Council Spells Out Investment Policy
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Nearly 14 months after the county declared bankruptcy, La Habra City Council members have adopted an investment policy they believe will keep the city’s funds safe.
The policy calls for prudent investments and provides guidelines for such ventures. It says the city’s Investment Committee, which includes the mayor, city treasurer, city manager, deputy city manager and two assistant city managers, will make recommendations on investments and give the council authority to make the final decisions.
In addition, detailed explanations on how and why the committee makes any recommendations will be provided to the council and the public to review.
The policy received unanimous approval at Thursday’s council meeting.
“I think it’s good that we voted to establish a prudent investment policy,” Councilman Juan M. Garcia said.
La Habra had $8 million in the county’s failed investment pool.
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