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Council agrees to study alternative investment options for surplus revenues after public caution on Section 115 plans
Summary
The council gave straw-vote approval to conduct a study session on alternative investment options for city surplus funds. Public commenters urged caution, noting Newport Beach’s participation in CalPERS and the unique risks of a Section 115 trust.
The Newport Beach City Council gave a straw-vote nod Dec. 9 to consider a study session evaluating alternative investment options for city surplus revenues.
Mayor Stapleton introduced the item and sought a straw vote; the council indicated support by voice and the clerk noted the item passed by straw vote. The proposal would direct staff to…
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