HOMER,
City Manager
AN ORDINANCE OF THE
$6,000,000 $8,000,000
TO FINANCE PART OF THE
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.
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 (($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. $6,000,000
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
PROPOSITION NO. 1
GENERAL OBLIGATION BONDS FOR
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 ($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?$6,000,000
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
Section 6. This
ordinance is not of a permanent nature and as such, shall not be codified.
PASSED
______________________________________
DENNIS NOVAK, MAYOR PRO
TEMPOREJAMES 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: __________________