HOMER,
City Manager
ORDINANCE 08-47
AN ORDINANCE OF THE
WHEREAS, The City Council adopted Resolution 07-115 authorizing the City Manager to apply for a loan in the amount of up to $8 Million Dollars from the Alaska Drinking Water Fund (ADWF) for construction of the new water treatment plant; and
WHEREAS, The City submitted a loan application for $5 Million earlier this year, the application was approved by DEC, and a loan agreement (ADWF # 409131) was forwarded to the City and signed by the Manager; and
WHEREAS, This agreement is amended as of
WHEREAS, The terms of the loan include a 20 year repayment schedule, equal annual principle payments, 1.5% interest, and a first payment due date one year after commencement of operations at the new plant.
NOW, THEREFORE, BE IT ORDAINED by the City of Homer:
Section 1: The Homer City Council hereby accepts and appropriates an ADWF loan from DEC in the amount of $3 Million subject to the terms and conditions contained in Loan Agreement ADWF # 409131 as follows:
Account No. Description Amount
205-000-2338 ADEC / ADWF Loan $3,000,000
Expenditure Description Amount
215-865 Water Treatment Plant Construction $3,000,000
Section 2: This ordinance is a budget amendment ordinance only, is not of a permanent nature, and shall not be codified.
ENACTED
BY THE
_____________________________
MAYOR
ATTEST:
______________________________
JO JOHNSON,
AYES:
NOES:
ABSTAIN:
ABSENT:
First Reading:
Public Reading:
Second Reading:
Effective Date:
Reviewed and approved as to form:
_____________________________ _____________________________
Date: _________________________ Date: ________________________