The Kenai Peninsula Borough Assembly enacted an ordinance for the annual approval of the financial asset investments of the Land Trust Investment Fund for 2023.
Additionally, the Assembly amended KPB Code 5.10.200(B) to update subsections seven and nine and to add two new subsections. These changes were recommended to be aligned with the indices that are currently being utilized in management of the LTIF investment portfolio.
Assembly member Brent Hibbert provided details on the ordinance;
“Pursuant our code, the financial assets of our investment of the Land Trust Fund has to be approved annually by resolution. So that is why that is here in front of us today. And the Alaska Permanent Capital Management is who manages this money and is the investment manager and they recommend that we don’t change anything for the next calendar year of 2023”
The ordinance was enacted without objection.
