City Manager
AN ORDINANCE OF THE CITY COUNCIL APPROPRIATING A LOAN OF $575,000.00 FROM THE SPECIAL PROJECTS FUND, ACCOUNT 151-275, TO CONSTRUCT THE NEW HOMER PUBLIC LIBRARY AND STIPULATING THAT THE SPECIAL PROJECT FUND BE REPAID WHEN THE CURRENT LIBRARY BUILDING IS SOLD.
WHEREAS, Construction bids are due and will be publicly opened on April 21, 2005; and
WHEREAS, The $575,000.00 is a loan from the Special Projects Fund that will front end load the New Homer Library Project and will be repaid with the current Library Building is sold.
NOW, THEREFORE, the City of Homer Ordains:
Section 1. That the New Homer Library Project is hereby appropriated a loan of $575,000.00
which must be repaid to the Special Project Fund when the Current Library Building is sold.
Account No. Description Amount
Funding 151-275 Special Project Fund $575.000.00
Expenditure: 151-722 Add to New Homer Public Library $575,000.00
Fund
Section 2. To be repaid at a minimum rate of $57,500.00 plus interest at a rate of three percent per year for ten years, commencing with the budget for the year 2007 in the event that the property sale has not recaptured the $575,000.00. Any funds that are obtained from the Legislature for the Library be used to pay down this loan.
Section 2. 3. 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 ___________, 2005
CITY OF HOMER
_____________________________ JAMES C. HORNADAY, MAYOR
ATTEST:
_____________________________________
MARY L. CALHOUN, CMC, CITY CLERK
Page Two
Ordinance 05-28(A)
City of Homer
Introduction: 04/25/05
Public Hearing: 05/09/05
Second Reading: 05/09/05 Reconsidered 05/09/05
Effective Date: 05/10/05
Ayes: -5-
Noes: -1-
Abstain: -0-
Absent: -0-
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