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HWMA board authorizes moving some reserve funds into California CLASS Prime Fund
Summary
The Humboldt Waste Management Authority board approved a resolution letting staff place certain reserve funds in the California Cooperative Liquid Asset Securities System (CLASS) to diversify investments while keeping the operating reserve in LAIF.
The Humboldt Waste Management Authority board on Oct. not specified adopted Resolution 20-26-06 authorizing staff to invest certain non-operating reserve funds in the California Cooperative Liquid Asset Securities System (CLASS) while keeping the operating reserve in the Local Agency Investment Fund (LAIF).
Staff said the move is intended to diversify the authority's investments and to earn higher returns than the money-market accounts that some reserve funds were held in. Staff identified four smaller reserves that could be moved into CLASS as segregated subaccounts: the capital improvement fund,…
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