M E M O R A N D U M 06-181

TO: HOMER CITY COUNCIL

FROM: JAMES C. HORNADAY, MAYOR

DATE: OCTOBER 17, 2006

SUBJ: PERMANENT FUND COMMITTEE AND APPOINTMENTS

Council adopted Ordinance 05-14(S), which included a Permanent Fund Investment Committee consisting of the Finance Director, the City Clerk, two members of the City Council and two members of the community at large.

The community at large seats have been advertised for several months.

Councilmembers Novak and Wythe and Matt North were on the initial Permanent Fund Investment Committee as was the City Clerk. Terms are for two years, except the terms must be staggered pursuant to HCC 3.10.130(b)(4).

The mission of the committee is outlined in HCC 3.10.130.

Appointments are:

Councilmembers: Dennis Novak (term expires 10/2008)

Beth Wythe (term expires 10/2007)

Community at large: Matt North of Edward Jones (term expires 10/2008)

Automatic members are:

Finance Director: Regina Harville

City Clerk: Mary Calhoun

RECOMMENDATION:

Confirm the Permanent Fund Investment Committee Appointments as listed above.

Fiscal Note: NA

Fiscal Note: NA

/mlc