M E M O R A N D U M 05-115

TO: MAYOR HORNADAY AND HOMER CITY COUNCIL

FROM: COUNCILMAN DOUG STARK

DATE: COUNCIL MEETING OF 27 JUNE 2005

SUBJECT: AMENDMENT TO ORDINANCE 05-14(A) GENERAL PERMANENT FUND

The state's Permanent Fund was adopted by vote of the people, as were most municipal permanent funds. It seems proper for Homer to do the same. This is a big addition to the Code and the citizens should have a chance to take ownership. The following paragraph should be added to the ordinance:

Section 2. This ordinance takes effect following ratification by the voters at the next municipal election October 4,2005.

Renumber Section 2 as 3.

RECOMMENDATION: Amend the ordinance accordingly.

Fiscal Note: Cost of adding to ballot and election advertising.