Permanent Fund Committee Meeting Minutes September 27, 2007

Session 07-03 a Regular Meeting of the Permanent Fund Committee was called to order at 6:00 p.m. on September 27, 2007 by Dennis Novak at the Homer City Hall Conference Room located at 491 E. Pioneer Avenue, Homer, Alaska.

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

APPROVAL OF AGENDA

The agenda was approved by consensus of the Committee.

PUBLIC COMMENTS REGARDING ITEMS ON THE AGENDA

No members of the public were present.

APPROVAL OF MINUTES

No prior meeting minutes were reviewed.

VISITORS

There were no visitors.

STAFF & COUNCIL REPORT/COMMITTEE REPORTS/BOROUGH REPORTS

There were no reports.

PUBLIC HEARING

There were no public hearing items.

PENDING BUSINESS

The committee reviewed the draft RFP, including amendments by Regina and further amended the document to meet the needs for investment services, as perceived by the committee to be in compliance with the Code regulating the Permanent Fund and investment there of.

The committee developed agreeable evaluation criteria to be used for the review of the respondents.

The committee agreed that the RFP should be distributed to targeted investment firms to ensure adequate exposure to quality firms.

The committee reviewed the proposed schedule for completion of the selection process by the end of January 2008; with an eye on having investment accounts in place should funds be distributed from the Exxon Valdez Settlement.

NEW BUSINESS

There was no new business presented.

INFORMATIONAL MATERIALS

Draft RFP and draft as amended by the Director of Finance.

COMMENTS OF THE AUDIENCE (3 MINUTE TIME LIMIT)

There was no audience.

COMMENTS OF THE CITY STAFF

Director of Finance, Regina Harville, said let’s get’er done.

COMMENTS OF THE COUNCILMEMBER

None.

COMMENTS OF THE CHAIR

None.

COMMENTS OF THE COMMISSION

None.

ADJOURNMENT

There being no further business to come before the Committee, Chair Novak adjourned the meeting at 7:32 p.m. The next Regular Meeting is scheduled for Thursday, October 11, 2007 at which time the committee anticipates approving the draft RFP and forwarding it on to the Council for review and approval. The meeting will be at 6:00 p.m. in City Hall Cowles Council Chambers located at 491 E. Pioneer Avenue, Homer, Alaska.

Submitted by Beth Wythe