DENALI BOROUGH, ALASKA

RESOLUTION NO. 94-18

A RESOLUTION OF THE ASSEMBLY OF THE DENALI BOROUGH PERTAINING TO THE DENALI BOROUGH PERMANENT INVESTMENT FUND.

WHEREAS, the Denali Borough Permanent Investment Fund was created

by the people of the Denali Borough to provide for the long term investment of funds; and

WHEREAS, the probable safety of capital as well as future probable

income is of utmost importance; and

WHEREAS, the Assembly is required by Borough Code to establish, by

formal Resolution each year, a plan for the allocation of investment assets;

AND WHEREAS, the Borough Code sets forth investment policies.

NOW THEREFORE BE IT RESOLVED: that the Denali Borough Assembly adopts an asset allocation scheme for the period ending May 31, 1995 as set forth below.

1.) The portfolio will be invested entirely in domestic securities. No non-dollar securities will be acquired.

2.) Assets will be invested within the following ranges:

a. Obligation of U.S. Treasury and U.S. Government 65-100%.

b. Money Market funds 0-35%.

c. Equities within the S & P 500 Index 0-20%.

PASSED and APPROVED by the DENALI BOROUGH ASSEMBLY this 12th

day of June, 1994.

SIGNATURE ON FILE

Mayor

ATTEST: SIGNATURE ON FILE

Borough Clerk