AN ORDINANCE OF THE CITY COUNCIL OF HOMER, ALASKA TO CREATE A NEW CITY FUND TO RETAIN MONIES RAISED FROM SALES TAX AND TARGETED TOWARD PERS SHORTFALLS PURSUANT TO A STATE MANDATE.
WHEREAS, The City tax code has been structured to make up for PERS shortfalls that are the responsibility of this municipality; and
WHEREAS, This tax revenues raised for this purpose are in excess of what the state requires on the interim basis.
NOW THEREFORE THE CITY OF HOMER ORDAINS:
Section 1. That the City will deposit those PERS excesses in an account set up specifically for the purposes of maintaining control over the distribution of those monies until the time that our fiduciary responsibility requires payment of monies from that fund to the State.
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 ___________, 2005
CITY OF HOMER
_____________________________
ATTEST: JAMES C. HORNADAY, MAYOR
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MARY L. CALHOUN, CMC, CITY CLERK
Introduction:
Public Hearing:
Second Reading:
Effective Date:
Page Two
Ordinance 06-46
City of Homer
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.
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