Ord 2012-88ORDINANCE NO. 2012-88
AN ORDINANCE OF THE COSTA MESA SANITARY
DISTRICT AMENDING THE OPERATIONS CODE TO
DELETE THE REQUIREMENT OF OVERSIGHT COMMITTEE
REVIEW OF THE DISTRICT'S INVESTMENT POLICY
WHEREAS, the Board of Directors had established an oversight committee as a
result of the Orange County Bankruptcy to provide a further level of review of District
investments; and
WHEREAS, all Board Members review the Investment Policy on a yearly basis
and review the District investment portfolio with the Treasurer on at least a quarterly
basis; and
WHEREAS, the Investment Oversight Committee has now been abolished by the
Board, having been found to no longer be necessary in light of the above; and
WHEREAS, the Board does hereby desire to delete the requirement that an
oversight committee also review the District investments on at least a quarterly basis;
NOW, THEREFORE, the Board of Directors of the Costa Mesa Sanitary District
does hereby ORDAIN as follows:
Section 1. That Section 4.02.010 of the Costa Mesa Sanitary District Operations
Code is hereby amended to read as follows:
"Section 4.02.010. District Investment Policy. Pursuant to the
provisions of Government Code Section 53630 et sea., the Board shall
adopt an Investment Policy Statement that shall be consistent with State
law and the Board's wishes. Said Investment Policy shall be reviewed
annually and approved at an annual meeting. The Board shall further
review the District's investments on at least a quarterly basis."
Section 2. Should any part, clause or section of this Ordinance be declared by any Court
of competent jurisdiction to be invalid, the remaining provisions of this Ordinance shall
nevertheless be and remain in full force and effect and the Board of Directors of the Costa
Mesa Sanitary District of Orange County, California, hereby declares that each and every
section, clause, provision or part of this Ordinance would have been adopted and made a
part of this Ordinance without the adoption of any portion thereof and that the invalidity of
any part or provision hereof shall not in any way affect the validity or enforcement of the
remaining provisions of this Ordinance that may stand on their own.
Oversight Committee Review Deletion Ordinance
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Section 3. Pursuant to Health and Safety Code Sections 6490 and 6491.3, the District
Clerk shall cause this ordinance or a summary thereof to be published in a newspaper of
general circulation printed and published in the District according to law.
PASSED and ADOPTED this a60
Secret KI,
APPROVED AS TO FORM
District Counsel
day of , 2012.
President
Oversight Committee Review Deletion Ordinance
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
I, JOAN REVAK, Clerk of the Costa Mesa Sanitary District, hereby certify that the above
and foregoing Ordinance No. 88 was duly and regularly passed and adopted by said Board of
Directors at a regular meeting thereof, held on the 26th day of January 2012 by the following
vote:
AYES: Robert Ooten, James Ferryman, Michael Scheafer, James Fitzpatrick
NOES:
ABSENT: Arthur Perry
ABSTAIN:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Costa
Mesa Sanitary District, this 26th day of January 2012.
Clerk o the Costa Mesa Sanitary District