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La Verne amends investment policy to allow California Class Prime Fund
Summary
The council voted 3-0 to update the city's investment policy to permit placing idle funds in the California Class Prime Fund (a cooperative local-government liquidity pool); staff said the move provides diversification, daily liquidity, and modestly higher returns than LAIF.
The La Verne City Council on Oct. 7 adopted a resolution authorizing the city to invest idle funds in the California Class Prime Fund, a pooled local-government liquidity vehicle.
Finance Director Christy Lopez told the council California Class (California Cooperative Liquid Assets Security System) invests in high-quality short-term financial products, offers daily liquidity…
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