Oceanside Votes to Seek Investment Ace to Swell Its Millions

Faced with the impending resignation of the city treasurer, City Council members Wednesday agreed to appoint an interim treasurer and hire an investment officer to handle Oceanside’s $60-million investment portfolio.

After a lengthy and often spirited debate, the council also voted unanimously to ask voters on the June, 1986, ballot whether the city treasurer’s post should continue to be an elected position or be made an appointed post.

The council spent a lot of time on that question Wednesday and in the end appeared to be split on the issue.

Marvin Bledsoe, who was elected treasurer a year ago and is resigning for health reasons after increasing the city’s portfolio from about $38 million to its current level, has recommended the council make the position appointive. Bledsoe, 69, argued that, as a growing city with expanding and increasingly complex financial interests, Oceanside needs “a wise, experienced, full-time money manager who can do the job for the taxpayers and do it right.”

Such a person, he suggested, is not easily found among “the voters of Oceanside” who would be candidates should the city treasurer continue to be an elective post. Councilmen Ted Marioncelli and Walter Gilbert agreed.

But their colleagues favored maintaining the position as one filled by the electorate, warning that an appointed treasurer could be hampered in his duties by ties to the bureaucracy.

“I want to see an outsider, an entity not locked into our staff, someone who will make open-minded decisions,” said Councilman Sam Williamson. “I feel it’s important we have somebody who’s elected by the people and will stand up for the people to protect their rights and not be mandated by the city manager.”

Mayor Larry Bagley echoed Williamson’s fears, saying, “I don’t feel we should put the treasurer in a position where he could be coerced to do something by the city manager.”

Residents who spoke on the issue, meanwhile, noted that in an election nine years ago Oceanside voters stated conclusively that they preferred that the city treasurer remain an elected office.

“We want access to that man,” said Ruth Hammons. “If we don’t like him, we can get rid of him through recall. But once he becomes another civil servant type, it’s out of our hands.”

The debate was triggered by a recommendation by Bledsoe and city officials that the council consolidate the treasurer’s position with that of Finance Director Carl Husby and create a new position --deputy city treasurer--to handle investments.

Assistant City Manager Bill Workman noted that, while creating the new post would mean additional salary costs of $15,000 to $20,000, the expense would be covered by the return expected from a more active investment program.

But the council, on a 3-2 vote, balked at that recommendation--or most of it. Members chose instead to name a temporary city treasurer to serve out the remainder of Bledsoe’s term, which expires in 1988. They did agree, however, to create the new, full-time position of investment officer. That person will serve under the city treasurer.

Bledsoe, who had intended to resign May 1, said Wednesday he would serve until the council appoints a suitable replacement.