Exhibit B
BYLAWS OF THE INVESTMENT ADVISORY COMMITTEE OF THE CITY OF IRVINE
ARTICLE I - PURPOSE The purpose of the Investment Advisory Committee is to oversee the management of the investment portfolio through regular quarterly meetings. The Committee will review investment transactions, discuss economic conditions and strategies regarding the management of the portfolio, and report to individual Councilmembers on the meetings. ARTICLE II - STRUCTURE The Committee shall be comprised of five members. Each Councilmember shall be responsible for appointing one member to the Committee with the term of the member running concurrent with the term of the Councilmember making the appointment. The Chairperson and Vice Chairperson of the Committee shall be elected by a majority vote of the members and shall hold the seat for a one-year term. These positions may be elected for two consecutive terms. At the end of the second consecutive term, the members shall elect a new Chairperson and Vice Chairperson. ARTICLE III - MEETINGS The meetings shall be held at least quarterly at Irvine City Hall. Each meeting shall be held prior to the presentation of the quarterly report to Council on the status of the portfolio. Three members of the Committee must be present to constitute a quorum. ARTICLE IV - PARLIAMENTARY PROCEDURE The rules contained in the current edition of Robert's Rules of Order, newly revised, shall govern the Committee in all cases to which they are applicable and where they are not inconsistent with these Bylaws.
ARTICLE V - AMENDMENT OF BYLAWS These Bylaws may be amended by a majority vote of the Committee.
B-1
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