There shall be established a committee to be known as the Sitka investment committee, which shall consist of four members with one member serving as an alternate voting member for three-year terms. The city and borough finance director shall be an ex officio member of this committee. All committee members shall be appointed by the assembly.
(S.G.C. 2.62.010; Ord. 01-1651 § 4, 2001; Ord. 15-28 § 4, 2015)
Members of the Sitka investment committee shall not receive compensation for services performed as committee members.
(S.G.C. 2.62.020; Ord. 01-1651 § 4, 2001)
In the event of a vacancy on the committee caused by death, resignation, inability to serve, or any other reason, before the expiration of the term of any member, the assembly shall appoint a person to fill such vacancy for the unexpired term. At the time of vacancy the assembly shall give public notice of no less than three days that there is a vacancy on the committee and that interested persons may inform the assembly of their willingness to serve. The assembly is not, however, limited to those applying when appointing members. The Sitka investment committee shall have the power to suggest people to fill the vacancy and shall have the right to make recommendations for and against a person nominated to the position.
(S.G.C. 2.62.030; Ord. 01-1651 § 4, 2001)
The committee shall organize itself by electing a chair and secretary and shall schedule meetings as required, but in no event shall meetings be held less than every six months. Minutes of all meetings shall be furnished to the office of the administrator.
(S.G.C. 2.62.040; Ord. 01-1651 § 4, 2001)
The Sitka investment committee shall:
A. 
Make recommendations to update the investment policy as needed;
B. 
Review current investments to determine if they meet the standards set forth by the investment policy;
C. 
Recommend actions to be taken on investments that are downgraded or put on a negative credit watch;
D. 
Recommend appropriate benchmarks for portfolio performance of the pooled investments and the permanent fund investments.
(S.G.C. 2.62.050; Ord. 01-1651 § 4, 2001)