Ordinance 13-36 Appropriating Five Percent (5%) of the Tax Revenue Generated by the Drill Rig Endeavour, $9,054.36, to The Homer Foundation

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