HomeMy WebLinkAboutOCSD 98-20RESOLUTION NO.OCSD 98-20
ADOPTING DISTRICT’S INVESTMENT POLICY STATEMENT
AND PERFORMANCE BENCHMARKS
A RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE
COUNTY SANITATION DISTRICT,ADOPTING DISTRICTS
INVESTMENT POLICY STATEMENT AND PERFORMANCE
BENCHMARKS
WHEREAS,on July 1,1998,the Board of Directors adopted Resolution No.
OCSD 98-26,appointing the Director of Finance as the Treasurer of the Orange
County Sanitation District;and,
WHEREAS,on September 24,1997,the Boards of Directors of Predecessor
Districts adopted Resolution No.97-32,adopting the Districts’Investment Policy
Statement,and establishing specific performance benchmarks and objectives,together
with a schedule of frequency of investment performance reports;and,
WHEREAS,the Board of Directors wishes to re-affirm the previously approved
and adopted Investment Policy Statement as the Policy of the District;and,
WHEREAS,pursuant to California Government Code Section 53646,the District
is required to review its Investment Policy annually and adopt its Policy at a public
meeting,which Policy will establish specific performance benchmarks and objeätives,
and specific monitoring and reports.
NOW,THEREFORE,the Board of Directors of Orange County Sanitation
District,
DOES HEREBY RESOLVE,DETERMINE AND ORDER:
Section 1 That the Board of Directors hereby adopt the Investment Policy
Statement of the County Sanitation Districts of Orange County,California,dated
September 24,1997,as set forth in Exhibit UAn,attached hereto and incorporated
herein by reference,as the Investment Policy of the Orange County Sanitation pistrict.
Section 2 That the Board of Directors hereby adopt the following specific
performance benchmarks for their two investment funds in accordance with Seôtion
14.0 of the District’s Investment Policy:
2090-100 I
64715_I I
LIQUID OPERATING MONIES The Short-Term Operating Fund
will be compared to the three-month T-Bill rate,and the Callan
Active Cash Flow Income Style Group.The Callan Active Cash
Flow Income Style Group represents a peer group of managers
who operate with a maximum maturity of one year.
LONG-TERM OPERATING MONIES The Long-Term Operating
Fund will be compared to the Merrill Lynch Government and
Corporate One-to-Five Year Maturity Index,and to the Callan
Defensive Fixed Income Style Group.
Section 3 That the Board of Directors hereby adopt a performance monitoring
and reporting schedule,as required by Section 15.0 of the District’s Investment Policy,
which schedule is attached hereto as Exhibit “B”,and incorporated herein by reference.
PASSED AND ADOPTED at a Special Meeting held July 1,1998.
Chair
ATTES:
Board Sec~4tary
2090.100
64715_i I