HomeMy WebLinkAbout(2002, 11/12) - H-5 - AdoptedH-5
ADMINISTRATION OF THE ROBINSON-SKINNER ANNUITY
FOR NEWPORT BAY DREDGING
PURPOSE
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 Sed’waent 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-l).
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 - November 12, 2002
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