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Ordinance 13-36 Appropriating Five Percent (5%) of the Tax Revenue Generated by the Drill Rig Endeavour, $9,054.36, to The Homer Foundation
Summary
An Ordinance of the Homer City Council Appropriating Five Percent (5%) of the Tax Revenue Generated by the Drill Rig Endeavour, an Amount of $9,054.36, to The Homer Foundation. City Clerk/Permanent Fund Committee.
Ordinance/Resolution ID:
13-36
Ordinance/Resolution Status:
Adopted
Introduction Date:
08/26/2013
Effective Date:
09/10/2013
File Attachments:
Public Hearing Date:
09/09/2013
Second Reading Date:
09/09/2013
Related Meetings
Details
CITY OF HOMER
HOMER, ALASKA
City Clerk/
Permanent Fund Committee
ORDINANCE 13-36
AN ORDINANCE OF THE HOMER CITY COUNCIL APPROPRIATING FIVE PERCENT (5%) OF THE TAX REVENUE GENERATED BY THE DRILL RIG ENDEAVOUR, AN AMOUNT OF $9,054.36, TO THE HOMER FOUNDATION.
WHEREAS, On July 22, 2013 the Council adopted Ordinance 13-22 dedicating the oil and gas property tax revenues in the amount of $181,087.16 from the Drill Rig Endeavour to the Homer Permanent Fund; and
WHEREAS, Pursuant to Homer City Code 3.12.020(a)(b) the City Council shall appropriate remaining windfall monies after the 95% contribution to the Permanent Fund to the Homer Foundation City of Homer Endowment Fund or other local non-profit organizations for the benefit of the community; and
WHEREAS, Five percent of the $181,087.16 oil and gas revenues is $9,054.36, and should be appropriated to The Homer Foundation.
NOW, THEREFORE, THE CITY OF HOMER ORDAINS:
Section 1. The City Council hereby appropriates five percent (5%) of the tax revenue generated by the Drill Rig Endeavour, an amount of $9,054.36, to The Homer Foundation as follows:
From:
Account Number Description Amount
999-000-1043 Permanent Fund Income $3,621.74
999-000-1044 Permanent Fund Growth $5,432.62
Total $9,054.36
Expenditure To:
Account Number Description Amount
806-375-5830 The Homer Foundation $9,054.36
City of Homer Endowment Fund
Section 2. This is a budget amendment ordinance, is not permanent in nature, and shall not be codified.
ENACTED BY THE CITY COUNCIL OF HOMER, ALASKA, this 9th day of September, 2013.
CITY OF HOMER
________________________
MARY E. WYTHE, MAYOR
ATTEST:
______________________________
JO JOHNSON, MMC, CITY CLERK
YES:
NO:
ABSTAIN:
ABSENT:
First Reading:
Public Hearing:
Second Reading:
Effective Date:
Reviewed and approved as to form.
Walt Wrede, City Manager Thomas F. Klinkner, City Attorney
Date: Date:
Fiscal Note: NA
