CITY OF HOMER City Manager

HOMER, ALASKA

ORDINANCE 04-24(A)

AN ORDINANCE OF THE CITY COUNCIL APPROPRIATING A LOAN OF $450,000.00 FROM THE SPECIAL PROJECTS FUND, ACCOUNT 151-275, TO CONSTRUCT THE NEW HOMER ANIMAL SHELTER, THAT THE SPECIAL PROJECT FUND BE REPAID AT A RATE OF $52,000.00 PER YEAR (INCLUDES 3% INTEREST).

WHEREAS, Total estimated project cost is $900,000.00; and

WHEREAS, The Homer Animal Shelter project has $450,000.00 currently secured and obligated; and

WHEREAS, This appropriation is a loan and must be repaid at a rate of $52,000.00 (includes 3% interest) annually for ten years beginning on January 1, 2005; and

WHEREAS, If the amount of $130,000.00 contained within District 35 Capital Projects is signed into law then the 10 year repayment note including 3% interest shall be adjusted accordingly.

NOW, THEREFORE, the City of Homer Ordains:

Section 1. That the Homer Animal Shelter project is hereby appropriated a loan of $450,000.00 which must be repaid to the Special Project Fund.

Account No. Description Amount

Funding 151-275 Special Project Fund $450.000.00

Expenditure: 151-275 Homer Animal Shelter - Special Project Fund $900,000.00

Includes current budget amount of $450,000.00

Section 2. This ordinance is a budget amendment only, is not of a permanent nature and is a non code ordinance.

PASSED AND ENACTED by the Homer City Council this ____ day of ___________, 2004

CITY OF HOMER

_____________________________ JACK CUSHING, MAYOR

Page Two

Ordinance 04-24

City of Homer

ATTEST:

______________________________________

MARY L. CALHOUN, CMC, CITY CLERK

Introduction:

Public Hearing:

Second Reading:

Effective Date:

Ayes:

Noes:

Abstain:

Absent:

Reviewed and approved as to form and content:

___________________________ Walt E. Wrede City Manager Gordon Tans, City Attorney

___________________________

Date Date

Fiscal Note: Fiscal information included in body of Ordinance.

/mlc