CITY OF HOMER

HOMER, ALASKA

City Manager

RESOLUTION 04-63

A RESOLUTION OF THE CITY COUNCIL AUTHORIZING THE CITY TREASURER TO OPEN A NEW INVESTMENT ACCOUNT WITH THE FIRM OF RAYMOND JAMES AND ASSOCIATES, INC. AND AUTHORIZING THE CITY SIGNATORIES TO EXECUTE THE APPROPRIATE DOCUMENTS.

WHEREAS, Pursuant to Homer City Code Section 3.10.015, Objectives, the City investment portfolio shall be managed so that the portfolio, as a whole, meets the objectives of safety of principal, to maintain sufficient liquidity to meet the City's cash flow requirements, and to achieve a reasonable market rate of return; and

WHEREAS, The Treasurer, City Manager and/or the Mayor are authorized and empowered on behalf of the City of Homer (herein called the "Corporation") to establish and maintain one or more accounts with Raymond James and Associates Inc.(herein called the "Broker") for the purpose of purchasing, investing in, or otherwise acquiring, selling, possessing, transferring, exchanging, or otherwise disposing of, and generally dealing in and with any and all forms of securities including, but not limited to, stocks, bonds, debentures, notes, scrip, participating certificates, rights to subscribe, options, warrants, certificates of deposit, mortgages, choses in action, evidences of indebtedness, commercial paper, certificates of indebtedness and certificates of interest of any and every kind and nature whatsoever, secured or unsecured, whether represented by trust, participating and/or other certificates or otherwise; provided however such authorization shall not include the opening of margin accounts or the making of short sales in accordance with the City's Investment Policy; and

WHEREAS, The fullest authority at all times with respect to any such commitment or with respect to any transaction deemed by any of the said officers and/or agents to be proper in connection therewith is hereby conferred, including authority (without limiting the generality of the foregoing) to give written or oral instructions to the Broker with respect to said transactions; to bind and obligate the Corporation to and for the carrying out of any contract, arrangement, or transaction, which shall be entered into by any such officer and/or agent for and on behalf of the Corporation with or through the Broker; to pay such sums as may be necessary in connection with any of the said accounts; to deliver securities to, and deposit funds with the Broker; to order the transfer or delivery of securities to any other person whatsoever, and/or to order the transfer of record of any securities to any name selected by any of the said officers or agents; to affix the corporate seal to any documents or agreements, or otherwise; to endorse any securities in order to pass title thereto; to direct the sale or exercise of any rights with respect to any securities to sign on behalf of the Corporation all releases, powers of attorney and/other documents in connection with any such accounts, and to agree to any terms or conditions to control any such account; to direct the Broker to surrender any securities to the proper agent or party for the purpose of effecting any exchange or conversion, or for the purpose of deposit with any protective or similar committee, or otherwise; to

accept delivery of any securities; to appoint any other person or persons to do any and all things which any of the said officers and/or agents is hereby empowered to do , and generally to do and take all action necessary in connection with the account, or considered desirable by such officer and/or agent with respect thereto; and

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Resolution 04-63

City of Homer

WHEREAS, That the Broker may deal with any and all persons directly or indirectly by the foregoing Resolution(s), empowered, as though they were dealing with the Corporation directly; and

WHEREAS, That the City Clerk is authorized, empowered and directed to certify to the Broker a true copy of the Resolution(s) and specimen of signatures of each and every person by these Resolution(s) empowered; and

WHEREAS, That the Broker may rely upon any certification given in accordance with these Resolution(s), as continuing fully effective unless and until the Broker shall receive due written notice of a change in or the rescission of the authority so evidenced, and the dispatch or receipt of any other form of notice shall not constitute a waiver of this provision, nor shall the fact, that any person hereby empowered ceases to be an officer of the Corporation or becomes an officer under some other title, in any way affects the powers hereby conferred. The failure to supply any specimen signature shall not invalidate any transaction; and

WHEREAS, That in the event of any change in the office or powers of persons hereby empowered, the City Clerk shall certify such changes to the Broker in writing in the manner herein above provided, which notification, when received shall be adequate both to terminate the powers of the person(s) theretofore authorized, and to empower the person(s) thereby substituted; and

WHEREAS, That the foregoing Resolution(s) and the certificates actually furnished to the Broker by the City Clerk pursuant thereto, be and they hereby are made irrevocable until written notice of the revocation thereof shall have been received by the Broker.

NOW THEREFORE BE IT RESOLVED by the Homer City Council that The City Treasurer is hereby authorized to open a new investment account with the firm of Raymond James and Associates, Inc. and authorizes the City Signatories to Execute the Appropriate Documents and compliance shall be with the recitals as herein stated.

PASSED AND ADOPTED by the Homer City Council this 26th day of July , 2004.

CITY OF HOMER

ATTEST: __________________________________

JACK CUSHING, MAYOR

_________________________________

MARY L. CALHOUN, CMC, CITY CLERK

Fiscal Note: None attached.

/mlc