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HomeMy WebLinkAboutOrd2000-007 I I I Sponsored by: Janke Introduction Date: Februarv 14 2000 Public Hearing Date: Februarv 28 2000 Enactment date: February 28 2000 CITY OF SEWARD, ALASKA NON-CODE ORDINANCE 2000-07 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, AUTHORIZING THE EXECUTION OF A COMMON INVEST- MENT AGREEMENT AMONG POLITICAL SUBDIVISIONS OF THE STATE OF ALASKA AND AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT FOR THE CITY OF SEWARD TO BECOME A MEMBER OF THE ALASKA MUNICIPAL LEAGUE INVEST- MENT POOL, INC. WHEREAS, public entities in Alaska, ie., political subdivisions of the State of Alaska including municipalities, school districts, and regional education attendance areas, have generally been unable to receive returns on investment of short-term excess funds at levels available to investors having larger amounts of funds to invest; and WHEREAS, AS 37.23.010 - 37.23.900 (Alaska Investment Pool Act) enacted by the 1992 Alaska Legislature provides a means for public entities to join together in an arrangement intended to allow them to combine their short-term excess funds for a higher yield on those funds; and WHEREAS, the Alaska Municipal League Investment Pool, Inc., an Alaska nonprofit corporation (Corporation), has been established pursuant to AS 37.23.010 of the Alaska Investment Pool Act by the Alaska Municipal League to provide investment management and other services to public entities; and WHEREAS, the Corporation will provide for the pooling offunds of public entities which are members ofthe Corporation and will seek returns on the investment of those funds commensurate with market conditions; and WHEREAS, the City of Seward is a public entity as defined in the Alaska Investment Pool Act and may wish to become a member and participate in the investment and other services provided through the Corporation; and WHEREAS, the Council has enacted an ordinance amending City Code Section 5. 15.020, Authorized Investments, to allow the City to invest funds with the Alaska Municipal League Investment Pool, Inc. CITY OF SEWARD, ALASKA NON-CODE ORDINANCE 2000-07 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, that: Section 1. This is a non-code ordinance. Section 2. Authorization of Membership and Agreement. The terms of the Alaska Municipal League Investment Pool, Inc. Common Investment Agreement (Agreement) attached hereto, including the investment objectives and purposes contained within the Agreement, are hereby approved. The City of Seward is hereby authorized (1) to become a member of the Corporation and (2) to enter into the Agreement substantially in the form as set forth in Exhibit A and such other documents as are necessary to effectuate that membership and Agreement. The City Manager or that his designee is authorized to execute those documents necessary to establish the City of Seward as a member of the Corporation and for the City of Seward to enter into the Agreement with no further approval or authorization required by the City Council. Should the City of Seward hereafter enter into the Agreement, it will thereby accept and be bound by the terms and conditions of the Agreement, and the Articles of Incorporation and Bylaws of the Corporation, copies of which Articles and Bylaws are attached hereto and incorporated by reference. Section 3. Authorization ofInvestments. Upon execution of the Agreement by the City of Seward, each officer and employee of the City of Seward who is designated to be responsible for the investment of public funds of the City of Seward pursuant to the City of Seward's resolution is authorized to transfer public funds of the City of Seward to the Corporation for placement in the Alaska Municipal League Investment Pool (pool) created through the Agreement in order to acquire an interest in it, provided that such funds will be invested in accordance with the terms of the Agreement and the investment policies as set forth in the Agreement and its exhibits. All such transfers will be made in accordance with the procedures previously adopted by the City of Seward as may be amended from time to time. Section 4. Effectiveness of and Termination of Membership and Agreement. The Agreement will go into effect upon execution by the City Manager and by the Corporation. The City of Seward's membership in the Corporation and participation in the Pool under the terms of the Agreement will continue until the City Manager terminates that membership and participation by written notice to the Corporation or by the adoption of a resolution by the City of Seward terminating that membership and participation, whichever first occurs. Section 5. Further Acts. Each officer of the City of Seward is hereby authorized to take any and all action necessary to enter into the Agreement of the joint investments in the Pool, to carry on the membership of the City of Seward, and to perform any obligations of the City of Seward under that membership and the Agreement. Section 6. This ordinance shall take effect ten (10) days following its enactment. I I I CITY OF SEWARD, ALASKA NON-CODE ORDINANCE 2000-07 ENACTED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, this 28th day of February, 2000. THE CITY OF SEWARD, ALASKA (' ~ I J_...(.A-~ ) Edgar Blatchford, Mayor AYES: NOES: ABSENT: ABSTAIN: Blatchford, Brossow, Calhoon, King, Shafer None Clark, Orr None ATTEST: (City Se~Q.!U ,,\, or:., ~....", Of SEl1t. '.... ~ ~~ ........... ~"2 .".. $' cr ....b?J'O~~..'() .~ ~ :.-.r..; ~'. ~ lit :..,;,ao......... .... .. . . - - : SEAL t... =.: : : - . . - ~ \ .....- ! ~ ... '. q".' '" 0:.. '.th_ ^......~~ -~ ';.fJJ \'V.' ~ ~ ~ ..'.!ll.... CO ~~ ,~ l'ti OF ~\.~,~ ""'11"'"