CITY OF
HOMER,
Wythe
ORDINANCE 05-14(S)
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF HOMER,
ALASKA, AMENDING HOMER CITY CODE CHAPTER 3.05, BUDGET, TO ADD A NEW SECTION
3.05.046, GENERAL PERMANENT FUND, AND SUBMITTING THE ORDINANCE TO THE VOTERS
FOR APPROVAL.
WHEREAS, It is in the best interest
of the Citizens of Homer and the City of Homer to set up a General Permanent
Fund to address funds received by the City from sources other than revenue; and
WHEREAS, At any point in time funds
may become available from the Exxon Valdez Oil Spill Settlement; and
WHEREAS, These non revenue funds may
be called “wind-fall” funds; and
WHEREAS, It is in the best interest
of the Citizens of Homer and the City of Homer to invest these funds in such a
manner as to provide a secure source of annual revenues; and
WHEREAS, The expenditure of these
funds should be open to public decision and therefore shall require a vote of
the Citizens of Homer; and
WHEREAS, The Council desires to
submit the question of establishment of a permanent fund to the voters for
approval.
NOW, THEREFORE, THE CITY OF HOMER
HEREBY ORDIANS:
Section
1. Homer City Code Chapter 3.05, Budget, is hereby amended by creating a new
section 3.05.046 to read as follows:
3.05.046
General Permanent Fund.
a. At any point in time that funds
become available from the distribution of the Exxon Valdez settlement, or other
forms of “wind-fall”, 100% of such funds shall be used to establish a General
Permanent Fund (Fund).
b. “Wind-fall” shall be defined as
any funds received by the City from any source other than standard budgeted
operating revenues (State and Federal grant funds, with a specific allocation
purpose, will not be considered Wind-fall).
c. The Fund shall be invested in such
a manner as to provide a secure source of annual revenues.
d. An amount equal to 95% of any
revenues derived from the investments in such fund shall become available for
inclusion in the annual budget on a 12 month delayed basis. (i.e., as of
e. The retention of 5% of the annual
earnings and the addition of subsequent “wind-fall” funds is intended to
provide a margin of inflation proofing for the principal principle
of the fund.
f. The City Council may elect to
contribute a portion of the prior year’s General Fund surplus. Under no circumstance shall the principle
principal of the fund be distributed without the approving vote of a
preponderance sixty percent (60%) of the voting electorate.
g. Distribution of fund principal:
i. A vote of the City Council is required to
place {unanimous vote of the City Council may place} the question of
spending funds from the principal on the ballot for the next regular election.
ii. A preponderance
A majority of sixty percent (60%) of those voting on the issue shall be
required to approve the distribution.
Section
2. The City Clerk shall submit the
following question to the voters at the next regular election to be held on
October 4, 2005. The ballot measure
shall read as follows:
BALLOT MEASURE NO. ____
ORDINANCE 05-14
Ordinance 05-14 will establish a General Permanent
Fund for the City of
Should this ordinance become law?
Yes _____ No ______ _
Section
3. If the ballot measure set forth in
this ordinance is approved by the voters, section 1 of this ordinance shall
take effect upon certification of the election.
If the ballot measure is not approved by the voters, section 1 of this
ordinance will not take effect. Sections
2 thorugh 4 of this ordinance take effect immediately.
Section
4. If the ballot measure set forth in
this ordinance is approved by the voters, section 1 of this ordinance shall be
of a permanent and general character and shall be included in the City
code. The remaining sections of this
ordinance are not of a permanent nature and, as such, shall not be codified.
Section
2. This ordinance is of a permanent and
general character and shall be included in the City Code.
ENACTED BY THE CITY COUNCIL OF THE
CITY OF HOMER,
CITY
OF
_____________________________
JAMES
C. HORNADAY, MAYOR
ATTEST:
_____________________________________
MARY
L. CALHOUN, CMC, CITY CLERK
Introduction:
Public
Hearing:
Second
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: NA.