TO: Board of Supervisors
FROM: Treasurer-Tax Collector
MEETING DATE: January 8, 2019
DEPARTMENT CONTACT:
Shari L. Schapmire
PHONE:
234-6884
ITEM TYPE: Regular Agenda
TIME ALLOCATED FOR ITEM: 5 min.
AGENDA TITLE:
title
Discussion and Possible Action Including Introduction and Waive Reading of an 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 2019
(Sponsor: Treasurer-Tax Collector)
End
RECOMMENDED ACTION/MOTION:
recommendation
Introduce and waive reading of an 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 2019.
End
PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
Ordinance is presented to the Board on an annual basis; Ordinance for calendar year 2018 was approved on January 2, 2018.
SUMMARY OF REQUEST:
Prior to being amended by the State Legislature, Government Code Sections 27000.1 and 53607 allowed the Board of Supervisors to delegate the authority to invest or reinvest the funds of the County and its other depositors in the County Treasury to the Treasurer until that authority was revoked by the Board.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 now annually delegate the authority to invest or reinvest the funds of the County and its other depositors in the County Treasury. As a result of this legislation it is now necessary to adopt the attached ordinance for the calendar year 2019, amending Section 5.130.010 adopted for the calendar year 2018, delegating this authority to the Treasurer.
ALTERNATIVE ACTION/MOTION:
Return the item to staff with further instructions
SUPPLEMENTAL INFORMATION AVAILABLE ONLINE AT: N/A
FISCAL IMPACT:
SOURCE OF FUNDING: N/A
BUDGETED IN CURRENT F/Y: N/A
CURRENT F/Y COST: N/A
ANNUAL RECU...
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