1984-55 Directing The Implementation Of Certain Investment Policies By The Borough And Providing For An Effective Date.1 -1
A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY DIRECTING THE
IMPLEMENTATION OF CERTAIN INVESTMENT POLICIES BY THE BOROUGH AND PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, Section 3.04.020 of the Kodiak Island Borough Code provides
investment standards for the investment of Borough funds; and
WHEREAS, the Assembly is desirous of providing additional guidelines
to the Borough Manager for investment of certain funds of the Borough.
NOW, THEREFORE, BE IT RESOLVED as follows:
Section 1: That notwithstanding the standards provided in Section 3.04.020,
'the proceeds of $7,400,000 Kodiak Island Borough General Obligation Variable
Rate Demand Bonds, Series A; the proceeds of $9,500,000 Kodiak Island Borough
General Obligation Variable Rate Demand Bonds, Series B (1984) and
amounts held in the Debt Service Fund for repayment of either of the
above bond issues will be invested in only the following:
Direct obligations of or obligations insured or guaranteed by, the
United States of America or agencies or instrumentalities of the
United States of America;
Interest - bearing time deposits or certificates of deposit with a bank or
trust company continuously secured and collateralized by obligations of
the type described in paragraph (A) above, having a market value which
shall be determined weekly at least equal at all times to the amount of
such deposit or certificate, to the extent such deposit or certificate is
not insured by the Federal Deposit Insurance Corporation or the Federal
Savings and Loan Insurance Corporation, or any successors thereto; or
C. Fully collateralized repurchase agreements with (1) the following dealers:
Merrill Lynch, Pierce, Fenner and Smith, Inc.; Salomon Brothers Inc.; the
First Boston Corporation; Goldman Sachs and Company; or (2) with banks
which are members of the Federal Reserve System and whose obligations are
rated not less than A or Prime 1 by Moody's Investors Services or the
equivalent rating by Standard and Poor's that are secured by obligations
referred to in paragraph (A) hereof having a current market value at least
equal to one hundred and three percent of the amount of the repurchase
agreement, inclusive of accrued interest, marked to market daily.
KODIAK ISLAND BOROUGH
RESOLUTION NO. 84 -55 -R
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Section 2: This resolution takes effect immediately.
I .. PASSED AND APPROVED by the Kodiak Island Borough Assembly this
24th
ATTEST:
day of
By S
Borough Clerk (
May , 1984.
KODIAK ISLAND BOROUGH
By