In a memorandum to the Committee, Secretary of the District Janet Tarantino and General Manager Celia Kupersmith reported that the Master Ordinance serves as a repository for actions taken by the Board of Directors (Board) establishing tolls, service charges and transit fares; prescribing rules and regulations governing use of the Golden Gate Bridge, its approaches and facilities, including the District’s bus and ferry systems. The report stated that the Board of Directors, by Resolution No. 2001-015, approved a new annual numbering and recodification system for District Ordinances so as to make the District’s Master Ordinance a more useful resource to members of the Board, staff and the public, and to more efficiently administer the ordinance system. With this system, each individual ordinance adopted during the calendar year will be incorporated into a newly adopted Master Ordinance in either January or February of the subsequent year. In addition, each annual Master Ordinance includes an Appendix that indexes all of the individual ordinances adopted throughout that calendar year.

The report described the six ordinances that had been adopted by the Board of Directors in 2005, as well as one ordinance adopted in January 2006, all of which were incorporated into Master Ordinance 2006. The report further stated that staff recommends that Ordinance Nos. 2005-01 through 2005-06, and Ordinance No. 2006-01, be recodified into Master Ordinance 2006, and that Master Ordinance 2006 then be adopted. A copy of the staff report, including a draft redlined version of the proposed Master Ordinance, is available in the Office of the District Secretary.

At the meeting, Ms. Tarantino summarized the annual procedure in which all ordinances adopted during the previous calendar year are incorporated into a Master Ordinance, and requested approval to adopt Master Ordinance No. 2006. She also noted that as a housekeeping effort, some minor, non-substantive edits were made by staff to the Master Ordinance document.

Discussion ensued, including the following:

• Director Hernández inquired as to whether the Attorney for the District collaborated with the District Secretary’s Office on an annual basis regarding the recodification process for the Master Ordinance document, as well as overseeing the accurateness of the document throughout the year.  In response, Attorney Chun replied in the affirmative, noting that the attorneys work closely with the District Secretary’s Office in order to review the Master Ordinance document and make suggestions for changes.

Staff recommended, and the Committee concurred by motion made and seconded by Directors MOYLAN/HERNÁNDEZ to forward the following recommendation to the Board of Directors for its consideration:

The report stated that the Board, at its meeting of February 28, 2003, authorized the establishment of a new annual review and updating of the Rules (Resolution No. 2003-015), incorporating all amendments adopted by the Board of Directors during the previous year. Each annual Rules includes an Appendix that indexes all of the individual amendments adopted throughout the calendar year. The updating of the Rules on an annual basis makes this document a more useful resource to members of the Board, staff and the public.

The report described the two amendments made to the Rules since the last update in January 2005, both of which were incorporated into the revised Rules. The report further stated that staff recommends that the 2006 Rules of the Board be adopted. A copy of the staff report, including a redlined version of the Rules and an Appendix describing the individual amendments, is available in the Office of the District Secretary.

At the meeting, Janet Tarantino summarized the staff report, noting that all the incremental changes made to the Rules during calendar year 2005 are then adopted in the 2006 Rules. She also noted that as a housekeeping effort, the revised Rules now include a copy of the Employer-Employee Relations Resolution to provide easy access to this important document.

[Note: With the arrival of Directors Kerns and Sandoval, the Committee became a Committee of the Whole.]

Discussion ensued, including the following:

• Director Sandoval inquired as to whether the Rules of the Board included a written policy on investments in tobacco-related companies.  In response, Joseph Wire stated that the District currently has no written prohibition on investments in tobacco-related companies.  He noted, however, that since the State of California does not allow the District to invest in equities, the only way the District might get close to that kind of investment is if there was a debt issue by a company that participated in that kind of activity.  Mr. Wire further noted that the District’s Investment Policy, which is contained in Rule XI of the Rules of the Board, will be presented for approval of annual updates at the next meeting of the Finance-Auditing Committee on February 23, 2006.

Staff recommended, and the Committee concurred by motion made and seconded by Directors MIDDLEBROOK/MOYLAN to forward the following recommendation to the Board of Directors for its consideration:

AYES (11):    Directors Cochran, Eddie, Hernández, Kerns, McGoldrick, Murray, Newhouse Segal, Sandoval and Stroeh; First Vice President Moylan; President Middlebrook
NOES (0):      None

[Note: the above recommendation was forwarded to the Board of Directors meeting of February 10, 2006, for action.]

There was no public comment.