CITY OF HOMER

HOMER, ALASKA

City Manager

ORDINANCE 08-02(S)

 

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF HOMER, ALASKA, AUTHORIZING THE CITY TO ISSUE GENERAL OBLIGATION BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $6,000,000 $8,000,000 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, 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 $8,000,000 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 Eight Million Dollars (($6,000,000$8,000,000) 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 Eight Million Dollars ($6,000,000) ($8,000,000) 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 Eight Million Dollars ($6,000,000$8,000,000) 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(S)).

 

            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 AND ENACTED by the Homer City Council this ____ day of ____________ 2008.

 

CITY OF HOMER

 

 

______________________________________

DENNIS NOVAK, MAYOR PRO TEMPOREJAMES C. HORNADAY, MAYOR

 

ATTEST:

 

 

______________________________

JO JOHNSON, CMC, CITY CLERK

 

 

 

AYES:

NOES

ABSTAIN:

ABSENT:

 

First Reading

Public Hearing:

Second Reading:

Effective Date:

 

Reviewed and approved as to form and content:

 

 

______________________                                                    _____________________________

Walt Wrede, City Manager                                                       Thomas F. Klinkner, Bond Counsel

 

Date: _________________                                                      Date: __________________