HOMER,
City Manager
ORDINANCE 07-46
AN ORDINANCE OF THE
WHEREAS, The FY 2007 Operating Budget (Capital Equipment) appropriated funds for the acquisition of a track excavator, a striper, a roadside mower, a dozer, and angle blades; and
WHEREAS, The approved budget authorized acquiring this equipment using loan financing with the intent of reducing the impact on fund balances in depreciation reserve accounts; and
WHEREAS, During the process of applying for and negotiating a loan agreement, it became apparent to the Administration that it would not be able to secure an interest rate and terms that were in the best interest of the City; and
WHEREAS, The Administration has concluded and now recommends that it would be financially prudent for the City to purchase this equipment with cash using funds from the General Fund, Port and Harbor Fund, and Water and Sewer Fund Depreciation accounts.
Section 1. The City Council hereby finds that it is in the best interest of the City to purchase the equipment described above using cash from depreciation reserves instead of financing and amends the FY 2007 Budget as follows:
ACCOUNT DESCRIPTION AMOUNT
Angle Blades
215-378-5901 $ 5,000.00
215-379-5901 $ 4,750.00
152-374-5902 $10,250.00
Section 2. This is a budget amendment ordinance, is not permanent in nature, and shall not be codified.
PASSED
_____________________________
JAMES C. HORNADAY, MAYOR
ATTEST:
______________________________
JO JOHNSON,
Introduction:
Public Hearing:
Second
Effective Date:
AYES:
NOES:
ABSTAIN:
ABSENT:
Reviewed as to form and content:
______________________ _______________________
Walt Wrede, City Manager Gordon Tans, City Attorney
Date: __________________ Date: __________________
Fiscal Note: See Detail Above