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