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H-5 <br />ADMINISTRATION OF THE ROBINSON-SKINNER ANNUITY <br />FOR NEWPORT BAY DREDGING <br />PURPOSE <br />To describe the manner in which the City shall administer funds within the Robinson- <br />Skinner Annuity and to appropriately safeguard the principal within the Annuity so <br />that the purposes of the Annuity are protected. These purposes include the <br />establishment and long-term preservation of a funding source for the regular dredging <br />of Upper Newport Bay and dredging of the Lower Newport Bay so that the City and its <br />watershed partners achieve the goals and directives of the Sed’waent and Nutrient <br />TMDLs (Total Maximum Daily Loads) adopted for Newport Bay in 1998. <br />POLICY <br />It is the policy of the City Council of the City of Newport Beach to protect the principal <br />within the Robinson-Skinner Annuity by prudently investing the principal in <br />accordance with the City’s conservative investment principles and the City’s Statement <br />of Investment Policy (Council Policy F-l). <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 and <br />administration of the Annuity. <br />Adopted - November 12, 2002 <br />1