M E M O R A N D U M 06-191

TO: HOMER CITY COUNCIL

FROM: JAMES C. HORNADAY, MAYOR

DATE: NOVEMBER 17, 2006

SUBJ: PERMANENT FUND COMMITTEE APPOINTMENT

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.

Councilmembers Novak and Wythe and Community at Large member Matt North of Edward Jones were appointed and confirmed via Memorandum 06-181 on October 23, 2006.

Automatic members are:

Finance Director: Regina Harville

City Clerk: Mary Calhoun

I asked Frank Mullen to apply for the other Community at Large position, which he did and his data sheet is attached.

I hereby appoint Frank Mullen to serve on the Permanent Fund Investment Committee as the other Community at Large member. His term shall expire October 10/2009.

RECOMMENDATION:

Confirm the Permanent Fund Investment Committee appointments as listed above.

Fiscal Note: NA

/mlc