HomeMy WebLinkAbout(2018, 02/13) - H-5 - ReaffirmedADMINISTRATION OF THE ROBINSON-SKINNER
ANNUITY FOR NEWPORT BAY DREDGING
Purpose
H-5
To describe the manner in which the City shall administer funds within the
Robinson -Skinner Annuity and to appropriately safeguard the principal within
the Annuity so that the purposes of the Annuity are protected. These purposes
include the establishment and long-term preservation of a funding source for the
regular dredging of Upper Newport Bay and dredging of the Lower Newport
Bay so that the City and its watershed partners achieve the goals and directives
of the Sediment and Nutrient TMDLs (Total Maximum Daily Loads) adopted for
Newport Bay in 1998.
Policy
It is the policy of the City Council of the City of Newport Beach to protect the
principal within the Robinson -Skinner Annuity by prudently investing the
principal in accordance with the City's conservative investment principles and
the City's Statement of Investment Policy (Council Policy F-1).
It is further the policy of the City Council that it shall follow the terms of the
Memorandum of Agreement executed in December 2002 in the implementation
and administration of the Annuity.
Adopted H-5 -11-12-2002
Reaffirmed H-5 - 2-13-2018