Code of Ordinances Amendment_Title 2 Investment Oversight Advisory CommissionTHE CITY OF
Dui
Masterpiece on the Mississippi
Dubuque
band
AI -America City
r
2007 • 2012 • 2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Boards and Commissions - Investment Oversight Advisory Commission
DATE: July 29, 2014
The City Attorney's Office and the City Clerk's Office have been working on updating
the Boards and Commissions ordinances to make the standard provisions in all of the
ordinances uniform and consistent.
The Investment Oversight Advisory Commission was established in July 1992.
Assistant City Attorney Crenna Brumwell recommends City Council approval of an
ordinance with a new Title 2, Chapter 3, which establishes the Investment Oversight
Advisory Commission and provides for the powers, operation, membership and
meetings.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
7-.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
THE CITY OF
Dui
Masterpiece on the Mississippi
MEMORANDUM
CRENNA M. BRUMWELL, ESQ.
ASSISTANT CITY ATTORNEY
To: Michael C. Van Milligen
City Manager
DATE: July 16, 2014
RE: Boards and Commissions — Investment Oversight Advisory Commission
The City Attorney's Office, together with the City Clerk's Office and each individual
department, have been working on updating the Boards and Commissions ordinances
for the City of Dubuque. The goal is to make the standard provisions in all of the
ordinances uniform and consistent.
Attached please find a draft ordinance for the Investment Oversight Advisory
Commission, which was established in July 1992. For this ordinance, a new Title 2,
Chapter 3 is adopted which establishes the Investment Oversight Advisory Commission
and provides for the powers, operation, membership, and meetings.
I recommend that the ordinance be submitted to the City Council for consideration.
Please let me know if you need further information.
Thank you.
Prepared by: Crenna M. Brumwell, Esq. 300 Main Street Suite 330 Dubuque IA 52001 563 589-4381
ORDINANCE NO. 52-14
AMENDING CITY OF DUBUQUE CODE OF ORDINANCES TITLE 2 BOARDS AND
COMMISSIONS BY REPEALING CHAPTER 3 INVESTMENT OVERSIGHT
ADVISORY COMMISSION AND ADOPTING A NEW CHAPTER 3 INVESTMENT
OVERSIGHT ADVISORY COMMISSION IN LIEU THEREOF ESTABLISHING THE
INVESTMENT OVERSIGHT ADVISORY COMMISSION AND PROVIDING FOR THE
POWERS, OPERATION, MEMBERSHIP, AND MEETINGS
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. Title 2, Chapter 3 of the City of Dubuque Code of Ordinances is
hereby repealed and the following adopted in lieu thereof:
Chapter 3
INVESTMENT OVERSIGHT ADVISORY COMMISSION
2-3-1: COMMISSION CREATED:
There is hereby created the Investment Oversight Advisory Commission.
2-3-2: PURPOSE:
The purpose of the commission is to review the actions and decisions of the city's
investments and all money managers for compliance with the city's investment policy
and to report any noncompliance to the city council; to recommend, as needed,
changes in the investment policy to the city council; and to review the investment
performance of the city's investments and money managers and to report to the city
council concerning such investment performance at least quarterly.
2-3-3: INTERNAL ORGANIZATION AND RULES:
The commission may adopt rules and regulations to govern its organizational
procedures as may be necessary and which are not in conflict with this Code of
Ordinances or the Iowa Code.
2-3-4: PROCEDURES FOR OPERATION:
All administrative, personnel, accounting, budgetary, and procurement policies of the
city govern the commission in all its operations.
2-3-5: MEMBERSHIP:
The commission comprises five (5) residents of the city, appointed by the city council,
who have knowledge about investments and finance but with no affiliation with a firm or
corporation which does now or during the term of a commissioner provides investment
or financial advice or services to the city.
2-3-6: OATH:
Each person, upon appointment or reappointment to the commission, must execute an
oath of office at the first meeting of the commission following the appointment or
reappointment or at the city clerk's office any time prior to the first meeting of the
commission.
2-3-7: TERMS:
The term of office for commissioners is three (3) years or until such commissioner's
successor is appointed and qualified.
2-3-8: VACANCIES:
Vacancies must be filled in the same manner as original appointments.
2-3-9: OFFICERS/ORGANIZATION:
The commissioners must choose annually a chairperson and vice -chairperson, each to
serve a term of one (1) year. The chairperson must appoint a secretary, who need not
be a member of the commission. The commissioners must fill a vacancy among its
officers for the remainder of the officer's unexpired term.
2-3-10: MEETINGS:
A. Regular Meetings. The commission must meet quarterly.
B. Special Meetings. Special meetings may be called by the chairperson or at the
written request of a majority of the commissioners.
C. Open Meetings. All meetings must be called and held in conformance with the
Iowa Open Meetings Law.
D. Attendance.
1. In the event a commissioner has been absent for three (3) or more
consecutive meetings of the commission, without being excused by the
chairperson, such absence will be grounds for the commission to recommend to
the city council that the position be declared vacant and a replacement
appointed.
2. Attendance must be entered upon the minutes of all meetings.
E. Minutes. A copy of the minutes of all regular and special meetings of the
commission must be filed with the city council within ten (10) working days after each
meeting, or by the next regularly scheduled city council meeting, whichever is later.
F. Quorum. Three (3) commissioners constitute a quorum for the transaction of
business. The affirmative vote of a majority of the commissioners present and voting is
necessary for the adoption of any motion or resolution.
2-3-11: COMPENSATION:
Commissioners serve without compensation, provided that they may receive
reimbursement for necessary travel and other expenses while on official commission
business within the limits established in the city administrative policies and budget.
2-3-12: REMOVAL:
The city council may remove any commissioner for cause upon written charges and
after a public hearing.
2-3-13: POWERS:
The commission has the following powers, duties, and responsibilities:
A. To review the actions and decisions of the finance director and the city's
money managers for compliance with the city's investment policy and report any
noncompliance to the city council;
B. To recommend, as needed, changes in the city's investment policy to the
city manager and the city council; and
C. To review the investment performance of the city and the city's money
managers and report to the city council concerning same at least quarterly.
2-3-14: REPORTS PROVIDED:
The finance director must provide the commission with monthly, quarterly, and annual
reports prepared by the finance director and the city's financial advisors.
Section 2. Nothing herein effects the term of any person serving as a
commissioner as of the effective date of this Ordinance.
Section 3. This Ordinance takes effect upon publication.
Passed, approved, and adopted the 4th day of August, 2014.
Attest:
Kevi S. Firnstahl, City erk
Roy D. Buol, Mayor
STATE OF IOWA {SS:
DUBUQUE COUNTY
CERTIFICATION OF PUBLICATION
I, Suzanne Pike, a Billing Clerk for Woodward Communications, Inc., an Iowa corporation, publisher
of the Telegraph Herald,a newspaper of general circulation published in the City of Dubuque, County
of Dubuque and State of Iowa; hereby certify that the attached notice was published in said newspaper
on the following dates: August 8, 2014, and for which the charge is $63.22.
Subscribed to before me, a Notary Public in and for Dubuque County, Iowa,
this //.69 day of AL, , 20 /f- .
Notary Public in and for Dubuque County, Iowa.
0
sA MARY K. WESTERMEYER
Commission Number 154885
My Comm. Exo. FEB. 1. 2817
InVestehtor fiul r clal.
advice or services ` to ;
ORDINANCE° _ . the city.
NO, 52-2A, 1-3.6: OATH:
'AMENDING C TY OF Each person, upon ap
Point
DUBUQUE CODE DFment.7 or reap-
DUBUQUE
NANCES-TITLE 2'. pomtment to the eom-
BOARDS" AND COM- mission,. must execute
I MISSIONS BY RE- . • an oath of office at the •
'first meeting Of the
INVESTMENT OER '3 commission following 1,
INVESTMENT OVER- the appglntrpent or re -
C > ADAND" appointment or at the
AOMDMMISSION • ARD ! city clerks office any
ADOPTINGERA NEW time prior to the first
CHAPTER 3INVEST-'- meeting of •the com-7
ADT
, OVERSIGHT" mission,
ADV SORT COMMIS- . 2 3 7: TERMS:.
S10N•'' IN, LIEU THERE= ` The term ' of office for
-QE ESTABLISHING`: commissioners Is -three
T`E =INVESTMENT (3) years or until such
•OHERSIGHT, ADVISO- : commissioper's sue
-
`11c:, 'ROOMMISSICN I cessor is appointed
AND PROVIDING, FOR and qualified:
THE POWERS 'OPER= 3-3-8: VACANCIES:
AT ON, MEMBERSHIP, , Vacancies must be fil ,I
:AND M , THt 5" - led in the same manner TION:
• NIT ORDAINED
as original appoint ;Commissioners serve
BE IT ORDAINED -BY ments.
THE CITY COUNCIL 2-3=9: OFFICERS/OR- ((prlovided thatthont pthey may,
OF THE CITY OF DU-._ GANIZATION: k P
BUQU tion 1. I The, commissioners : faeelve reimbursement:
'Section 1. • Title 2, must choose annually;for nOther a travel
oubrp`fq a code of ordif: •a Chairpersomand vicFind on official corn'
chairperson each to mission business with
pealInSPradi.,is hereby re- serve a:term-ofpne (1) In the nits establish
pealed and the follow,•; year. The chairperson ed In the city' establish"
thereof:opted in lieu, must appoint a secre-. traiive policies and
I Chapter 3 tars, who need not be a s budget '
member of the corn -I • 2 3 12 REMOVAL;
INVESTMENT mission. The commis - The cltycoVncll May'
OV[ COMMISSIIBHT OINORY sioners must fill a va .remove "arts( mis-
'com',
12-3-n•(COMMISSION. cancy among its offl- singe( for.,cause upon
CREATED; cern for the remainder • wrlftep or cans and af-
The e lshereby creat- f of the officer's unex -for a publla hearing.
pired term. z3.33: POWs heaping;
ed the: Investment r 2-3-10i MEETINGS; R
Oversighir Advisory .l A.Regular Meetings.) The •comrtilssiow.has l
C2-3-2: UR The commission must I the following'. powers,
.2 3 2: PURPOSE; j meet quarterly. ':duties and responsibil-
The' MITPOse of the '- B Special Meetings, J ties
commission Is to re- :� Special •meetings ma A To rovlew theao-
view the actions and•: y tions and decisions of
decisions of the city's pe called by the chair; he flnan$e rdirector
investments and all to reqorf a to the writ :and the city's money
money ice wit s fore ten the- cot a maforl � m ee,WIts kfCr1 compll-
• complianee with" 'the i of0r5the Commission !;Veto �yith,thb-city's In -
city's Investment poll- C. Open Meetings. All 'Vestment policy, and
cy and to%report adv j' Meetings must - be rehort ar)y nohcoitrplb'
noncompliance, to the called and held In con-,chce to the city Boum
mendounas; toned d, iJ formance with the lo- g Totecommend,.as
changes an the invest-' wa Open- Meetings heeded, ehantes•in the.
taw' .City 5 gvestest` -
ment policy to the city 1 D. Attendance.- poll-
council; and to review .• 1, In the event a com- ( Cy to the.city manager
the investment per- I missioner has been, ab- b and the city, �couhoil;:
fnve5 meets and mon- 'sent for three (3) or.+ c To review the In-''
ey managers and td re-. more ,consecutive, vestment.perfermapae
meetings of the com 1 of the city , and the
port to the city council" mission, without, being !
vescerning such In -excused by. the ,chair- and reedit- managers
vestment a performance persog 'suet) absence Port to=;the City,
a at least quarterly. • ' will be gY unds for t e - pen ci it, least. g ernMg
2-3 3: INTERNAL OR -o h genie:At; least'puarter;
comm1551 grip recgRR77qr
RULES: -N AND_ meed to ttpe olty on, be - 3 t4 RESORTS -PRO:,
RULES: til that the posit)op be : yIbED
The rules asslon may declared: vacant and a - The, flnance,'director'
adopt rules and regula-; replacement appoint tfiust Pflnahc;the cdmr
tions fo govern Its or:.;. ed. m sslon With "monthly
duresaas maybe pedes 'entered
Attendance must be quarte ly, and annual
sores as m hick are not entered upom the mi- .reports *pare ',by
nutes of all meetings. the f nonce 'dheotor
:In conflict with. this, , E. Minuteb, A copy of and the eity's,financlai
or
• Code of Ordinances. or the minutes of all regu- adVish s , '
the Iowa Code- lar and special, meet-<ec `
PROCEDURES Ings of the commission he elc effects the, term
FOR OPERATION: must be flied with the of any person serving
A l , administrative, city council within ten as a commissioner as
personnel, accounting; (10) working: days after of he effective date of
budgetary, and pro each meeting, or by this Ordinance:
thee cityt: policies
the the next.: regularly Sect on 3.,ThIS Ord
-
the
in all its, •
scheduled clty council nonce takes; effect
operatiens , - meeting; whichever Is upee pd Agnes
later. Passed, a
23 commisERSHIP: F. Quorum. Three (3) and adopted.Phe 4th,
The five slop card-` commissioners const!- 1 day - of Auust, 2014, i
prises five (5) real I tute a quorum for the /s/Roy D. Bud, Mayor �,,
dents of the city, aP transaction of bust- Attest /s/Kevin S
council, by
he ce navel gess. The affirmative, Flrnstahl, City Clerk
vote of a majority, of published officially In
vestments lae nd finaout nce the commissioners 1. the Telegraph Herald
but with no affiliation 1. present and voting Is newspaper on the 8th
with a flim or corpora-. ,' necessary for the ' day of Augusts 2014.
tion which does now dr.I adoption of. any motion " /s/Kevin S. Flrnstahl,
or resolution. OMC, Cit
during the term of a 2.3-11: COMPENSA- 1 118/8 City Clerk
commissioner provides