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Local Government Investment Pool Manager Resigns

December 4th, 2007 by flanews

The state manager of a troubled local government investment fund has resigned. The fund is now in the hands of a private company. As Chris Casquejo tells us, local governments are taking a wait and see attitude about the moves.

Hear it here: Local Government Investment Pool Manager Resigns

With a unanimous vote, the Local Government Investment Pool is now back in business.
Cities and schools can withdraw 2 million dollars, or 15 percent of what they have invested, whichever is greater. Fears over subprime loans made the state freeze the fund, hire a private company, and led to the state fund manager resigning.

Governor, I hope my actions today help the SBA move forward,” said Coleman Stipanovich, former executive director of the State Board of Admininstration. “Thank you for allowing me to serve for 7 years.

$14 billion of local taxpayer money remains in the fund. A private consultant hired by the state wants the bulk of that money moved to less risky investments.

We needed to restore the confidence not only in this fund, but the whole SBA umbrella, said Chief Financial Officer Alex Sink.

BlackRock is now the temporary adviser for the local government investment pool. But the state wants to find a permanent one within three months.

Local governments have mixed feelings. Maureen Rischitelli is the town manager of Oakland, a small town near Orlando. Oakland has millions in the fund.

The fund has been very good to us and we want to participate in that,” Rischitelli said. “But the commission has to protect what the citizens want. And theyll come back with an answer.

Local governments have little choice but to support the moves, or risk losing their investments.

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