TO: Board of Supervisors
FROM: Auditor-Controller Treasurer-Tax Collector
MEETING DATE: February 7, 2023
DEPARTMENT CONTACT:
Chamise Cubbison
PHONE:
707-234-6860
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Adoption of Ordinance Delegating Authority to Invest or Reinvest the Funds of the County and its Other Depositors in the County Treasury to the Treasurer for Calendar Year 2023
End
RECOMMENDED ACTION/MOTION:
recommendation
Adopt ordinance delegating authority to invest or reinvest the funds of the County and its other depositors in the County Treasury to the Treasurer for calendar year 2023; and authorize Chair to sign same.
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PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
Ordinance is presented to the Board on an annual basis. Ordinance for calendar year 2022 was adopted on February 8, 2022. This ordinance was introduced and the first reading was waived on January 24, 2023.
SUMMARY OF REQUEST:
Prior to being amended by the State Legislature, Government Code sections 27000 and 53607 allowed the Board of Supervisors to delegate the authority to invest or reinvest the funds of the county, and the funds of other depositors in the county treasury, until that authority was revoked by the Board. As a direct result of the Orange County investment issues and subsequent bankruptcy, legislative changes have mandated that the Board must annually delegate the authority to invest or reinvest the funds of the county and the funds of other depositors in the county treasury. As a result of this legislation, it is necessary to adopt the attached ordinance for the calendar year 2023, amending section 5.130.010 adopted for the calendar year 2022, delegating this authority to the Treasurer.
ALTERNATIVE ACTION/MOTION:
Do not adopt and provide direction on investment of County funds.
DOES THIS ITEM SUPPORT THE GENERAL PLAN? N/A
STRATEGIC PLAN PRIORITY DESIGNATION: An Effective County Government
SUPERVISORIAL DISTRI...
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