CITY OF HOMER

City Manager

HOMER, ALASKA

RESOLUTION 01-89(S)

A RESOLUTION OF THE CITY COUNCIL OF HOMER, ALASKA AUTHORIZING EXPENDITURES FOR REIMBURSEMENT FROM BONDS FOR THE OCEAN DRIVE LOOP BLUFF EROSION CONTROL PROJECT.

WHEREAS, Reimbursement Bonds provides for the City to be reimbursed for costs associated with the Ocean Drive Loop Bluff Erosion Control Project/Assessment District.

NOW THEREFORE, BE IT RESOLVED that the City Council of Homer, Alaska authorizes expenditures for reimbursement from bonds for the Ocean Drive Loop Bluff Erosion Control Project Assessment District with the following notations:

1. The City of Homer, Alaska (the "City") reasonably expects to reimburse the expenditures described herein with the proceeds of debt to be incurred by the City (the "Reimbursement Bonds"); and

2. The expenditures with respect to which the General Fund reasonably expects to be reimbursed from the proceeds of Reimbursement Bonds are for certain improvements within theOcean Drive Loop Bluff Erosion Control Assessment District; and

3. The maximum principal amount of debt obligations expected to be issued for the project described in Item 2. is $1,039,875.00.

PASSED AND ADOPTED by the Homer City Council this 13th day of November, 2001.

CITY OF HOMER

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JACK CUSHING, MAYOR

ATTEST:

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MARY L. CALHOUN, CMC, CITY CLERK

Fiscal note information contained herein.