1992-29 Authorizing the Kodiak Island Borough to Become a Member of the Alaska Municipal League Investment Pool, Inc.,KODIAK ISLAND BOROUGH
ORDINANCE NO. 92 -29
Introduced by: Mayor Selby
Requested by: Mayor Selby
Drafted by: Mayor Selby
Introduced: 12/17/92
Public Hearing: 01/07/93
Adopted: 01/07/93
AN ORDINANCE AUTHORIZING THE KODIAK ISLAND BOROUGH TO BECOME
A MEMBER OF THE ALASKA MUNICIPAL LEAGUE INVESTMENT POOL, INC.,
TO EXECUTE A COMMON INVESTMENT AGREEMENT WITH THAT
CORPORATION, AND AMENDING KODIAK ISLAND BOROUGH
CODE 3.04.020 PERMISSIBLE INVESTMENTS TO AUTHORIZE
KODIAK ISLAND BOROUGH INVESTMENT IN THE INVESTMENT POOL
WHEREAS, the Alaska Municipal League Investment Pool, Inc. was formed as a
nonprofit corporation as a means for eligible political subdivisions of the
State of Alaska to secure the maximum investment return consistent
with the preservation of capital and liquidity by pooling money
temporarily available for investment; and
WHEREAS, participation in the Pool is on a voluntary basis to public entities who
become members of the Corporation and execute a Common Investment
Agreement; and
WHEREAS, it would be beneficial to have the option for the Kodiak Island Borough
to participate in the Alaska Municipal League Investment Pool, Inc.;
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: That the mayor is hereby authorized to execute such documents as are
necessary for the Kodiak Island Borough to become a member of the
Alaska Municipal League Investment Pool, Inc., and to enter into a
Common Investment Agreement, attached hereto as "Exhibit A ".
Section 2: Section three of this Ordinance is of a general and permanent nature and
shall become a part of the Kodiak Island Borough Code of Ordinances.
Kodiak Island Borough, Alaska Ordinance No. 92 -29
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Section 3: That Kodiak Island Borough Code 3.04.020 Permissible investments is
hereby amended by the inclusion of an additional subsection to read as
follows:
ATTEST:
D. The Alaska Municipal League Investment Pool, Inc., made in
accordance with the terms of that Pool's "common Investment
Agreement ".
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS 7th DAY OF JANUARY, 1993
(11) 1«
Donna F. Smith, Borough Clerk
KODIAK ISLAND BOROUGH
Jer
Jack L, MFarland, Presiding Officer
Kodiak Island Borough, Alaska Ordinance No. 92 -29
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