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Annual Investment Policy and Monthly Reports.

Los Angeles Administrative Code § 20.90
in effect
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Sec. 20.90. Annual Investment Policy and Monthly Reports. (a) The Treasurer shall annually render to the City Council a statement of investment policy. (b) The Treasurer shall render a monthly report to the Mayor and City Council showing the type of investment, institution, date of maturity amount of deposit, current market value for all securities with a maturity of more than 12 months, rate of interest, and such data as may be required by the City Council. (1) The monthly report shall state its relationship to the statement of investment policy. (2) In the monthly report, a subsidiary ledger of investments may be used in accordance with accepted accounting practices. (3) The monthly report shall also include any information which the Treasurer determines would demonstrate that the City’s expenditure requirements can be met in the following month. (4) The monthly report shall specify in detail investments made as set forth below: (i) Investments in repurchase agreements or reverse repurchase agreements of any securities authorized under any law of the State applicable to the City of Los Angeles, as long as the proceeds of the reverse repurchase agreement are invested solely to supplement the income normally received from these securities. Investment in a reverse repurchase agreement shall be made only upon prior approval of the City Council. For purposes of this section, the term “repurchase agreement” means a purchase of securities by the City pursuant to an agreement by which the seller will repurchase such securities on or before a specified date and for a specified amount and will deliver the underlying securities to the City by book entry, physical delivery, or by third-party custodial agreement. The transfer of underlying securities to the counterparty bank’s customer book-entry account may be used for book-entry delivery. The term “counterparty” for the purposes of this section, means the other party to the transaction. A counterparty bank’s trust department or safekeeping department may be used for physical delivery of the underlying security. The term of repurchase agreements shall be for one year or less. The term “securities”, for purpose of repurchase under this section, means securities of the same issuer, description, issue date, and maturity. The term “reverse repurchase agreement” means a sale of securities by the City pursuant to an agreement by which the City will repurchase those securities on or before a specified date and for a specified amount. (ii) Investments in financial futures or financial option contracts in any of the investment categories authorized under any law of the State applicable to the City of Los Angeles. (iii) Investment Agreements under the Securities Lending Program. Individual investments in security lending agreements made pursuant to a Securities Lending Program approved by City Council which comply with state and federal law as well as the City’s annual investment policy and guidelines are not subject to prior City Council approval. SECTION HISTORY Added by Ord. No. 173,337, Eff. 7-10-00, Oper. 7-1-00. Amended by: Subsec. (b)(4)(iii) added, Ord. 174,299, Eff. 12-10-01.
Source: City of Los Angeles, Charter and Codes (American Legal Publishing, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/los_angeles/latest/laac/0-0-0-59659Fetched: 10/24/2026

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