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Local Agency Investment Fund

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NEWS
January 19, 1992 | KEVIN JOHNSON, TIMES STAFF WRITER
To those charged with protecting the multimillion-dollar treasuries of Orange County cities, the case of indicted investment counselor Steven D. Wymer and his alleged swindle involving the city of Orange is an alarm that has them checking the locks on their bulging portfolios.
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NEWS
January 19, 1992 | KEVIN JOHNSON, TIMES STAFF WRITER
To those charged with protecting the multimillion-dollar treasuries of Orange County cities, the case of indicted investment counselor Steven D. Wymer and his alleged swindle involving the city of Orange is an alarm that has them checking the locks on their bulging portfolios.
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CALIFORNIA | LOCAL
September 24, 1996 | BILL BILLITER
With minor changes to reflect recent shifts in state law, the City Council has approved the city's investment policy for another year. The policy governs how idle city funds are to be invested. Each year the council must review and approve the investment guidelines. City Finance Director Olivia Silverio said that 98% of the city's current idle funds are invested in the state's Local Agency Investment Fund. She said the other 2% are in federally guaranteed investments.
CALIFORNIA | LOCAL
July 31, 1996 | BILL BILLITER
To help balance its investment portfolio, the City Council has authorized a third category for use of surplus city funds. The council unanimously approved putting as much as 15% of the city's surplus in mutual funds. City Manager Fred Maley told council members the money will go into mutual funds that invest solely in U.S. Treasury bills. Before the investment guidelines were amended, the city could handle its surplus funds in only two ways: direct purchase of U.S.
CALIFORNIA | LOCAL
February 24, 1994 | MIMI KO
City Council members this week voted to transfer about $584,000 of the city's reserve funds in a state account to a county account for more interest earnings. The city currently has $834,000 in a state-run investment fund, the Local Agency Investment Fund, which gives the city a 4.4% interest earning annually. When city officials transfer the money to a county-run investment fund, Villa Park will receive 7.8% interest annually.
CALIFORNIA | LOCAL
January 20, 1992
Your Jan. 4 editorial on municipal investments was right on the money: As tempting as it is in these recessionary times for cash-strapped local agencies to go after high yields, the dangers are far too great. And sadly, it's usually the taxpayers who end up taking the beating in these ill-advised investment ventures. But lest local agencies draw from this the lesson that they are better off putting their cash under the proverbial mattress, they should first consider the state's Local Agency Investment Fund (LAIF)
CALIFORNIA | LOCAL
September 13, 1995 | DEBORAH SULLIVAN
Hoping to safeguard public funds in the wake of the county's bankruptcy, the City Council has approved strict new guidelines to keep city money out of risky investments. The revised investment policy, adopted Monday, limits the types of funds the city may invest in, restricts investment in long-term bonds and prohibits the city from borrowing money for the purpose of investing it.
CALIFORNIA | LOCAL
May 18, 1995 | HOLLY J. WAGNER
The Newport-Mesa Unified School District, which stands to lose as much as $9.2 million from the collapse of Orange County's investment pool, has written a new policy for investing district funds. The most notable element is a prohibition on borrowing money to invest for interest income. The district had borrowed $47 million of the $80 million it had invested in the pool when it collapsed in December.
CALIFORNIA | LOCAL
January 12, 1995 | FRANK MESSINA
The City Council adopted a temporary investment policy on Tuesday that will manage the city's remaining cash while about $9.5 million in reserve funds remain frozen by the county. The interim plan will ensure that the $4.5 million accessible to the city will not be vulnerable to the collapse of a single organization by spreading the funds into three investment groups.
CALIFORNIA | LOCAL
January 10, 1995 | FRANK MESSINA
Council members are expected to vote tonight on an interim investment plan in the wake of the county bond crisis. The proposed policy stresses safety, liquidity and diversity. The plan will guide the city while its $9.5-million investment in the county pool is frozen by the county's bankruptcy filing. City finance director Dave Bass said that while the bulk of city reserves are frozen by the county, remaining funds must be quickly accessible in case of emergencies.
NEWS
December 13, 1994 | ERIC BAILEY, TIMES STAFF WRITER
An Orange County lawmaker on Monday introduced legislation designed to limit the sort of risky investment that fueled the county's current financial crisis. Assemblyman Curt Pringle (R-Garden Grove) said his bill would effectively reverse the decade-long trend that has seen the state pass increasingly lenient laws letting local governments put money in chancy investments.
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