CITY OF HOMER

HOMER, ALASKA

                                                                                               Permanent Fund Committee

RESOLUTION 07-100

 

A RESOLUTION OF THE CITY COUNCIL OF HOMER, ALASKA AUTHORIZING THE CITY ADMINISTRATION TO ISSUE A REQUEST FOR PROPOSALS (RFP) FOR PERMANENT FUND INVESTMENT SERVICES.

 

            WHEREAS, The City of Homer Permanent Fund Committee anticipates that Exxon Valdez oil spill settlement funds might be distributed to affected and eligible municipalities as soon as February 2008; and

 

            WHEREAS, The Permanent Fund Committee strongly recommends that the City Council place the City in position to efficiently and seamlessly receive and invest the settlement funds in order to maximize the benefit to Homer residents and implement the provisions contained in HCC 3.10.130 Governance of Homer Permanent Fund Assets and HCC 3.12 Permanent Fund; and

 

            WHEREAS, The Permanent Fund Committee has informed the Council that it believes it is in the City’s best interest to hire an investment firm or firms to provide Permanent Fund investment advice, help the City draft investment policies, and execute trades and other activities pursuant to City Code and adopted investment policies; and   

 

            WHEREAS, The Permanent Fund Committee has been working on the draft of a Request for Proposals (RFP) for the past several meetings and has forwarded the draft to the City Administration and City Attorney for final editing; and

 

            WHEREAS, The draft RFP does not contain a rigid and inflexible scope of services but rather, encourages investment firms to fully describe the range of services they can provide within the broad framework of the City’s stated investment objectives so that the Council can make an informed selection; and

 

            WHEREAS, The proposals will be scored initially by the Permanent Fund Committee and a short list will be interviewed by the City Council to make a final decision in January 2008; and

 

            WHEREAS, The Committee recommends that the RFP be issued no later than November 1, 2007, as the Committee’s schedule calls for proposals to be due December 1, 2007.

 

            NOW, THEREFORE, BE IT RESOLVED that the Homer City Council finds that it is in the best interest of the City to be in position to receive and invest the settlement funds before the funds arrive and to hire an investment firm or firms to provide financial services related to the City’s Permanent Fund as described above.

 

            BE IT FURTHER RESOLVED that the Council hereby authorizes the Administration to issue a Request for Proposals for Permanent Fund Investment Services.

 

            PASSED AND ADOPTED by the Homer City Council this 22nd day of October, 2007.

 

                                                                                    CITY OF HOMER

 

 

                                                                                    _____________________________

                                                                                    JAMES C. HORNADAY, MAYOR

 

ATTEST:

 

 

______________________________

JO JOHNSON, CMC, CITY CLERK

 

Fiscal Note: Costs associated with investment services to be determined.