1984-30 Directing the Implementation of Certain Investment Policies by the Borough and Providing for an Effective Date7 5 1
KODIAK ISLAND BOROUGH
ORDINANCE NO. 84 -30 -0
AN ORDINANCE 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
i linvestment 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 ORDAINED as follows:
Chapter 3.04
PUBLIC FINANCE -- MANAGEMENT AND ACCOUNTING*
Section 1:
3.04.020 Permissible Investments.
D. 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 following:
1. Direct obligations of or obligations insured or guaranteed by,
the United States of America or agencies or instrumentalities of the United
tates of America;
2. Interest - bearing time deposits or certificates of deposit with
1 a bank or trust company continuously secured and collateralized by obligations
of the type described in paragraph (1) above, having a market value which shall
I be determined weekly at least
or certificate, to the extent
the Federal Deposit Insurance
equal at all times to the amount of such deposit
such deposit or certificate is not insured by
Corporation or the Federal Savings and Loan
Insurance Corporation, or any successors thereto; or
3. 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.
)
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Section 2: This ordinance takes effect immediately.
PASSED AND APPROVED by the Kodiak Island Borough Assembly this
5 day of
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ATTEST:
r .
,By d am !_
Borough C1,
First Reading, Approval Date:
'Second Reading, P blic Hearing
Effective Date:
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(Ordinance No. 84 -30 -0
Page 2
By
, 1984.
KODIAK ISLAND BOROUGH
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pprova Date: