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 Kotzebue
 Code of Ordinances
 Title 3. REVENUE AND FINANCE
 Chapter 3.25. INVESTMENT POLICY

  § 3.25.050. Authorized investments.  

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  • City monies shall be invested only in the following instruments. All securities purchased by the city, and all other city investments must mature not later than the time indicated below, measured from the date of the city's investment transaction.

    A.

    Obligations of, or obligations insured or guaranteed by the United States or an agency or instrumentality of the United States: up to ten years.

    B.

    Certificates of deposit and other deposits at banks and savings and loan associations: up to ten years.

    C.

    Federally insured deposits at banks and savings and loan associations: up to ten years.

    D.

    Bonds and notes which are issued by any state or political subdivision thereof, or pursuant to the Tribal Tax Statutes Act 26 U.S.C. Section 7871 and which are rated AA or higher by a nationally recognized rating service: up to ten years.

    E.

    Commercial paper issued by corporations and having the highest rating given by a nationally recognized rating service: two hundred seventy days.

    F.

    Bankers acceptances drawn on and accepted: (i) a bank, all of whose debt issues are rated at least AA or its equivalent by a nationally recognized rating service; or (ii) if the bank is a subsidiary of one bank holding company, all of whose commercially held paper has the highest rating given by a nationally recognized rating service or whose debt issues meet the requirements in subsection A. above: one hundred eight days.

    G.

    Money market mutual funds whose portfolio consists entirely of instruments: maturity date not applicable, which are U.S. government, or U.S. government guaranteed obligations, which have a constant net asset value.

    H.

    Repurchase agreements, the securities underlying the agreement being any of the items listed in subsections A. and F. of this section, which meet a margin requirement of one hundred two percent.

    I.

    The Alaska Municipal League Investment Pool, Inc. made in accordance with the terms of that Pool's "Common Investment Agreement."

    (Ord. 95-4 (part), 1995).

(Ord. No. 13-05, § 6(Exh. C), 11-1-2012)