HOMER,
Novak
RESOLUTION 09-104
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 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
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
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.