ANAHEIM : Conservative Policy for Investments OKd
The city will adhere to a conservative investment policy in 1996, officials said this week, a move that they hope will prevent any future losses like those suffered because of the Orange County bankruptcy.
Anaheim had $169 million in the county’s investment pool when it collapsed in late 1994 and is still out $17 million.
The new policy, which won unanimous approval from the City Council this week, emphasizes diversified but safe investments. The least important objective for the portfolio, according to the guidelines, is return on investment.
The city’s Investment Advisory Commission, a citizen panel appointed by the council in February, drew up the new policy.
In other action this week, the council approved the distribution of nearly $100,000 in federal Housing and Urban Development funds to four charities.
The largest amount, $40,000, will go to the Anaheim Interfaith Shelter. The Orange County Assn. for Mental Health and the Women’s Transitional Living Center will each receive $20,000, and $18,400 will go to Interval House.
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