Chapter 2.119
TREASURY OVERSIGHT COMMISSION
Sections:
2.119.010 Established—Statutory authority.
2.119.040 Organization and procedures.
2.119.010 Established—Statutory authority.
As this County is one which invests surplus funds, the Board of Supervisors in conformance with California Government Code Section 27131 establishes a Treasury Oversight Commission. [Ord. 4433 § 1, 1996].
2.119.020 Membership.
(A) The Commission shall be composed of five regular members, nominated by the Treasurer and appointed by the Board of Supervisors. Notwithstanding the residency requirements of SCCC 2.38.080, a member selected under subsection (A)(5) of this section may reside outside the County. The Commission shall consist of the following:
(1) A member of the Board of Supervisors;
(2) The County Superintendent of Schools, or their designated representative;
(3) A representative selected by a majority of the presiding officers of the legislative bodies of the special districts in the County of Santa Cruz that are required or authorized to deposit funds in the County Treasury;
(4) A public member who shall have expertise in, or an academic background in, public finance;
(5) A representative selected by a majority of the presiding officers of the governing bodies of the school districts and community college districts in Santa Cruz County.
(B) In addition to the regular members, there shall be five alternate members nominated by the Treasurer and appointed by the Board of Supervisors. The alternate members shall be selected from the categories provided in subsection (A) of this section.
(1) The term of office of the alternate member shall correspond to the term of that member for which the alternate member serves as alternate.
(2) Alternate members shall have the same duties and be subject to the same restrictions as members of the Commission but shall have the right to vote only if the member that they represent is absent from the meeting.
(3) As required by Government Code Section 27132(g), a majority of the alternate members shall have expertise in, or an academic background in, public finance. In addition, the alternate members shall be economically diverse and bipartisan in political registration. [Ord. 5279 § 18, 2018; Ord. 4801 § 1, 2005; Ord. 4485 § 1, 1998; Ord. 4433 § 1, 1996].
2.119.030 Term of office.
Each member shall serve for a term of four years. However, the initial terms of the members shall be staggered so that two of the original members shall serve for a term of two years, with such staggering to be determined by lot. [Ord. 4485 § 2, 1998; Ord. 4465 § 1, 1997; Ord. 4433 § 1, 1996].
2.119.040 Organization and procedures.
The Treasury Oversight Commission shall comply in all respects with SCCC 2.38.110 through 2.38.250 unless otherwise provided herein. [Ord. 4433 § 1, 1996].
2.119.050 Powers and duties.
(A) The County Treasury Oversight Commission is created for the purpose of promoting the interests and policies set forth in Government Code Section 27131.
(B) The County Treasury Oversight Commission shall perform the duties prescribed in Government Code Sections 27133 and 27134.
(C) All members of the County Treasury Oversight Commission are restricted as described in Government Code Sections 27132.1, 27132.2, and 27132.3.
(D) Nothing in this chapter shall be construed to allow the County Treasury Oversight Commission to direct individual investment decisions, select individual investment advisors, brokers, or dealers or impinge on the day-to-day operations of the County Treasury. [Ord. 5279 § 18, 2018; Ord. 4433 § 1, 1996].