HomeMy WebLinkAboutOrd2000-006
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Sponsored by: Janke
Introduction Date: Februarv 14 2000
Public Hearing Date: Februarv 28 2000
Enactment date: Februarv 28 2000
CITY OF SEWARD, ALASKA
ORDINANCE 2000-06
AN ORDINANCE AMENDING SEWARD CITY CODE, CHAPTER
5.15.020, AUTHORIZED INVESTMENTS, AND CITY CODE SECTION
5.15.035 A, BID PROVISIONS FOR AUTHORIZED INVESTMENTS. TO
ALLOW THE CITY OF SEWARD TO INVEST FUNDS WITH THE
ALASKA MUNICIPAL LEAGUE INVESTMENT 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 of funds of public entities
which are members of the 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 by adopting an ordinance under AS 29.35.015 allowing such
participation.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF SEWARD, ALASKA, that:
CITY OF SEWARD, ALASKA
ORDINANCE 2000-06
Section 1. Seward City Code Chapter 5.15.020, Authorized Investments, is amended by adding
S5.15.020 (8.) as follows:
New language
Deleted lal1~uagG
In order to provide maximum security for the investment of public funds and to provide
the greatest interest revenue consistent with safety, only the following investments of the city's
funds will be authorized:
1. obligations of, or obligations insured or guaranteed by, the United States or an
agency or instrumentality of the United States;
2. commercial paper maturing within nine months issued by corporations or
businesses and having the highest rating of a nationally recognized rating service;
3. banker's acceptances accepted by a rated bank and eligible for rediscount with,
or purchase by, federal reserve system banks;
4. negotiable certificates of deposit issued by rated banks;
5. certificates of deposit in a bank, provided that, if at any time the city shall have
on deposit in anyone bank an amount in excess of the limits offederal insurance, including all
principal and accrued interest, then such amounts which exceed the limits offederal insurance
shall be secured as provided in S 5.15.025 of this code;
6. repurchase agreements with:
a. the city's bank of account and which are entered into in conjunction
with the city's zero-balance ("sweep") demand deposit account and secured by obligations insured
or guaranteed by the United States or agencies or instrumentalities of the United States, or
b. rated banks or primary dealers in government securities and secured by
obligations insured or guaranteed by the United States, or agencies or instrumentalities of the
United States, with the collateralization to be assigned as provided in ~ 5.15.025 of this code;
7. federally insured deposits in banks~.:
8. investments through the Alaska Municipal League Investment Pool, Inc., an
investment pool and nonprofit corporation established under AS 37.23.
Section 2. Seward City Code Chapter 5.15.035, Bid provisions for authorized
investments, part A, is amended as follows:
New language
Dektcd lall~ua!5G
A. Except for the repurchase agreements and investments through Alaska Municival
League Investment Pool. Inc. referenced in 9 5.15.020 of this chapter, the city shall solicit bids
in accordance with the procedures set forth in this section.
Section 3. This ordinance shall take effect ten (10) days following its enactment.
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CITY OF SEWARD, ALASKA
ORDINANCE 2000-06
ENACTED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA,
this 28th day of February, 2000.
THE CITY OF SEWARD, ALASKA
r- L I I )Q.;{ ~ /
Edgar Blatchford, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Brossow, Calhoon, King, Shafer
None
Clark, Off
None
ATTEST:
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Patrick Reilly
City Clerk
(City SealJ""....",
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