HOMER,
Permanent Fund Committee
RESOLUTION 07-100
A
RESOLUTION OF THE
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
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
BE IT FURTHER RESOLVED that the Council hereby authorizes the Administration to issue a Request for Proposals for Permanent Fund Investment Services.
PASSED
_____________________________
JAMES C. HORNADAY, MAYOR
ATTEST:
______________________________
JO JOHNSON,
Fiscal Note: Costs associated with investment services to be determined.