HomeMy WebLinkAboutMINUTES - 01161996 - C10 ORDINANCE NO.96-6
The Contra Costa County Board of Supervisors ordains as follows (omitting the
parenthetical footnotes from the official text from the enacted provisions of the County
Ordinance Code).
SECTION 1. Section 24-10.004 is added to the County Ordinance Code to read as
follows:
24-10.004 The county treasurer (treasurer-tax collector) is delegated the
authority to invest or reinvest the funds of the county and the funds of other depositors
in the county treasury, pursuant to Chapter 4 (commencing with Section 53600) of Part
1 of Division 2 of Title 5 of the California Government Code. The county treasurer
(treasurer-tax collector) is fully responsible for those transactions.
(Ord96§ Gov.C. §§ 27000.1, 27000.3 & 53600.3.)
SECTION II. Effective Date. This ordinance becomes effective 30 days after passage,
and within 15 days after passage shall be published once with the names of
supervisors, voting for and against it in the Contra Costa Times , by the
following vote:
Passed on: January 16, 1996
AYES: Supervisors Rogers, Bishop, DeSaulnier, Torlakson, Smith
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: PHIL BATCHELOR, Clerk of
the Board and County Administrator
By:
Deputy Boa d air
[SEAL]
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ORDINANCE NO. 96-6
The Contra Costa County Board of Supervisors ordains as follows (omitting the
parenthetical footnotes from the official text from the enacted provisions of the County
Ordinance Code).
SECTION I. Section 24-10.004 is added to the County Ordinance Code to read as
follows:
24-10.004 The county treasurer (treasurer-tax collector) is delegated the
authority to invest or reinvest the funds of the county and the funds of other depositors
in the county treasury, pursuant to Chapter 4 (commencing with Section 53600) of Part
1 of Division 2 of Title 5 of the California Government Code. The county treasurer
(treasurer-tax collector) is fully responsible for those transactions.
(Ord.9f2=6 Gov.C. §§ 27000.1, 27000.3 & 53600.3.)
SECTION II. Effective Date. This ordinance becomes effective 30 days after passage,
and within 15 days after passage shall be published once with the names of
supervisors, voting for and against it in the Contra Costa Times , by the
following vote:
AYES: Supervisors Rogers, Bishop, DeSaulnier, Torlakson, Smith
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: PHIL BATCHELOR, Clerk of
the Board and County Administrator
J .
Y
uty
Shirley,Casillas:i; Jeff Smith
:1DH FOTI�DO S1TAX-COLL.WE9�
1 CE NO.
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COUNTY COUNSEL'S OFFICE
CONTRA COSTA COUNTY
MARTINEZ, CALIFORNIA
MEMORANDUM
Date: December 14, 1995
To: Internal Operations Committee �;��
FROM: Victor J. Westman, County Counsel . If
Re: Proposed Ordinance to Clarify County Treasurer
Responsibility for "Prudent Investor" Standard
For County Treasury Investments
Attached is a proposed ordinance concerning the above-noted
matter for the Committee' s consideration and recommended action
to the Board of Supervisors.
Chapter 784 of the statutes of 1995 (effective January 1,
1996) provides that the County Treasurer is a trustee and
therefore a fiduciary subject to the prudent investor standard
for investment decisions. (Gov. C. § 27000.3. ) In addition,
Chapter 784 provides that governing bodies (e.g. , boards of
supervisors) of local agencies authorized to make investment
decisions on behalf of their local agencies are also trustees and
therefore fiduciaries subject to the prudent investor standard.
(Gov. C. S 53600.3 . )
New Government Code section 27000. 1, as contained in Chapter
784, provides. that a board of supervisors may, by ordinance,
fully delegate to its county treasurer the authority and
discretion for the investment of funds held in the county
treasury. When a county board of supervisors so delegates such
authority to a county treasurer, the treasurer is thereafter
fully responsible for such investment decision transactions and
subject to the prudent investor standard. By such delegation, a
board of supervisors clarifies that it does not have any
investment decision authority for the purposes of Government Code
section 53600.3.
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