HOMER, ALASKA
Beck
AN ORDINANCE OF THE CITY
COUNCIL OF HOMER ALASKA APPROVING AND SUBMITTING A LOAN AND LONG TERM DEBT
AUTHORIZATION AND THE USE OF NOT MORE THAN $143,113.16 OF HARP SALES TAX
REVENUES PER YEAR, FOR THE PURPOSE OF FINANCING AND CONSTRUCTING THE NEW HOMER
PUBLIC LIBRARY TO THE VOTERS FOR VOTER APPROVAL AT THE OCTOBER 5, 2004
MUNICIPAL ELECTION.
WHEREAS, The City Council has recently adopted a Long Range Fiscal Plan, and
WHEREAS, During the planning process, the Council identified the need to borrow an amount up to $2,200,000 in order to complete the financing package and begin construction of the new Homer Public Library, and
WHEREAS, The construction of a new public library has been a top city priority for many years and is considered to be vital to the educational, economic, social, and cultural development and vitality of the city, and
WHEREAS, The Friends of the Library and its staff, the Library Advisory Board and its associated committees, City staff, and many other dedicated individuals, organizations, and businesses, have done an outstanding job raising funds for this project, and
WHEREAS, The City anticipates at this time that approximately $4.7 Million will be raised for the project through grants, donations, and other fund raising activities and that an additional $1.8 to $2.2 million will be needed, and
WHEREAS, The amount of money raised to date demonstrates that there is overwhelming support for this project from the community, organizations, businesses, and the federal, state, and local governments, and
WHEREAS, The City Council wishes to obtain a loan in an amount not to exceed $ 2.2 Million and to incur long term debt in order to make sure that this very high priority project is constructed as soon as possible; and
WHEREAS, Each year the sales tax revenues generated to the Homer Accelerated Roads Program (HARP) by HCC 9.16.010(c) typically exceed the amount needed for street
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Ordinance 04-30(S) version one
City of Homer
improvements and related utilities, and such excess could be appropriated to loan payments on the library construction debt if approved by the voters.
NOW THEREFORE, the City of Homer Ordains:
Section 1. That the Homer City Council finds that at the present time it is in the best interest of the City to incur long- term debt in order to complete the financing package for the new library and to appropriate excess HARP sales tax revenues to help pay such debt.
Section 2. The City Clerk shall submit the following question to the voters at the next regular election to be held on October 5, 2004. The ballot proposition shall read as follows:
PROPOSITION
1
Shall the City of Homer borrow
funds, which shall be a general obligation of the City, in an amount not to
exceed $2,200,000.00 ($2.2 Million) for the purpose of constructing and for
equipping the new Homer Public Library, and shall the City Council be
authorized to appropriate for the payment of such debt an amount not to exceed
$ 143,113.16 annually from the sales tax revenues generated by HCC 9.16.010(c)
for street reconstruction improvements and related utilities?
_______ YES _________NO
Section 3. The City Manager and City Clerk are authorized to provide an explanation to the voters regarding issues such as the terms of the loan and how the loan would be repaid.
Section 4. This ordinance is not of a permanent nature and as such, shall not be codified.
PASSED AND ENACTED by the Homer City Council this ____ day of ______, 2004
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Ordinance 04-30(S) version one
City of Homer
improvements and related utilities, and such excess could be appropriated to loan payments on the library construction debt if approved by the voters.
NOW THEREFORE, the City of Homer Ordains:
Section 1. That the Homer City Council finds that at the present time it is in the best interest of the City to incur long- term debt in order to complete the financing package for the new library and to appropriate excess HARP sales tax revenues to help pay such debt.
Section 2. The City Clerk shall submit the following questions to the voters at the next regular election to be held on October 5, 2004. The ballot propositions shall read as follows:
PROPOSITION
1
Shall the City of Homer borrow
funds, which shall be a general obligation of the City, in an amount not to
exceed $2,200,000.00 ($2.2 Million) for the purpose of constructing and for equipping the new Homer
Public Library?
_______ YES _________NO
PROPOSITION 2
Shall the City Council be
authorized to appropriate for the payment of debt incurred for constructing and
for equipping the new Homer Public Library an amount not to exceed $143,113.16 annually from the sales tax
revenues generated by HCC 9.16.010© for street reconstruction improvements and
related utilities?
_______ YES _________NO
Section 3. The City Manager and City Clerk are authorized to provide an explanation to the voters regarding issues such as the terms of the loan and how the loan would be repaid.
Section 4. This ordinance is not of a permanent nature and as such, shall not be codified.
PASSED AND ENACTED by the Homer City Council this ____ day of ______, 2004
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City of Homer
Introduction:
Public Hearing:
Second reading:
Effective Date:
Ayes:
Nayes:
Abstain:
Absent:
Reviewed and approved as to form and content:
Walt Wrede, City Manager
Date:
Gordon Tans, City Attorney
Date:
Fiscal Note: Amortization Schedule Attached