§ 3.88.030. Municipal prefunding investment board.

A.

The municipal prefunding investment board ("investment board") shall consist of five members.

B.

The mayor, subject to assembly confirmation, shall appoint all members. All appointments shall be for three-year terms.

C.

The municipal treasurer shall serve as program administrator.

D.

The investment board will meet at least quarterly and will manage the investment of the funds of the investment program. The investment board may engage the services of qualified actuaries, financial advisors, trustees, investment managers and other support personnel deemed necessary to the performance of its duties. Required funding for these services will be included in the general government operating budget each year, as necessary.

E.

Administrative staff support for the investment board and for the investment of funds shall be provided by the finance department.

F.

The investment board will submit an annual report to the assembly each year not later than March 31. As a minimum, the report will contain the results of the prior year's operations and investment returns, the status of overall funding, results of the actuarial valuation if one was conducted, recommendations for revised current year deposits and the estimated amount of subsequent year's deposits and operational funding requirements for the investment program.

(AO No. 95-63, § 1, 3-7-95; AO No. 2001-131, § 1, 7-24-01; AO No. 2005-94, § 1, 8-23-05; AO No. 2009-140, § 1, 1-12-10)