1984-50 Amending the KIB Code, Section 3.04, to Direct the Implementation of Certain Investment Policies by the BoroughAN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY AMENDING THE
l KODIAK ISLAND BOROUGH CODE, SECTION 3.04, TO DIRECT THE IMPLEMENTATION OF
CERTAIN INVESTMENT POLICIES BY THE BOROUGH.
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KODIAK ISLAND BOROUGH
ORDINANCE NO. 84 -50 -0
WHEREAS, Chapter 3.04 of the Kodiak Island Borough Code provides
the guidelines for the investment of public funds of the Kodiak Island
Borough; and
WHEREAS, the office of the manager of the Kodiak Island Borough has
I issued additional instruction to the finance director by administrative
j j memorandum dated April 23, 1982 that provides further investment policy
instructions;
and
II
WHEREAS, the Assembly is desirous of providing guidelines to staff
for investment of all funds of the Borough in one comprehensive directive.
NOW, THEREFORE, BE IT ORDAINED that Section 3.04 of the Kodiak
i1
Island Borough Code be amended by adding Sections 3.04 .026 and 3.04.027 as
follows:
3.04.026 Diversification of Investments. The treasurer will
diversify investments of public funds of the Borough within the following
guidelines to minimize the risk of exposure:
A. One institution. No more than one -third of the funds available for
investment will be placed with a single bank or l investment institution at the
time funds are being invested.
B. 5 percent of investments. The Borough will make no investments at
any point in time to hold an amount greater than 5 percent (52) of the total
investments at any one bank or financial institution.
C. Investment mix. Although a quantitative figure is not provided, the
treasurer should attempt to have a good mix of various types of permissible
investments in the Borough portfolio consistent with the market and period.
D. Savings and loans. No investments in savings and loan banks that
would exceed the limits of insurance provided by FSLIC.
E. Mortgage securities. Only federal government mortgage securities
shall be accepted as mortgage collateral for investments.
3.04.027 Investment Records. Investment records will be main-
tained as provided for by the standards of generally accepted accounting
practice. In addition, the treasurer shall obtain and keep a record of all
bids for each investment made.
BE IT FURTHER ORDAINED that the administrative memorandum first
mentioned above is rescinded in its entirety upon passage of this ordinance.
All ordinances or parts of ordinances found to be in conflict with
1 this ordinance are hereby explicitly rescinded.
4th day of
ATTEST:
Upon passage, this ordinance shall take effect immediately.
PASSED AND APPROVED by the Kodiak Island Borough Assembly this
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Borough Cl
First Reading, Approval Date: September 6, 1984
Second Reading, Public Hearing, Approval Date: October 4. 19R4
Effective Date: October 4. 1984
Drafted By: Finance Director
Ordinance No. 84 -50 -0
Page 2
October , 1984.
KODIAK ISLAND BOROUGH
By
Borough,yCayor