Council ponders plan to switch management of Homer permanent fund

Homer City Hall (Photo courtesy City of Homer)
The Homer City Council is considering an ordinance that will end its contract with a company hired to invest money saved in the city’s Permanent Fund.
The Permanent Fund was created in 2006 to hold settlement money awarded for the Exxon Valdez Oil Spill. In 2010 the city was awarded $1.1 million for the spill. According to Homer Finance Director John Li the fund is now worth close to $2 million.
Homer Mayor Beth Wythe says that money must be u