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Board adopts first reading of revised county investment policy, debates fiduciary oversight
Summary
Board approved first reading of an ordinance to amend delegation of investment authority and adopted a more restrictive county investment policy; Treasurer Sherry Friedenridge and other speakers urged caution and clarity on fiduciary duties and oversight.
Board members approved first reading of an ordinance that would amend Orange County’s codified investment authority and adopt a county investment policy that the county attorney said is more restrictive than state law. The ordinance would delete a historical prohibition so the CEO could delegate authority to a chief financial…
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