTOMOTIVE 126514 04/06/23 189.00
001669 JIMENEZ DDS/JOHN J 126515 04/06/23 991.00
005088 JULIAN FERNANDEZ 126516 04/06/23 2,000.00
001660 KING/KATI 126517 04/06/23 50.00
005005 KRUSEE/RANDALL 126518 04/06/23 50.00
004018 LAMBERT/LAUREN 126519 04/06/23 50.00
004046 LAMM/CHRIS 126520 04/06/23 50.00
001950 LEWIS TREE SERVICE INC 126521 04/06/23 8,078.25
001243 LIEBERT CASSIDY WHITMORE 126522 04/06/23 4,936.90 005036 LINARTE/PHILLIP 126523 04/06/23 50.00
001673 LINCOLN FINANCIAL GROUP 126524 04/06/23 1,248.60 003389 LOCKE/CERINA 126525 04/06/23 50.00
003913 LONG/AMANDA 126526 04/06/23 50.00
001591 MARKELL/ROD 126527 04/06/23 1,974.00
001815 MC GRATH/TRISH 126528 04/06/23 50.00
000195 MESITI-MILLER ENGINEERIN 126529 04/06/23 5,211.00 000218 MID VALLEY SUPPLY 126530 04/06/23 172.44
000083 MISSION UNIFORM SERVICE 126531 04/06/23 1,029.91 000323 NBS GOVERNMENT FINANCE G 126532 04/06/23 1,953.30 002
SCOTTS VALLEY ACCOUNTS PAYABLE
CITY OF SCOTTS VALLEY
04/06/2023 17:28:18 Check Register
GL540R-V08.19 PAGE 2
BANK VENDOR CHECK# DATE AMOUNT
BA GENERAL CHECKING ACCOUNT
001872 NORTH CENTRAL LABORATORI 126533 04/06/23 64.33
003766 ORMONDE/ROBERT 126534 04/06/23 50.00
000101 PACIFIC GAS & ELECTRIC C 126535 04/06/23 56,592.75 000098 PALACE BUSINESS SOLUTION 126536 04/06/23 2,120.68 005082 PEREZ/JOSE 126537 04/06/23 50.00
005061 PFEFFERKORN/ALLISON 126538 04/06/23 50.00
004045 PHILLIP D NEUMAN 126539 04/06/23 39,118.02
005086 PREFERRED PLUMBING 126540 04/06/23 8,500.00
003117 PRIORITY 1 PUBLIC SAFETY 126541 04/06/23 350.00
001097 PRODESSE PROPERTY GROUP 126542 04/06/23 3,523.52 005028 ROBINSON/ALICE 126543 04/06/23 50.00
001118 RUTHERFORD/JAYSON 126544 04/06/23 50.00
000135 SAN LORENZO VALLEY WATER 126545 04/06/23 45.01
000126 SANTA CRUZ FIRE EQUIPMEN 126546 04/06/23 116.98
005042 SANTA CRUZ STAFFING LLC 126547 04/06/23 1,012.50 003306 SCOTTS VALLEY COMMUNITY 126548 04/06/23 1,470.00 003021 SCOTTS VALLEY ROTARY CLU 126549 04/06/23 543.00
000133 SCOTTS VALLEY SPRINKLER 126550 04/06/23 3.27
004092 SIMONOVICH/CATHIE 126551 04/06/23 50.00
000228 SOIL CONTROL LAB 126552 04/06/23 204.00
002065 SOTO/ART 126553 04/06/23 50.00
005052 SOUTH/SARA 126554 04/06/23 50.00
001113 STERICYCLE INC 126555 04/06/23 217.43
005085 STOP COMPANY 126556 04/06/23 138.97
005087 THE DIVERSITY CENTER 126557 04/06/23 900.00
003973 THOMAS/TYLER 126558 04/06/23 50.00
.15944 U.S. POSTMASTER 126559 04/06/23 65.00
000151 VISION SERVICE PLAN 126560 04/06/23 957.60
003145 WAGE WORKS 126561 04/06/23 1,460.41
005053 WENTWORTH/CODY 126562 04/06/23 118.36
005072 WIKLE/SARAH 126563 04/06/23 50.00
000154 WINCHESTER AUTO STORES 126564 04/06/23 18.56
003947 4X4 AND MORE 126565 04/06/23 72.58
GENERAL CHECKING ACCOUNT 166,691.80 ***
003
SCOTTS VALLEY ACCOUNTS PAYABLE
CITY OF SCOTTS VALLEY
04/06/2023 17:28:18 Check Register
GL540R-V08.19 PAGE 3
BANK VENDOR CHECK# DATE AMOUNT
REPORT TOTALS: 166,691.80
RECORDS PRINTED - 000168
004
SCOTTS VALLEY ACCOUNTS PAYABLE
CITY OF SCOTTS VALLEY
04/06/2023 17:28:18 Check Register
GL060S-V08.19 RECAPPAGE
GL540R
FUND RECAP:
FUND DESCRIPTION DISBURSEMENTS
---- ----------------------------
001 GENERAL 90,166.97
003 GAS TAX - SPECIAL STATE TRST 5,211.00
004 RECREATION 7,039.76
010 WASTEWATER OPERATIONS 51,899.16
011 TERTIARY TREATMENT PLANT 204.00
019 AFFORDABLE HOUSING 1,974.00
023 SVRDA SUCCESSOR AGENCY 7,143.90
028 SENIOR CENTER 1,112.32
050 PINEWOOD EST LNDSCP MAINT DT 9.53
077 SKYPARK MAINT ASSESS DIST 28.59
112 DENTAL INS INTERNAL SERV 1,345.30
123 COMMUNITY FACILITY CENTER 557.27
TOTAL ALL FUNDS 166,691.80
BANK RECAP:
BANK NAME DISBURSEMENTS
---- ----------------------------
BA GENERAL CHECKING ACCOUNT 166,691.80
TOTAL ALL BANKS 166,691.80
005
SCOTTS VALLEY ACCOUNTS PAYABLE CITY OF SCOTTS VALLEY
04/13/2023 18:37:23 Check Register GL050S-V08.19 COVERPAGE GL540R
Report Selection:
RUN GROUP... 041323 COMMENT... 04/13/2023 A/P
DATA-JE-ID DATA COMMENT
-------------- ------------------------
W-04132023-708 04/13/2023 A/P
Run Instructions:
Jobq Banner Copies Form Printer Hold Space LPI Lines CPI CP SP RT L 01 Y S 6 066 10
006
SCOTTS VALLEY ACCOUNTS PAYABLE
CITY OF SCOTTS VALLEY
04/13/2023 18:37:23 Check Register
GL540R-V08.19 PAGE 1
BANK VENDOR CHECK# DATE AMOUNT
BA GENERAL CHECKING ACCOUNT
000855 A-1 SWEEPING SERVICE 126566 04/13/23 750.00
003534 ADOBE ANIMAL HOSPITAL SO 126567 04/13/23 92.70
001405 AFLAC-FLEX ONE 126568 04/13/23 632.83
003497 ALVAREZ INDUSTRIES, INC 126569 04/13/23 256.00
005035 AMAZON CAPITAL SERVICES 126570 04/13/23 885.03
005029 ARCPOINT LABS OF MONTERE 126571 04/13/23 70.00
001670 AT &T 126572 04/13/23 3,094.70
001427 AT&T MOBILITY 126573 04/13/23 1,224.38
001391 BIXBY DDS/LINDY 126574 04/13/23 109.00
000021 BOWMAN & WILLIAMS 126575 04/13/23 4,245.75
004083 BRIGHTVIEW LANDSCAPE 126576 04/13/23 4,166.50
001633 CAL-WEST LIGHTING & SIGN 126577 04/13/23 3,692.59 003787 CARMEL AREA WASTEWATER D 126578 04/13/23 6,201.00 003721 CHRISP COMPANY 126579 04/13/23 33,381.00
002091 COMCAST 126580 04/13/23 202.82
005047 CUMMING MANGEMENT GROUP, 126581 04/13/23 962.50
000389 DASSEL'S PETROLEUM INC 126582 04/13/23 4,838.40
000389 DASSEL'S PETROLEUM INC 126583 04/13/23 5,973.17
000778 DEPT OF JUSTICE 126584 04/13/23 66.00
000231 DOCTORS ON DUTY 126585 04/13/23 112.50
005076 DREW DENTAL CORP 126586 04/13/23 116.00
001362 DUNCAN AUTO TECH 126587 04/13/23 153.38
001597 ENVIRONMENTAL INNOVATION 126588 04/13/23 6,776.92 000202 FEDERAL EXPRESS 126589 04/13/23 68.77
000202 FEDERAL EXPRESS 126590 04/13/23 32.28
003253 FIRST ALARM 126591 04/13/23 289.02
005017 GALLI/CHRIS 126592 04/13/23 36.00
003700 GARRISON PLUMBING,INC 126593 04/13/23 1,062.76
001831 HD SUPPLY, INC. 126594 04/13/23 263.79
003292 KIMLEY-HORN & ASSOCIATES 126595 04/13/23 7,981.49 000284 LOGAN & POWELL, LLP 126596 04/13/23 21,141.00
000083 MISSION UNIFORM SERVICE 126597 04/13/23 105.36
.15945 MONTEREY PENINSULA COLLE 126598 04/13/23 25.00
003591 NICHOLS CONSULTING 126599 04/13/23 13,700.00
000088 NORTH BAY FORD-LINCOLN- 126600 04/13/23 294.82
005049 PATHENS, INC. 126601 04/13/23 1,229.20
003117 PRIORITY 1 PUBLIC SAFETY 126602 04/13/23 4,392.36 005042 SANTA CRUZ STAFFING LLC 126603 04/13/23 972.00
000228 SOIL CONTROL LAB 126604 04/13/23 75.00
003958 STANDEN/BENJAMIN 126605 04/13/23 90.00
001085 SYCAL ENGINEERING INC 126606 04/13/23 6,102.48
001589 TELECOMMUNICATIONS 126607 04/13/23 6,666.24
004030 U.S. BANK CORPORATE 126608 04/13/23 27,212.12
003924 VIRTUAL PROJECT MANAGER 126609 04/13/23 1,000.00 003145 WAGE WORKS 126610 04/13/23 78.09
GENERAL CHECKING ACCOUNT 170,820.95 ***
007
SCOTTS VALLEY ACCOUNTS PAYABLE
CITY OF SCOTTS VALLEY
04/13/2023 18:37:23 Check Register
GL540R-V08.19 PAGE 2
BANK VENDOR CHECK# DATE AMOUNT
REPORT TOTALS: 170,820.95
RECORDS PRINTED - 000112
008
SCOTTS VALLEY ACCOUNTS PAYABLE
CITY OF SCOTTS VALLEY
04/13/2023 18:37:23 Check Register
GL060S-V08.19 RECAPPAGE
GL540R
FUND RECAP:
FUND DESCRIPTION DISBURSEMENTS
---- ----------------------------
001 GENERAL 97,037.77
002 RECYCLING/ENVIRONMENTAL 3,905.00
004 RECREATION 7,215.90
008 TRAFFIC IMPACT MITIGATION 7,981.49
010 WASTEWATER OPERATIONS 20,470.47
028 SENIOR CENTER 199.08
112 DENTAL INS INTERNAL SERV 225.00
123 COMMUNITY FACILITY CENTER 405.24
150 GENERAL CAPITAL IMPROVEMENTS 33,381.00
TOTAL ALL FUNDS 170,820.95
BANK RECAP:
BANK NAME DISBURSEMENTS
---- ----------------------------
BA GENERAL CHECKING ACCOUNT 170,820.95
TOTAL ALL BANKS 170,820.95
009
AGENDA ITEM C
DATE: 04-19-2023
City of Scotts Valley
CITY COUNCIL STAFF REPORT
DATE: April 19, 2023
TO: Honorable Mayor and City Council
FROM: Chris Lamm, Public Works Director/City Engineer
APPROVED: Mali LaGoe, City Manager
SUBJECT: SENIOR CENTER BYLAWS UPDATE
SUMMARY OF ISSUE
Background
The Senior Center Organization was originally created in 1987 by the City Council when approached by senior citizens interested in forming a senior center with the help and support of the City of Scotts Valley. The center was established with the primary purpose of providing an opportunity to aged and aging persons to pursue their interests in educational, recreational, and craft activities and to promote the welfare of the senior citizenry of the City of Scotts Valley.
Bylaws for the Senior Center Organization were first adopted by City Council in February of 1992, with updates later that year in April of 1992. The bylaws were repealed and replaced with new bylaws in January,1994 and further updated in June, 1995 and November, 2011.
Current Bylaws Update
The Board of Directors began the process of updating the bylaws to reflect current practices in 2019. Due to the pandemic, the Senior Center was closed between March 2020 December 2021 and with the Recreation Division shuttered, there was no staff support to continue the Senior Center Board of Director meetings to continue the bylaws discussion.
Updates reflect changes to:
1. Align the bylaws with Senior Organization practices. • Change the date and time of regular meetings
• Changes to the roles and responsibilities of Board of Directors members • Changes to selection of at large members
2. Align the bylaws with City of Scotts Valley practices 001
AGENDA ITEM C
DATE: 04-19-2023
• Changes to the appointment of at large members
• Changes to the roles and responsibilities of the Senior Center Organization • Alignment with practices of other City Council advisory boards and commissions.
On April 10, 2023, the Senior Center Board of Directors reviewed and unanimously recommended approval of the updated bylaws by the City Council.
FISCAL IMPACT
There is no fiscal impact.
STAFF RECOMMENDATION
Staff recommends the Council adopt Resolution 1228.6 amending the Senior Center Organization Bylaws in their entirety.
TABLE OF CONTENTS PAGE
Resolution 1228.6 .......................................................................…………………………3 002
RESOLUTION NO. 1228.6
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SCOTTS VALLEY
AMENDING THE SENIOR CENTER ORGANIZATION BYLAWS IN THEIR ENTIRETY WHEREAS, By Resolution Nos. 1228, 1228.1 and 1228.2, the City of Scotts Valley formed a senior center organization under the auspices of the City of Scotts Valley to be called the “Scotts Valley Senior Center Organization” (The “Senior Organization”); and WHEREAS, By Resolution Nos. 1228.3, Resolutions 1228, 1228.1, and 1228.2 were repealed and replaced thereby creating new bylaws; and WHEREAS, By Resolution Nos.1228.4 and 1228.5, the bylaws created in Resolution 1228.3 were amended to provide clarity on qualifying criteria and election of at large members; and
WHEREAS, The City is desirous of continuing the Senior Organization for the welfare, benefit, and enjoyment of its senior citizenry; and WHEREAS, The City and the Board of Directors of the Senior Organization recognize the need to update the Scotts Valley Senior Center Bylaws to reflect current City and Senior Organization practices; and
WHEREAS, on April 10, 2023, the Board of Directors unanimously approved the amended bylaws.
NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Scotts Valley does hereby resolve that the bylaws created and amended by Resolutions 1228.3, 1228.4, and 1228.5 are amended in their entirety and replaced by the bylaws as attached and incorporated hereto as Exhibit A.
The above and foregoing resolution was duly and regularly adopted by the City Council of the City of Scotts Valley at a regular meeting held on the 19th day of April, 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
003
Approved: ____________________________
Jack Dilles, Mayor
Attest: ___________________________
Lauren Lambert, Deputy City Clerk
004
Scotts Valley Senior Center Bylaws 1
SCOTTS VALLEY SENIOR CENTER ADVISORY COMMISSION
BYLAWS
ARTICLE I. NAME
Section 1. NAME: The name of this organization is the Scotts Valley Senior Center Advisory Commission, hereinafter referred to as the Senior Organization.
Section 2. PLACE OF BUSINESS: The principal place of business of this Senior Organization shall be the Scotts Valley Senior Center located at 370 Kings Village Road, Scotts Valley, California 95066.
ARTICLE II. PURPOSE
Section 1. OBJECTIVES AND PURPOSE: The purposes for which this organization is formed are:
A. The specific and primary purposes of the Senior Organization are to advise the City Council on issues affecting the senior population of the City of Scotts Valley and to provide an opportunity to persons 50 years of age or older to pursue their interests in educational, recreational, and craft activities and to promote the welfare of the senior citizenry of the City.
ARTICLE III. MEETINGS
Section 1. MEETINGS OF THE SENIOR ORGANIZATION: The Senior Organization shall hold meetings follows:
A. Annual Meeting. One (1) meeting of the Board of Directors shall be held yearly. If there is an at-large member vacancy on the Board of Directors, the Board of Directors shall hear recommendations on who shall fill that vacancy and all the people attending the annual meeting shall vote on that vacancy. The person receiving the most votes of the Board of Directors and the people attending the meeting shall be recommended to the City Council for appointment to the Senior Organization Board of Directors.
B. Regular Meetings. The Board of Directors shall meet monthly on the first Tuesday of each month at 1:00pm at the Senior Center.
Section 3. SPECIAL MEETING: Special meetings may be called by written notice and posted not less than ten (10) days or no more than sixty (60) days to the date fixed for said meeting.
Said notice shall specify the date, time and place of the meeting and the matters to be considered.
Section 4. NOTICE OF MEETINGS
A. Regular Meetings: Notice shall be given each member of the Board of Directors seventy-two (72) hours notice, by email, mail and/or telephone, for any 005
Scotts Valley Senior Center Bylaws 2
change in meeting time or place. The agenda for the meeting shall be posted in accordance with State law.
B. Special Meetings: Notice must be posted in accordance with State law, at the Senior Organization and each member of the Board of Directors shall be given email and/or telephone notice of the time and place of all meetings at least twenty-four (24) hours
Section 5. QUORUM: A majority of the Board of Directors shall constitute a quorum. Any motion receiving the affirmative vote of a majority when a quorum is present shall be a binding act of the Senior Organization unless a greater number is required by law or by these bylaws.
ARTICLE IV. BOARD OF DIRECTORS AND OFFICERS
Section 1. BOARD OF DIRECTORS: The affairs of the Senior Organization shall be managed and supervised by a seven (7) member Board of Directors five of whom shall be appointed by the City Council in the manner provided for the appointment of Commissioners and Committee members in the Scotts Valley Municipal Code. Two (2) of the seven (7) appointments shall consist of members recommended for appointment in accordance with the terms of Article III, Section 1 to serve for a four (4) year term.
Section 2. AUTHORITY OF THE BOARD: The Board of Directors shall be responsible for the Senior Organization's compliance with its Bylaws. The Board shall advise the City on all matters pertaining to the maintenance of the Senior Organization, its physical properties and its activities. The Board shall advise the City with respect to the conduct of the affairs and business activities of the Senior Organization, as well as with respect to matters of policy.
It is specifically recognized that the authority of the Board of Directors under this Section and under these Bylaws is subject to and limited by the provisions of Resolution Nos. 1228.3, 1228.4 and 1228.5 of the City of Scotts Valley.
It is specifically recognized, notwithstanding anything to the contrary herein, that the use of any Senior Organization building that is owned by the City of Scotts Valley, shall be subject to all rules and regulations of the City of Scotts Valley and that no alteration of any such building may occur without the approval, first had and obtained, of the City Council.
Section 3. TERM OF OFFICE: Each appointed Board Member shall serve for a term as appointed by the City Council. Board Members shall assume duties when directed by the City Council. If a Board Member is unable to complete their term of office, they shall notify the Board of Directors in writing. The Chair Person shall notify the City of said vacancy.
A Board Member may be removed from office by the City Council as provided in the Scotts Valley Municipal Code
Section 4. OFFICERS: The officers of the Senior Organization shall be the Chairperson and ViceChairperson. All officers shall be elected by the Board of Directors and shall serve a term of one year. All the aforesaid officers shall be elected by the Board of Directors from among its own ranks at the October Board of Directors Meeting to take effect at 006
Scotts Valley Senior Center Bylaws 3
the following January Board of Directors Meeting.
Section 5. NOMINATIONS: If required, at the annual meeting, nominations for the two at-large members of the Board of Directors Members may be made by the Board of Directors and/or members from the floor as discussed in Section 1 of Article IV. All nominees must have previously agreed to serve.
Section 6. BALLOTING: In the event that more nominees are named than there are vacancies, secret balloting shall be conducted. Names on the ballot shall be listed in the order of a random drawing.
Section 7. PANEL OF CANDIDATES: The candidates shall also be made known through the Senior Center newsletter two months prior and the usual posted notice in the Senior Center at least two weeks prior the election for recommendation.
Section 8. DUTIES OF THE CHAIR:
A: The Chair shall preside at meetings of the Board of Directors and at members meetings. The Chair shall, with the approval of the Board of Directors appoint chairpersons of all committees; shall sign all documents on behalf of the Senior Organization as authorized by the Board; shall act as ex-officio member and advisor of all committees other than the nominating committee. The Chair shall exercise general supervision of the activities of the Senior Organization.
Section 9. DUTIES OF THE VICE-CHAIR: The Vice-Chair, in the absence of the Chair, shall perform their duties and carry out such other duties as authorized by the Board of Directors.
ARTICLE V. COMMITTEES
Section 1. STANDING COMMITTEES: The Board of Directors has the authority to form committees to further the purposes of the Senior Organization. All committees and committee members will be on a volunteer basis with prior approval of the Board after consultation with the Coordinator. Standing committees may be, but not limited to, Balloting, Entertainment, Kitchen, Membership, Property, Publicity, Senior Care, Social, Sunshine, Ways and Means or other committees as may be deemed necessary and approved by the majority of the Board. Liaisons to the Board of Directors may be appointed by the Board for any committee. Meetings of Standing Committees shall be subject to the requirement of the Brown Act.
Section 2. SPECIAL COMMITTEES: Ad-Hoc committees may be appointed from time to time for a limited purpose and limited duration by the Chair with the approval of the majority vote of the Board.
ARTICLE VI. FEES AND DUES
Section 1. The City Council, in consultation with the Board of Directors, shall establish dues for participation in events at the Senior Center.
ARTICLE VII. MISCELLANEOUS
007
Scotts Valley Senior Center Bylaws 4
Section 1. RULES OF ORDER: Robert's Rules of Order shall be adhered to at all meetings of the Board of Directors and members.
Section 2. SOLICITORS OF AGENTS: No solicitors or agents shall be allowed to display their ware, conduct or transact their business in the Senior Center at any time unless requested to do so by the Coordinator with Board of Directors’ approval.
Section 3. AMENDMENTS OF BYLAWS: The Board of Directors may recommend that these bylaws may be amended, altered or repealed by the City Council. Further, no amendment of these bylaws shall be effective for any purpose unless and until the same is approved by the City Council
008
AGENDA ITEM D
DATE: 04-19-2023
City of Scotts Valley
CITY COUNCIL STAFF REPORT
DATE: April 19, 2023
TO: Honorable Mayor and City Council
FROM: Stephanie Hill, Administrative Services Director
APPROVED: Mali LaGoe, City Manager
SUBJECT: ADOPT RESOLUTION APPROVING THE ANNUAL REVIEW OF
CITY OF SCOTTS VALLEY INVESTMENT POLICY
SUMMARY OF ISSUE
The State of California Government Code Section 53646 states that a City Treasurer may submit the City Investment Policy to the City Council for review and approval. While not required, it is a best practice to have the local governing body review and approve its investment policy.
The City’s proposed Investment Policy is attached at the end of this Staff Report for your information. Staff recommends the addition of a permitted investment for Joint Powers Authority Pool (JPAP). Investment in JPAPs will be limited to the California Asset Management Program (CAMP) and the Investment Trust of California (CalTRUST). Staff also recommends an update for the City Treasurer to generate a quarterly report within 45 days after the end of the quarter. A quarterly report will be submitted at a Council meeting in May 2023, and thereafter within the 45 days after the end of the quarter.
The City’s Investment Policy affirms the City’s fiduciary responsibility to safeguard public assets. A high priority is placed on ensuring the safety of principal and that the City’s liquidity needs for payroll and other City obligations are met prior to considering yield on the investment.
The investments authorized in Investment Policy are typical governmental investments and are broadly recognized as reasonably safe investments. More risky investments, such as derivative investments or reverse repurchase agreements, have been categorically excluded from the City’s Investment Policy. Currently, the City invests most of its cash other than bond proceeds in the State of California Local Agency Investment Fund (LAIF), which has proved to be a safe investment with a good yield and highly liquid.
The addition of CAMP will provide an additional investment source, like LAIF.
A glossary of investment security terms and a summary of permitted investments and limitations are included at the back of the Investment Policy, as a guide to the reader. 001
AGENDA ITEM D
DATE: 04-19-2023
FISCAL IMPACT
Approving the Investment Policy will have no fiscal impact.
STAFF RECOMMENDATION
It is recommended that the City Council adopt Resolution No. 1139.27 approving the Investment Policy for the City of Scotts Valley.
TABLE OF CONTENTS PAGE
Resolution No. 1139.27 .................................................................................................. 3 Investment Policy ............................................................................................................ 4 002
RESOLUTION NO. 1139.27
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SCOTTS VALLEY
APPROVING THE INVESTMENT POLICY FOR
THE CITY OF SCOTTS VALLEY
WHEREAS, under government Code Section 53646, et seq, the City Treasurer may submit the City’s Investment Policy for City Council approval; and WHEREAS, it is in the public’s best interest that an investment policy be approved by the City Council so that the public assets will be properly safeguarded and invested.
NOW THEREFORE be it resolved by the City Council of the City of Scotts Valley that the attached Investment Policy (Exhibit “A”) is hereby approved.
This resolution was passed and adopted on the 19th day of April, 2023, at a duly held regular meeting of the City Council of the City of Scotts Valley by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Approved: _____________________________
Jack Dilles, Mayor
Attest: ____________________________
Lauren Lambert, Deputy City Clerk
003
EXHIBIT A
TITLE: INVESTMENT POLICY POLICY NUMBER: 05-17
EFFECTIVE DATE: 6/5/2019 PAGES: 12
REVISED DATES: 6/3/2020, 6/16/2021, 6/15/2022, 4/19/23
APPROVED BY: Jack Dilles, Mayor
A. PURPOSE
This investment policy is designed to develop a clear understanding for the City Council, City staff, citizens, and third parties of the objectives, policies, and guidelines for the investment of City funds which are not required for immediate needs. The investment policy also offers guidance to investment staff and to any external investment advisors on the investment of City funds.
This statement is intended to provide direction for the investment of the City’s temporary idle cash under the prudent investor rule. Civil Code Section 2261, et seq. states in part “...When investing...for the benefit of another, a trustee shall act with the care, skill, prudence, and diligence...that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise...”
B. OBJECTIVES
The City’s ultimate investment goal is to enhance the economic condition of the City while ensuring the safety of funds invested and assuring that money is always available when needed.
The City strives to maintain the level of investment of all idle funds as near 100% as possible, through the optimum operation of its cash management system which is designed to accurately monitor and forecast expenditures and revenue. The City attempts to obtain the highest yield on its investments with preservation of principal and liquidity.
The primary objective of the investment policy of the City of Scotts Valley is SAFETY.
Investments shall be placed only in securities described in this policy, authorized by federal, state, and local laws and regulations, and managed in a manner that seeks to ensure the preservation of principal. The portfolio shall also be appropriately diversified to avoid incurring unreasonable risks regarding specific types of individual financial institutions. Maximizing interest earned is a secondary objective once safety, liquidity, and legality have been assured.
CITY OF SCOTTS VALLEY COUNCIL POLICY MANUAL
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C. DELEGATION OF AUTHORITY
The City delegates the authority to invest to the City Manager and City Treasurer and appropriate assistant, subject to the limitations set forth in the Investment Policy and Investment Guidelines.
The City holds its public investor harmless for responsible investment transactions undertaken in accordance with the Investment Policy, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments.
The City may delegate the investment of City funds to a professional investment advisor registered under the provisions of the Investment Advisors Act of 1940, subject to approval by the City Council. All investments shall be consistent with this Investment Policy and procedures established by the City Treasurer.
D. ETHICS AND CONFLICT OF INTEREST
Officers and employees involved in the investment process shall refrain from personal business activity that conflicts with proper execution of the investment program or impairs their ability to make impartial decisions. Additionally, the City Manager and City Treasurer are required to annually file applicable financial disclosures as required by the Fair Political Practices Commission (FPPC).
E. INVESTMENT GUIDELINES AND INVESTMENT STRATEGY
The City uses a set of written Investment Guidelines which define the procedures for investing within the directives of the Investment Policy. In accordance with the Investment Guidelines, an investment strategy is used to maximize yield depending on market conditions.
To maximize returns, the economy and various markets are monitored carefully in order to assess the probable course of interest rates. The City lengthens its maturities when rates are falling and shortens maturities when rates are rising. The City attempts to take advantage of imperfections in the market where a security’s price is out of line with other investments, and tries to improve yields during cyclical changes in interest rates.
F. SCOPE
This policy applies to all cash assets of the City of Scotts Valley, the Scotts Valley Redevelopment Agency, and the Scotts Valley Public Financing Authority. Included are all pooled funds accounted for in the City’s Comprehensive Annual Financial Report, as follows:
General Funds
Special Funds
Debt Service Funds
Capital Project Funds
Internal Service Funds
Enterprise Funds
Trust and Agency Funds
Excluded funds are those held by a fiscal agent, over which the City does not exercise control over investment of the funds.
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G. PERMITTED INVESTMENTS AND LIMITATIONS ON INVESTMENT
The investment of surplus funds is governed by California Government Code Section 53601 et seq. and by California Government Code section 53630 et seq.
Funds not deposited in banks may be invested in the securities described in sections a-j below.
The maximum maturity of any securities purchased shall not exceed five (5) years from date of purchase, unless specified below as shorter than five years, or unless a longer maturity is allowed by bond documents for the investment of bond proceeds, as described in section 1 below. All investments shall be subject to limitations as described herein.
1. Obligations of the U.S. Treasury, or securities guaranteed by the full faith and credit of the United States (“Treasury Obligations”), excluding securities which have been stripped of their coupons.
a. There is no limitation to the percent of the portfolio which may be held in these Treasury obligations.
2. Obligations which are guaranteed by the full faith and credit of agencies or instrumentalities of the U.S. government (“Agency obligations”), including but not limited to FNMA, FFCB, FHLB, and SLMA.
a. There is no limitation to the percent of the portfolio which may be held in these Agency obligations.
3. Negotiable certificates of deposit at banks, the short-term obligations of which are rated A1 or higher by Standard and Poor’s or rated P1 or higher by Moody’s Investors Service, and the long term obligations (if any) of which are rated A or higher by Standard and Poor’s or by Moody’s Investors Service, or the equivalent by another recognized rating agency. a. The maximum maturity of certificates of deposit may not exceed five years.
b. No more than 30% of the portfolio, excluding bond proceeds, may be invested in certificates of deposit.
c. The institution must be located in California.
d. The institution must have current financial information, a signed contract, and a waiver on file with the City.
e. The institution must maintain a net worth to asset ratio of at least 30% and have a positive earnings record.
f. The institution must be at least 3 years old.
g. For collateralized investments, the institution must have at least $500 million in assets.
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4. Banker’s acceptances issued by banks, the short term obligations of which are rated A1 or higher by Standard and Poor’s or rated P1 or higher by Moody’s Investors Services, or the equivalent by another nationally rating agency.
a. The maximum maturity of banker’s acceptances may not exceed 180 days. b. No more than 40% of the portfolio, excluding bond proceeds, may be invested in banker’s acceptances.
5. Commercial paper issued by corporations, the short term obligations of which are rated A1 or higher by Standard and Poor’s, or P1 by Moody’s Investor Services, or the equivalent by another nationally recognized rating agency. a. The maximum maturity of commercial paper may not exceed 270 days. b. Eligible paper is limited to notes issued by corporations organized and operating within the United States and having total assets in excess of $500 million, and having a long term debt rating of “A” or higher. c. No more than 15% of the portfolio, excluding bond proceeds, may be invested in commercial paper.
d. An additional 15% of the portfolio (for a total of 30%), excluding bond proceeds, may be invested in commercial paper if the dollar-weighted average maturity of the entire amount does not exceed 31 days.
6. Repurchase agreements collateralized by any securities permitted under paragraphs 1. and 2. of this section of this policy (Treasury obligations or Agency obligations). a. The term of a repurchase agreement may not exceed 30 days. b. The market value of securities shall not be less than 102% of the repurchase amount.
c. No more than 15% of the portfolio, excluding bond proceeds, may be invested in repurchase agreements.
d. The repurchase agreements shall be subject to a master repurchase agreement between the City and the provider of the repurchase agreement.
The repurchase agreement shall be substantially in the form developed by the Public Securities Association.
e. Collateral underlying repurchase agreements shall be delivered to the City’s custodial bank. Clearly marked evidence of ownership (safekeeping receipts) must be supplied to the bank.
7. Corporate medium notes, rated A or higher by Moody’s Investor Services and by Standard and Poor’s.
a. No more than 30% of the portfolio, excluding bond proceeds, may be invested in corporate medium term notes.
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8. Mortgage pass through securities issued by an agency of the U.S. government. a. No more than 15% of the portfolio, excluding bond proceeds, may be invested in mortgage pass through securities.
9. Money market mutual funds with a minimum of $250 million is assets which invest in securities described in a. through h. above, provided:
a. The fund has attained the highest rating provided by two of the three largest nationally recognized rating agencies, or
b. The fund has an investment advisor registered with the Securities and Exchange Commission with not less than five year’s experience investing in the securities and obligations in a. through h. above. c. No more than 15% of the portfolio, excluding bond proceeds, may be invested in money market mutual funds.
10. The State of California “Local Agency Investment Fund” (“LAIF”):. a. No more than the maximum deposit allowed per agency set by the State Treasurer may be invested in LAIF.
b. Annual review of LAIF’s Pool Money Investment Board Annual Report will be conducted to continue to ensure LAIF’s investment policy, standards, and rate of return are compatible with the City’s risk tolerance.
11. Joint Powers Authority Pool (JPAP): Funds may be invested in a JPAP organized pursuant to Government Code Section 6509.7 that invests in the securities and obligations authorized in Section 53601, subdivisions (a) to (q) where each share shall represent an equal proportional interest in the underlying pool of securities owned by the joint powers authority.
a. Prior to investing, and on an annual basis thereafter, the City will request from each Joint Powers Authority Pool, documents which provide details on the operations of the fund. These documents, along with the other criteria below, including the rating restriction, will be used to determine the suitability to invest in the JPAP. b. Investment in JPAPs will be limited to the California Asset Management Program (CAMP) and the Investment Trust of
California (CalTRUST).
c. Ratings of a JPAP must be in a rating category of AAf/S-1+ for CalTrust or AAAm for CAMP, or its equivalent by Moody’s, S&P or Fitch.
d. No more than 30% of the portfolio, excluding bond proceeds, may be invested in JPAP’s.
12. The City of Scotts Valley also utilizes deposits from commercial banks for regular depository services including operating and payroll accounts. Utilization of “sweep” account services provides short term interest on operating funds. Interest-bearing 008
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accounts may also be maintained for certain individual City funds. a. Deposits in local banks or savings and loans must be consistent with the basic investment goals which stress safety and liquidity above yield. b. All bank and savings and loan association deposits shall be insured by the FDIC or, to the extent not insured, be collateralized with securities in accordance with California law.
13. Bond proceeds, obligations under lease, installment sales, or proceeds from other agreements of the City may be invested with more flexibility, in accordance with Section 53601 of the California Government Code, in any security that meets the statutory provisions governing the issuance of bonds or other agreements made by the City.
H. POLICY CRITERIA FOR SELECTING INVESTMENTS, IN ORDER OF PRIORITY
1. Safety
Safety and the minimization of risk associated with investing refers to attempts to reduce the potential for loss of principal, interest, or combination of the two. The first level of risk for municipalities. The second level of risk control is reduction of default risk by investing in instruments that appear upon examination to be the most creditworthy. The third level of risk control is reduction of market risk by investing in instruments that have maturities coinciding with dates of disbursement, thereby eliminating risk of loss from a forced sale.
The City only invests in those instruments that are considered very safe.
2. Liquidity
Liquidity refers to the “ability to easily sell” at any time with a minimal risk of losing some portion of principal or interest. Liquidity is an important quality for an investment to have, for at any time the City may have unexpected or unusual circumstances that result in larger disbursements than expected, and some investments may need to be sold to meet the contingency. Most investments of the City are highly liquid, with the exception of bond proceeds. Maturities of investments are selected in anticipation if disbursement needs, thereby obviating the need for forced liquidation or lost interest penalties.
3. Yield
Yield is the potential dollar earnings an investment can provide, and also is sometimes described as the rate of return. The City attempts to obtain the highest yield possible when selecting an investment, provided that the criteria stated in the Investment Policy for safety and liquidity are met and provided that the Investment Guidelines and Strategy are followed.
I. POLICY CONSTRAINTS
The City operates its investment program with many state and self-imposed constraints.
The City does not speculate; it does not buy stocks; it does not deal in futures or options; it does not purchase on margin through reverse repurchase agreements. The weighted average life of the portfolio is maintained within the limits dictated by the cash flow needs of the City and by Investment Guidelines. The City diversifies its investments to reduce 009
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potential default on market risks. The portfolio is carefully monitored to assure the prudent management of the portfolio.
J. SELECTION OF INVESTMENT CONTACTS
The City determines those firms with which it will do investment business through a process outlined in the Investment Guidelines. The City will not invest with any firm not on the approved list of Investment Contacts.
K. SAFEKEEPING
All securities in the City’s portfolio are maintained in the City’s vault or in an acceptable safekeeping account with a perfected interest in the City’s name, and are evidenced by safekeeping receipts. All transactions will be conducted as delivery-vs-payment settlements.
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L. INVESTMENT CONTROLS
The City Treasurer has developed a system of internal investment controls and a segregation of responsibilities of investment functions, in order to assure an adequate system of internal controls over the investment function. The controls are designed to prevent losses of public funds arising from fraud, employee error, misrepresentation of third parties, unanticipated changes in financial markets, or imprudent actions by employees and officers of the City of Scotts Valley. Controls deemed most important include: clear delegation of authority to subordinate staff members, separation of transaction authority from accounting and recordkeeping, supervisory control of employee actions, written confirmation of all transactions, minimizing the number of authorized investment officials, documentation of transactions and strategies, custodial safekeeping, avoidance of bearer-form securities, specific limitations regarding securities losses and remedial actions, proper review and approval of brokerage accounts and investment transactions, and control of collusion.
M. INVESTMENT REPORTS
1. The City Treasurer may annually render a Statement of Investment Policy to the City Council for their approval at a public meeting per California Government Code section 53646(a).
2. The City Treasurer may render to the City Manager and City Council a quarterly report within 45 days after the end of the quarter. Included in these types of reports are type of investment, issuer, date of maturity, face value, cost of security, current market value (and source of valuation), yield, citation of compliance with the investment policy (or explanation), and a statement of the City’s ability to meet expenditure requirements for the next 6 months.
N. INVESTMENT AUDITS
Annually, there shall be both internal and external audits of the City’s Investment Program to assure compliance with the Investment Policy, Investment Guidelines, and Investment Controls.
O. INVESTMENT PERFORMANCE EVALUATION
Annually, the City Council, at the time that the Investment policy is brought to the City Council, shall review and evaluate the investment program and update the Statement of Investment Policy. The City Manager shall review the Investment guidelines semiannually.
P. RATING OF SECURITIES
Only securities which meet the ratings specified above may be purchased. If the rating of a security which the City owns is downgraded below these rating standards, the Treasurer shall determine whether to retain or liquidate the security, based upon the new rating, the reason for the re-rating, the maturity date, the amount, and the market value of the security. 011
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Q. INVESTMENT GUIDELINES
1. Cash Availability Guidelines
a. Cash flow analysis is developed which serves as a basis for determining the cash available for investment and maturity dates needed to cover future disbursements.
b. A close rapport is maintained with all departments having a significant impact on cash flow to ensure receipt of timely and accurate data. c. Where practical, revenue receipts are consolidated into one bank account and invested on a pooled concept basis. Interest earnings are allocated according to fund cash and investment balances.
d. Active bank balances are kept as low as possible without jeopardizing good banking relationships by maintaining investment of available cash as near to 100% as possible.
c. Bank balances are obtained weekly to assure accurate and detailed information.
d. Sufficient funds are maintained in very liquid investments to meet most unexpected contingencies.
2. Investing Guidelines
a. A close working relationship is maintained with a list of well-established brokers, dealer/brokers, and bankers whose proven technical knowledge and expertise is of assistance in making investment decisions. b. Economic data, forecasts, and conditions are continuously obtained from financial experts in the field and evaluated as to impact on investment decisions.
c. Business journals are routinely reviewed and education programs are attended to enhance knowledge and professional skills required to manage an investment portfolio.
d. Only investments authorized by the Investment Policy are transacted.
Investments are made with qualifying institutions based only on competitiveness of interest rates offered.
e. Purchases of investments are made with the intent of holding the investments to maturity. If, under favorable market conditions, investments of similar maturities can be swapped or traded and portfolio performance can be improved without compromising safety, the trades may be transacted.
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f. Individuals authorized by delegation to assist the City Treasurer and City Manager in conducting transactions are limited to purchases of 90 days maturity or less, and are limited to transactions of no more than $100,000 in size, unless specifically otherwise authorized under unusual circumstances.
3. Guidelines for Broker/Dealer and Banker Relationships a. A list of approved brokers, broker/dealers, banks, and savings and loans is reviewed monthly based upon the following:
(1) Being authorized under California Government Code section 53635.5 to transact investments with local agencies.
(2) Receipt of positive audited financial statements.
(3) Being in business for a minimum of three years.
b. The City Treasurer reviews and acts on requests to be on the approved list and accompanying financial statements.
c. There is a formal filing system of the required information for those on the approved list, which provides for an annual report of updated financial information.
e. There is a timely transaction monitoring system to ensure that all documents and confirmation are received and are correct. f. Transactions are monitored monthly to assure that there are no undue concentrations of investments with any single firm.
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GLOSSARY OF INVESTMENT SECURITIES
a. Obligations of the U.S. Treasury - Debt obligations backed by the full faith and credit of the U.S. Government. They are issued with initial maturities from three months to 30 years.
b. Agency Obligations - Obligations guaranteed by the full faith and credit of agencies and instrumentalities of the U.S. Government, such as FNMA, FFCB, FHLB, and GNMA. c. Negotiable Certificates of Deposits - A bank deposit issued in negotiable form (i.e., one that can be bought or sold in the open market).
d. Banker’s Acceptance - A draft that is drawn and accepted by banks. Because the accepting institution is obligated to pay the draft without regard to whether it is paid or not, banker acceptances are considered to be high quality money market instruments. e. Commercial Paper - Unsecured promissory notes issued by corporations to fund short term cash requirements.
f. Repurchase Agreement - An agreement in which an investor buys securities from a contra-party with the provision that the buyer must sell the securities back to the contraparty at a specific date at a pre-agreed upon price. The repurchase amount is expressed as principal plus interest at an agreed upon rate. g. Corporate Medium Term Note - An obligation of a corporation issued with an initial term of maturity of nine months to 15 years.
h. Mortgage Pass Through Certificates - Bonds backed by an undivided interest in a pool of mortgages or trust deeds. Income and principal from the underlying mortgages is used to pay off the securities.
i. Money Market Mutual Funds - Mutual funds which invest in short term securities and strive to maintain a share price of $1.
j. Local Agency Investment Fund (LAIF) - An investment pool managed by the California State Treasurer’s Office to provide safe, low cost, and highly liquid investment alternative for California’s local governmental agencies. k. Joint Powers Authority Pool (JPAP) - Joint powers authorities in which local agencies may invest in the securities and obligations authorized in Section 53601, subdivisions (a) to (q) where each share shall represent an equal proportional interest in the underlying pool of securities owned by the joint powers authority. l. Demand Deposits - A deposit of monies where the monies are payable by the bank upon demand of the depositor.
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PERMITTED INVESTMENTS AND LIMITATIONS ON INVESTMENT
Investment Type Percent of
Portfolio
Maximum Life Other Requirements
a. US Treasury No Limit 5 Years No Strips
b. Agencies of US Government No Limit 5 Years
c. Certificates of Deposit 30% 5 Years Rated A1/P1
d. Banker’s Acceptances 40% 180 Days Rated A1/P1
e. Commercial Paper 15%
(30% if
weighted
dollar)
270 Days
(Average <31 days)
Rated A1/Pa
US Corporations Assets
>$500 M LTD Rated A
f. Repurchase Agreements 15% 30 Days Collateralized Market >102%
g. Corporate Medium Term
Notes
30% 5 Years Rated A
h. Mortgage Pass-Through 15% 5 Years US Government Only i. Money Market Mutual Funds 15% N/A Assets >$250M
Invests only in a-h
above.
Highest rating possible.
Registered Advisor
j. LAIF LAIF Limit N/A
k. JPAP 30% N/A Rated AAf/S-1+ CalTrust
Rated AAAm CAMP
k. Demand Deposits No Limit N/A FDIC or collateralized
APPROVED AS TO FORM:
Kirsten Powell, City Attorney
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