DENALI BOROUGH, ALASKA

ORDINANCE NO. 92-02

INTRODUCED BY: Sid Michaels

AN ORDINANCE AMENDING SECTION 9.17 OF ARTICLE IX

OF THE CHARTER OF THE DENALI BOROUGH CONCERNING THE

BOROUGH PERMANENT INVESTMENT FUND.

BE IT ENACTED by the Assembly of the Denali Borough, Alaska that:

Section 1. Classification.

This ordinance is of a general and permanent nature.

Section 2. Article IX, Section 9.17 amended.

Section 9.17 of Article IX of the Denali Borough Charter is hereby

amended to read as follows:

[Denali Borough Investment Fund]

[An investment fund is hereby created from appropriations to be made by the Assembly by ordinance. The investment fund shall be maintained separate and apart from all other funds and accounts of the Denali Borough. The principal of the fund shall be invested in such types of income-producing investments as are hereafter specifically designated by ordinance. All income from the investment fund shall be deposited in the General Fund.]

Section 9.17

Denali Borough Permanent Investment Fund

1. Created. A Denali Borough Permanent Investment Fund is hereby created. The Permanent Investment Fund shall be maintained separate and apart from all other funds and accounts of the Denali Borough.

2. Funding. The Assembly shall provide by an appropriation from the General Fund, money to initially fund the Permanent Investment Fund. Money may be appropriated by the Assembly to the Permanent Investment Fund from any source. All appropriations shall be made by ordinance.

3. Investment of Funds. The Permanent Investment Fund shall be invested in such types of income-producing investments as are hereafter designated by ordinance.

4. Investment Income. A minimum of one half of all interest, dividends, and income earned by the Permanent Investment Fund shall be retained by the fund. An amount, not to exceed one half of all the interest, dividends, and income earned the previous fiscal year, may by ordinance be appropriated by the Assembly to the general fund during the current fiscal year.

5. Disbursement of Funds. A disbursement of money from the principal of the Permanent Investment Fund would require the following:

A. An ordinance by the Assembly and signed by the Mayor stating the exact amount and one specific purpose for which the disbursement is to be used.

B. The above ordinance must be ratified by a majority vote at an election.

C. All funds not used for the specifically stated purpose must be returned to the Permanent Investment Fund.

Section 3. Effective Date. This ordinance becomes effective upon adoption by the Denali Borough Assembly, signature of the Mayor and approval by a majority of the voters at the next regular election of the Denali Borough.

DATE INTRODUCED: February 9, 1992

FIRST READING: February 9, 1992

PUBLIC HEARING: September 13, 1992

PASSED and APPROVED by the DENALI BOROUGH ASSEMBLY this thirteenth day of September, 1992.

SIGNATURE ON FILE

Mayor

ATTEST: SIGNATURE ON FILE

Borough Clerk