Local News in Brief : Investment Policy OKd
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As required by state law, the Hawthorne City Council on Monday adopted an investment policy for city funds.
The policy sets safety of investment as the top criterion for selecting investments, with liquidity being second and yield third.
With other municipalities, including neighboring Lawndale, having lost a total of about $9 million in speculative investments recently, the Hawthorne policy specifically states that the city “does not buy stocks; it does not speculate; it does not deal in futures, options or security loan agreements.”
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