§ 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. , File No. 180171, App. 5/17/2018, Eff. 6/17/2018)

CODIFICATION NOTE

1. So in Ord. .