Chapter 3.35
COMMON INVESTMENT AGREEMENT
Sections:
3.35.010 Authorization of membership and agreement.
3.35.020 Authorization of investments.
3.35.030 Effectiveness of and termination of membership and agreement.
3.35.010 Authorization of membership and agreement.
The terms of the Alaska Municipal League Investment Pool, Inc., Common Investment Agreement (“Agreement”) attached to the ordinance codified in this chapter, including the investment objectives and purposes contained within the Agreement, are hereby approved. The public entity is hereby authorized (a) to become a member of the Corporation and (b) to enter into the Agreement substantially in the form as set forth in Exhibit A of the ordinance codified in this chapter and such other documents as are necessary to effectuate that membership and Agreement. The Mayor (“presiding officer”) or that officer’s designee is authorized to execute those documents necessary to establish the public entity as a member of the Corporation and for the public entity to enter into the Agreement with no further approval or authorization required by the governing body. Should the public entity 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 thereto and incorporated by reference. [Ord. 2008-02-012 § 1].
3.35.020 Authorization of investments.
Upon execution of the Agreement by the public entity, each officer and employee of the public entity who is designated to be responsible for the investment of public funds of the public entity pursuant to the public entity’s ordinance is authorized to transfer public funds of the public entity to the Corporation for placement in the Alaska Municipal League Investment Pool (“pool”) created through the Agreement in order to acquire an interest in 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. All such transfers will be made in accordance with the procedures previously adopted by the public entity as may be amended from time to time. [Ord. 2008-02-012 § 2].
3.35.030 Effectiveness of and termination of membership and agreement.
The Agreement will go into effect upon execution by the presiding officer and by the Corporation. The public entity’s membership in the Corporation and participation in the pool under the terms of the Agreement will continue until the presiding officer terminates that membership and participation by written notice to the Corporation or by the adoption of an ordinance by the public entity terminating that membership and participation, whichever first occurs. [Ord. 2008-02-012 § 3].
3.35.040 Further acts.
Each officer of the public entity is hereby authorized to take any and all actions necessary to enter into the Agreement and the joint investments in the pool, to carry on the membership of the public entity in the Corporation, and to perform any obligations of the public entity under that membership and the Agreement. [Ord. 2008-02-012 § 4].