CITY OF HOMER

HOMER, ALASKA

City Clerk

RESOLUTION 08-08(S)

A RESOLUTION OF THE CITY COUNCIL OF HOMER, ALASKA, AWARDING THE CONTRACT FOR INVESTMENT OF THE PERMANENT FUND TO THE FIRM OF WASHINGTON CAPITAL MANAGEMENT, INC. OF SEATTLE, WASHINGTON AT THE ANNUAL RATE OF 65 BASIS POINTS OF THE PORTFOLIO AND $15 PER TRADE AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE APPROPRIATE DOCUMENTS.

WHEREAS, The Invitation to Bid was advertised in the Homer News on November 1 and 8, 2007 in the Homer News, November 4, 2007 in the Peninsula Clarion and Anchorage Daily News, posted on the Clerk's home page, and mailed to Anchorage investment firms; and

WHEREAS, Proposals were due by 4:00 p.m. on Friday, November 30, 2007 and nine proposals were received by the City Clerk's Office; and

WHEREAS, Interviews were conducted with the top three firms on January 14, 2008 and the lowest responsible and responsive bidder is Washington Capital Management, Inc. of Seattle, Washington submitting a bid at the annual rate of 65 basis points of the portfolio and $15 per trade; and

WHEREAS, This award is not final until notice is received by Washington Capital Management, Inc. of Seattle, Washington from the City of Homer.

NOW, THEREFORE, BE IT RESOLVED that the City Council of Homer, Alaska hereby awards the contract for the Investment of the Permanent Fund to the Firm of Washington Capital Management, Inc. of Seattle, Washington at the rate of 65 basis points of the portfolio and $15 per trade and that the City Manager is hereby authorized to execute the appropriate documents.

PASSED AND ADOPTED by the Homer City Council this ______ day of __________, 2008.

CITY OF HOMER

_____________________________

JAMES C. HORNADAY, MAYOR

ATTEST:

______________________________

JO JOHNSON, CMC, CITY CLERK

Fiscal Note: Budgeted in 806-375.