HOMER,
City Manager
AN ORDINANCE OF THE
THE CITY OF HOMER,
ALASKA, AUTHORIZING THE CITY TO ISSUE GENERAL OBLIGATION BONDS IN THE PRINCIPAL
AMOUNT OF NOT TO EXCEED $6,000,000 TO FINANCE PART OF THE COST OF THE PLANNING,
DESIGN, CONSTRUCTION AND EQUIPPPING OF A NEW CITY HALL AND TOWN SQUARE (PLAZA)
AND RELATED CAPITAL IMPROVEMENTS; AND TO SUBMIT THE QUESTION OF THE ISSUANCE OF
SUCH BONDS TO THE QUALIFIED VOTERS OF THE CITY AT THE MARCH 25, 2008 SPECIAL
ELECTION.
WHEREAS, The City
of Homer adopted the Climate Action Plan via Resolution 07-106 on
WHEREAS, The purpose of this grant is
to provide funding to the City of
Section 1. That the City Council hereby accepts and appropriates an EPA
Regional Geographic Initiative Grant of $5,000.00 for development
of an Employee Sustainability Handbook to follow the energy
program the City Council adopts as follows:
Account No.
Description
Amount
157-797
EPA Regional Geographic Initiative Grant $5,000.00
Expenditure Description
Amount
157-797 Employee
Sustainability Handbook $5,000.00
Section
2. That the City Council hereby
authorizes the City Manager to execute the appropriate documents.
Section
3. This ordinance is a budget amendment
only, is not of a permanent nature and is a non code ordinance. Under
the provisions of AS 29.47.190, the City of Homer (the “City”) may incur
general obligation debt only after a bond authorization ordinance is approved
by a majority of those voting on the question at a regular or special election;
and
WHEREAS,
Construction of a new city hall and town square (plaza) will implement the
adopted Town Center Plan, provide better service to the public, and allow the
college (KPC) to grow and consolidate its campus by purchasing the existing
City Hall; and
WHEREAS,
It is estimated that, with other available sources of funding, the proceeds of
not to exceed $6,000,000 in general obligation bonds of the City will be
required to finance the city hall and town square (plaza) project.
NOW,
THEREFORE, THE CITY OF HOMER ORDAINS:
Section 1. It is hereby determined to be for a public
purpose and in the public interest of the City to incur general obligation
bonded indebtedness in an amount not to exceed Six Million Dollars ($6,000,000)
for the purpose of paying part of the cost of planning, designing and
constructing a new city hall and town square (plaza) and related capital
improvements in the City.
Section 2.
The City is authorized to borrow the sum of Six Million Dollars ($6,000,000)
to finance the capital improvements described in Section 3, and the borrowing
shall be evidenced by the issuance of general obligation bonds of the
City. The full faith and credit of the
City are pledged for the payment of the principal of and interest on the bonds,
and ad valorem taxes upon all taxable property in the City shall be levied
without limitation as to rate or amount to pay the principal of and interest on
the bonds when due.
Section 3.
The City shall submit the following proposition to the qualified voters
of the City at the March 25, 2008 special election. The proposition must receive an affirmative
vote from a majority of the qualified voters voting on the question to be
approved:
PROPOSITION
NO. 1
GENERAL
OBLIGATION BONDS FOR
NEW CITY HALL AND TOWN PLAZA AND
RELATED CAPITAL IMPROVEMENTS
Shall the City of Homer
incur debt and issue general obligation bonds in an amount not to exceed Six
Million Dollars ($6,000,000) to finance part of the cost of the planning,
design, construction and equipping of a new city hall and town square (plaza)
and related capital improvements in the City?
The bonds shall be
secured by a pledge of the full faith and credit of the City (Ordinance 08-02).
Section 4.
The proposition, both for paper ballots and machine ballots, shall be
printed on a ballot which may set forth other general obligation bond
propositions, and the following words shall be added as appropriate next to an
oval provided for marking the ballot for voting by hand or machine:
PROPOSITION
NO. 1
O Yes
O No
Section 5.
Section 1 and 2 of this ordinance shall become effective only if the
proposition described in Section 3 is approved by a majority of the qualified
voters voting on the proposition at the March 25, 2008 special election. The remaining sections of this ordinance
shall become effective upon passage.
Section 6. This ordinance is not of a permanent nature
and as such, shall not be codified.
PASSED
_____________________________
JAMES C. HORNADAY, MAYOR
ATTEST:
______________________________
JO JOHNSON,
AYES:
NOES
ABSTAIN:
ABSENT:
First
Public Hearing:
Second
Effective Date:
Reviewed and approved as to form and content:
______________________ _____________________________
Walt Wrede, City Manager Thomas F. Klinkner, Bond Counsel
Date: _________________ Date: __________________