(a) Authorization. The city may pool available cash reserves of other public entities in the state to maximize returns on long term or short term investments as provided in A.S. 37.23.010 through 37.23.900.
(b) Membership in Alaska Municipal League Investment Pool and Agreement. The terms of the Alaska Municipal League Investment Pool, Inc. Common Investment Agreement ("Agreement") attached hereto, including the investment objective and purposes contained within the agreement, are hereby approved. The city is hereby authorized (1) to become a member of the Corporation and (2) to enter into the Agreement substantially in the form as set forth in Exhibit A and such other documents as are necessary to effectuate that membership and Agreement. The Mayor or the Mayor's designee is authorized to execute those documents necessary to establish the city as a member of the Corporation and for the city to enter into the agreement with no further approval or authorization required by the City Council. Should the city hereafter enter into the Agreement, it will thereby accept and be bound by the terms and conditions of the Agreement, and the Articles of Incorporation and Bylaws of the Corporation, copies of which Articles and Bylaws are attached hereto and incorporated by reference.
(c) Authorization of investments. Upon execution of the Agreement by the city, each officer and employee of the city who is designated to be responsible for the investment of public funds of the city is authorized to transfer public funds of the city to the Corporation for placement in the Alaska Municipal League Investment Pool ("Pool") created through the Agreement in order to acquire an interest in any series of it, provided that such funds will be invested in accordance with the terms of the Agreement and the investment policies as set forth in the Agreement and its exhibits.
(d) Effectiveness of the termination of membership and agreement. The Agreement will go into effect upon execution by the Mayor and by the Corporation. The city's membership in the Corporation and participation in the Pool under the terms of the Agreement will continue until the adoption of a Resolution by the City Council terminating that membership and participation.
(e) Further acts. The Mayor is hereby authorized to take any and all action necessary to enter into the Agreement and the joint investments in the Pool, to carry on the membership of the city in the Corporation, and to perform any obligations of the city under that membership and agreement.
(Ord. 93-6, passed 1-12-93)