The borough assembly shall retain one or more professional investment managers to design portfolios or invest funds in accordance with the written investment policies adopted by the assembly. An investment manager must be a registered financial advisor with both the United States Securities and Exchange Commission and the state of Alaska, unless otherwise exempt from registration. Each investment manager shall agree to serve as a fiduciary to the borough. Each investment manager shall carry professional liability insurance in an amount satisfactory to the borough, and the terms of the investment relationship shall be memorialized in a written contract entered into between the borough and the respective investment advisors. (Ord. 07-08-164 § 5)