CITY OF HOMER

HOMER, ALASKA

                                                                                               Novak

RESOLUTION 09-104

 

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 October 2009; 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, In 2008 the Permanent Fund Committee selected one proposer from a previous RFP to manage the Permanent Fund and then it became apparent the City would not be allocated funds from the Exxon Valdez settlement in excess of $1M; and

 

WHEREAS, A formal contract was never signed with the investment firm and it would not be reasonable to hold the firm to its proposal after nearly two years have passed; and

 

            WHEREAS, The city attorney has advised a new RFP is needed due to the changed requirements, including a substantially reduced settlement amount and dramatic changes in the financial services industry in the past two years; and

 

            WHEREAS, The proposals will be scored by the Permanent Fund Committee and a recommendation will be made to City Council; and

 

            NOW, THEREFORE, BE IT RESOLVED that the Homer City Council finds that it is in the best interest of the City to issue a Request for Proposals for 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 12th day of October, 2009.

 

                                                                                    CITY OF HOMER

 

 

                                                                                    _____________________________

                                                                                    JAMES C. HORNADAY, MAYOR

 

ATTEST:

 

 

______________________________

JO JOHNSON, CMC, CITY CLERK

 

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