“Actively traded” means securities which are regularly bought and sold on the secondary market on a daily basis and for which price information is available on a regular basis in the Wall Street Journal;

“Bank” means an institution which is chartered or otherwise authorized to conduct business as a bank by, and regulated by, an agency of the United States government or of any state, which is insured by the Federal Deposit Insurance Corporation, and which maintains a main or branch office within the United States on a regular and permanent basis;

“Credit union” means an institution which is chartered or otherwise authorized to do business as a credit union by the Federal Credit Union Act or as the context permits under the laws of any state, and regulated by an agency of the United States government or of any state and which is insured by the National Credit Union Administration, and which maintains a main or branch office within the United States on a regular and permanent basis. In order to do business with a credit union, the Borough must be in the credit union’s field of membership;

“Financial institution” means a bank, credit union, savings and loan association, international bank, or securities dealer;

“Immediate family” means spouse, child (step, biological or adoptive), parent (step, biological or adoptive), sibling, grandparent, father-in-law, mother-in-law, or a regular member of the person’s household;

“International bank” means a bank as defined in this chapter, and any other institution chartered or otherwise authorized to provide banking services by the government of any foreign country, or political subdivision thereof, whether or not said institution maintains an office within the United States;

“Money market mutual fund” means a mutual fund which maintains a constant share price regardless of market fluctuations and which has an average maturity of its entire portfolio of 60 days or less;

“Savings and loan association” means an institution chartered or otherwise authorized to do business as a savings and loan association by, and regulated by, an agency of the United States government or of any state, and insured by the Federal Savings and Loan Insurance Corporation, which maintains a main or branch office within the United States on a regular and permanent basis;

“Securities dealer” means a person, partnership, corporation or other entity licensed by the Securities and Exchange Commission to deal in secondary financial markets, which is a member of the New York Stock Exchange, and which maintains a main or branch office within the United States on a regular and permanent basis;

“U.S. government agency or instrumentality securities” means securities issued by the U.S. government agencies or quasi-government agencies and guaranteed directly or indirectly by the U.S. government.

“U.S. Treasury securities” means bills, notes and bonds issued directly by the United States Treasury through the Federal Reserve System, and guaranteed by the full faith and credit of the United States government.

It is the public policy of the Fairbanks North Star Borough that investment of Borough funds with or through local financial institutions furthers the public interest. “Local financial institution” is defined as a financial institution which maintains an office in the Borough on a regular and permanent basis. However, the welfare of all the citizens of the Borough requires that the objectives contained in FNSBC 7.16.020(C) be met at all times. Therefore, an investment shall not be placed with or through such a local institution if the placement would result in any decrease in or impairment of the Borough’s ability to meet these objectives. (Ord. 2016-40 § 43, 2016; Ord. 99-007 § 6, 1999; Ord. 87-069 § 4, 1988. 2004 Code § 3.04.190.)