Article IX — TREASURY OVERSIGHT COMMITTEE

Editor’s Notes:

The sections of this Article are numbered out of sequence with the other Articles of this Chapter.

Former Ch. 5, Art. IX, “Energy Efficiency Coordinating Committee,” comprising former Secs. 5.90 through 5.96, expired per the terms of its sunset provision (former Sec. 5.96) and was removed from the Code at the direction of the Office of the City Attorney.

Sec. 5.9-1. Establishment and Purpose – Treasury Oversight Committee.

Sec. 5.9-2. Treasury Oversight Committee – Duties.

Sec. 5.9-3. Treasury Oversight Committee – Composition.

Sec. 5.9-4. Treasury Oversight Committee – Term of Office.

Sec. 5.9-5. Treasury Oversight Committee – Costs and Administrative Support.

Sec. 5.9-6. Treasury Oversight Committee – Term.

SEC. 5.9-1. ESTABLISHMENT AND PURPOSE – TREASURY OVERSIGHT COMMITTEE. ¶

(a) Establishment. A Treasury Oversight Committee (“Committee”) for the City and County of San Francisco (“City”) is hereby established as an advisory body to the Treasurer. The Committee shall consist of seven members, appointed as provided in Section 5.9-3.

(b) Purpose. The Committee is established to involve depositors of funds into the City Treasury in reviewing the policies for investment of surplus funds that guide the management of their funds and to enhance the security and investment return on those funds by providing a more stable and predictable balance for investment by establishing criteria for the withdrawal of funds.

(c) Limitation. Nothing in this Article IX shall be construed to allow the Committee to direct individual decisions, select individual investment advisors, brokers, or dealers, or impinge on the day-to-day operations of the Treasurer.

(Added as Sec. 10.80-1 by Ord. 316-00, File No. 001911, App. 12/28/2000; redesignated and amended by Ord. 119-18, File No. 180171, App. 5/17/2018, Eff. 6/17/2018)

SEC. 5.9-2. TREASURY OVERSIGHT COMMITTEE – DUTIES. ¶

The duties of the Committee shall be the following:

(a) Review and monitor the investment policy described in California Government Code Section 27133 and annually prepared by the Treasurer; and

(b) Cause an annual audit to be conducted to determine the Treasurer’s compliance with California Government Code Article 6 including Sections 27130 through 27137 and with the provisions of Article XIII of Chapter 10 of the Administrative Code. The audit may examine the structure of the investment portfolio and risk.

(Added as Sec. 10.80-2 by Ord. 316-00, File No. 001911, App. 12/28/2000; amended by Ord. 291-10, File No. 101099, App. 11/18/2010; redesignated and amended by Ord. 119-18, File No. 180171, App. 5/17/2018, Eff. 6/17/2018)

SEC. 5.9-3. TREASURY OVERSIGHT COMMITTEE – COMPOSITION. ¶

(a) Composition of Committee. Consistent with California Government Code Sections 27130 et seq., the Committee shall consist of the following members, each of whom shall be nominated by the Treasurer and confirmed by the Board of Supervisors.: [1]

(1) Seat 1 shall be held by the Controller or the controller’s designee.

(2) Seat 2 shall be held by the County Superintendent of Schools or the Superintendent’s designee. If at any time the Superintendent declines to serve on the Committee or to designate a person to serve, and the seat remains vacant for 60 days or longer, the Treasurer may nominate and the Board of Supervisors may appoint a new member to fill the seat.

(3) Seat 3 shall be held by the Chancellor of the Community College District or the Chancellor’s designee. If at any time the Chancellor declines to serve on the Committee or to designate a person to serve, and the seat remains vacant for 60 days or longer, the Treasurer may nominate and the Board of Supervisors may appoint a new member to fill the seat.

(4) Seats 4 and 5 shall be held by employees of City departments or local agencies that participate in the City’s pooled fund under California Government Code Sections 53630 et seq., as those sections may be amended in the future.

(5) Seats 6 and 7 shall be held by members of the public who have expertise in, or an academic background in, public finance, and are economically diverse and bipartisan in political registration, nominated by the Treasurer and appointed by the Board of Supervisors.

(b) Conditions for Membership.

(1) A Committee member may not be employed by an entity that had contributed to an election campaign of the Treasurer or a member of the Board of Supervisors in the previous three years.

(2) A Committee member may not directly or indirectly raise money for the Treasurer or a member of the Board of Supervisors while a member of the Committee.

(3) A Committee member may not secure employment with bond underwriters, bond counsel, security brokerages or dealers, or with financial services firms for three years after leaving the Committee.

(c) Meeting Attendance. The Committee shall monitor the attendance of Committee members. In the event that any Committee member misses three regularly scheduled Committee meetings in a twelve-month period without the express approval of the Committee at or before the missed meetings, the member shall be deemed to have resigned from the Committee ten days after the third unapproved absence. The Committee shall notify the Treasurer and the Clerk of the Board of Supervisors and any nominating authority and request the nomination and appointment of a new member.

(Added as Sec. 10.80-3 by Ord. 316-00, File No. 001911, App. 12/28/2000; redesignated and amended by Ord. 119-18, File No. 180171, App. 5/17/2018, Eff. 6/17/2018)

CODIFICATION NOTE

1. So in Ord. 119-18.

SEC. 5.9-4. TREASURY OVERSIGHT COMMITTEE – TERM OF OFFICE. ¶

(a) Each member of the Committee shall serve for a term of four years.

(b) Members nominated by the Treasurer and appointed by the Board of Supervisors may be removed by the Board of Supervisors with the written concurrence of the Treasurer at any time.

(c) The terms of members serving on the Committee on the effective date of the ordinance in Board File No. 180171 shall continue until their expiration.

(Added as Sec. 10.80-4 by Ord. 316-00, File No. 001911, App. 12/28/2000; redesignated and amended by Ord. 119-18, File No. 180171, App. 5/17/2018, Eff. 6/17/2018)

SEC. 5.9-5. TREASURY OVERSIGHT COMMITTEE – COSTS AND ADMINISTRATIVE SUPPORT. ¶

(a) The cost of complying with the requirements of this Article IX, including the cost of establishing and maintaining the Committee and of the audit shall be County charges and may be included with those charges enumerated under California Government Code Section 27013.

(b) The Treasurer-Tax Collector and the Controller shall provide administrative support for the Committee.

(Added as Sec. 10.80-5 by Ord. 316-00, File No. 001911, App. 12/28/2000; redesignated and amended by Ord. 119-18, File No. 180171, App. 5/17/2018, Eff. 6/17/2018)

SEC. 5.9-6. TREASURY OVERSIGHT COMMITTEE – TERM. ¶

Notwithstanding Rule 2.21 of the Board of Supervisors Rules of Order, which provides that advisory bodies created by the Board should sunset within three years, the Board intends the Committee to exist indefinitely unless terminated by ordinance.

(Added by Ord. 119-18, File No. 180171, App. 5/17/2018, Eff. 6/17/2018)