City of Homer

Homer, Alaska

Resolution 01-82

A RESOLUTION OF THE HOMER CITY COUNCIL AMENDING RESOLUTION 94-130(A) ESTABLISHING A MAXIMUM CAPITAL RESERVE FUND BALANCE AND A REPLENISHMENT SCHEDULE FOR THE WATER FUND.

WHEREAS, the City Council of the City of Homer is amending Resolution 94-130(A) establishing a capital reserve fund for the Water Fund; and

WHEREAS, the State of Alaska has changed the granting process to require a matching amount for the City of Homer, and reduced the amount of grants available; and

WHEREAS, the City Council of the City of Homer desires to remove the $600,000 limit on the account balance; and

WHEREAS, the City Council of the City of Homer desires that the capital reserve fund balance be sufficient enough to meet these grant matching requirements and future major capital needs and be replenished each year in accordance with the depreciation schedule established for the Water Fund; and

WHEREAS, the City Council of the City of Homer desires that the Capital Reserve Fund Balance be reviewed every two years.

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Homer, Alaska the capital reserve fund balance limit of $600,000 be removed and the fund will be replenished according to the depreciation schedule established for the Water Fund.

PASSED AND APPROVED by the Homer City Council this day of

CITY OF HOMER

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Jack Cushing, Mayor

ATTEST:

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Mary L. Calhoun, City Clerk