Permanent Fund Committee Meeting Minutes October 30, 2008

Session 08-04 a Special Meeting of the Permanent Fund Committee was called to order at 6:00 p.m. on October 30, 2008 by Dennis Novak at the Homer City Hall Cowles Council chambers located at 491 E. Pioneer Avenue, Homer, Alaska.

PRESENT: COMMITTEE MEMBERS: JO JOHNSON, MATT NORTH, DENNIS NOVAK, BETH WYTHE

ABSENT: REGINA HARVILLE

APPROVAL OF AGENDA

The agenda was approved by unanimous consent.

PUBLIC COMMENTS REGARDING ITEMS ON THE AGENDA

None.

APPROVAL OF MINUTES

A. Meeting Minutes of September 18, 2008.

The minutes were approved by unanimous consent.

VISITORS

None.

STAFF & COUNCIL REPORT/COMMITTEE REPORTS/BOROUGH REPORTS

None.

PUBLIC HEARING

None.

PENDING BUSINESS

None.

NEW BUSINESS

A. Approaching City Council for Seed Money to Start the Permanent Fund

The Committee discussed amounts of funds to place in the Permanent Fund; $50,000 to $100,000 was suggested. Email can be sent to the City’s current account holders with responses for desired investment options.

WYTHE/NORTH – MOVED TO GET INFORMATION TO REGINA AND FIND INFORMATION RE: EMAIL FOR PERIMETERS OF INVESTMENTS THAT WOULD MEET THE REQUIREMENTS OF THE CURRENT CODE.

There was no additional discussion.

VOTE: YES. NON OBJECTION. UNANIMOUS CONSENT.

Motion carried.

B. Investment Options

WYTHE/NORTH – MOVED TO REQUEST $50,000 BE ALLOCATED FROM EXCESS REVENUES OF 2007.

VOTE: YES. NON OBJECTION. UNANIMOUS CONSENT.

Motion carried.

C. Potential to Loan Seed Money Back to City

Discussion included loaning City departments monies from the Permanent Fund to purchase equipment. The departments would pay it back to the Permanent Fund, allowing the fund to gain interest.

D. 2009 Meeting Schedule

WYTHE/NOVAK – MOVED TO CHANGE THE MEETING TO THE SECOND THURSDAY IN JUNE 2009 (JUNE 12, 2009)

VOTE: YES. NON OBJECTION. UNANIMOUS CONSENT.

Motion carried.

INFORMATIONAL MATERIALS

COMMENTS OF THE AUDIENCE (3 MINUTE TIME LIMIT)

There was no audience.

COMMENTS OF THE CITY STAFF

Jo Johnson had no comments.

COMMENTS OF THE COUNCILMEMBER

Councilmember Wythe had no comment.

COMMENTS OF THE CHAIR

Councilmember Novak stated it was a productive meeting.

COMMENTS OF THE COMMISSION

Matt North had no comments.

ADJOURNMENT

There being no further business to come before the Committee, the meeting was adjourned by Mr. Novak at 6:58 p.m. The next Regular Meeting is scheduled for Thursday, January 8, 2009 at 6:00 p.m. in the Homer City Hall Cowles Council Chambers, 491 E. Pioneer Avenue, Homer, Alaska.

Submitted by Jo Johnson