HomeMy WebLinkAboutORDINANCE 1607-1994Suggested by: Finance
City of Kenai
~'~ ORDINANCB NO. 1607-94
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA
AMENDING KMC 7.22.060 TO SPECIFY THAT SHORT-TERM U. S.
TREASURY NOTES AND THE ALASKA MUNICIPAL LEAGUE INVESTMENT
POOL ARE LIQUID INVESTMENTS.
WHEREAS, the City is allowed to invest it's monies in a
variety of instruments, including U. S. Treasury. Notes and
the Alaska Municipal League (AML) investment Pool; and
WHEREAS, to provide for adequate liquidity, ensuring that
monies are readily available for expenditure or that
instruments have a ready market, the City has established in
KMC 7.22.060 which instruments may be aggregated in
determining the 20$ liquidity test; and
WHEREAS, in addition to those instruments listed, U. S.
Treasury Notes with maturities of one year or less, and
investments in the AML Investment Pool, are equally liquid
as U. S. Treasury Bills and money market funds,
respectively, and should be added to the list; and
WHEREAS, expanding the list of instruments defined as
liquid, without authorizing any different investments, will
enhance yields by allowing a greater range of ntaturfties to
be considered for investment.
NOW, THEREFORE, SE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA, that KMC 7.22.060 is hereby amended as
follows:
'7.22.060 Liauidity: Liquidity shall be
assured through investments in marketable U. S.
Treasury bills, U. S. Tr~a_ sury notes W,~,~~ exist{nct
a~ta_turities of one year or less , short-term repurchase
agreements, a State aut rized investment op ol~, or
money market funds. At least twenty percent (20$) of
the portfolio shall be held in such instruments.
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 5th
~.J
..
__ _ ;; _ ,.
.,:
-- -
Introduced: September 21, 1994
Adopted: October 5, 1994
Effective: November 5, 1994
Approved by Finance: C~~
(9/i4/94) ki