CITY OF HOMER
HOMER,
ALASKA
City Manager
RESOLUTION
02-72
A RESOLUTION OF
THE CITY COUNCIL OF HOMER, ALASKA APPROVING THE BORROWING OF AN AMOUNT NOT TO
EXCEED $3,431,113 FROM THE ALASKA CLEAN WATER FUND FOR WASTEWATER SYSTEM
IMPROVEMENTS; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS REQUIRED IN
CONNECTION THEREWITH; AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS NECESSARY
TO THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION
WHEREAS, the City of Homer is a municipal corporation authorized
to construct, maintain, and operate a municipal sewerage system as a public
enterprise; and
WHEREAS, the City is authorized to borrow funds for a public
enterprise where the only security is the revenue of the public enterprise and
not a general obligation of the City; and
WHEREAS, an election is not required to authorize such borrowing;
and
WHEREAS, the State of Alaska, Department of Environmental
Conservation (the "State") has offered to make a loan to the City
from the Alaska Clean Water Fund in an amount not to exceed $3,431,113 and
proposes to enter into an Alaska Clean Water Fund Agreement (the
"Agreement") in substantially the form of which is attached to this
resolution and presented to the City Council at this meeting.
NOW, THEREFORE, BE IT RESOLVED by the City Council:
Section
1. The borrowing of a
sum not to exceed $3,431,113 from the Alaska Clean Water Fund is hereby
approved on the terms, including the rate of interest and maturity, and
provisions of the Agreement in substantially the form presented at this
meeting, with such insertions, omissions and changes as shall be approved by
the City Manager, the execution of it being conclusive evidence of such
approval; and the City Manager is hereby authorized and directed to execute the
Agreement and all related documents and to deliver the Agreement and all
related documents to the State.
Section
2. The City Manager and
other officers and employees of the City shall take all action necessary or
reasonably required by the parties to the Agreement and all related documents
to carry out, give effect to and consummate the transactions contemplated
thereby and to take all action necessary in conformity therewith, including,
without limitation, the execution and delivery of any closing and other
documents required to be delivered in connection with the Agreement.
Page 2
Resolution 02-72
City of Homer
Section
3. Nothing contained in
this Resolution, the Agreement, any related document or any other instrument
shall be construed as incurring a pecuniary liability or charge upon the
general credit of the City or against its taxing power, nor shall the breach of
any agreement contained in this resolution, the Agreement, any related
documents, or any other instrument or document executed in connection therewith
impose any pecuniary liability upon the City or any charge upon its general
credit or against its taxing power, except to the extent the payments payable
under the Agreement are special limited obligations of the City as provided in
the Agreement.
Section
4. The City Manager and
the City Finance Director are each hereby designated to act as authorized
representatives of the City for purposes of the Agreement and all related
documents until such time as the City Council shall designate any other or
different authorized representative for such purposes.
PASSED AND ADOPTED by the Homer City Council this 28th day of
October, 2002.
CITY OF HOMER
_______________________________
JACK CUSHING, MAYOR
ATTEST:
____________________________________
MARY L. CALHOUN,
CMC, CITY CLERK
Fiscal Note:
Twenty years at 2.5% interest. 50% Property Owner Assessments and 50% HAWSP.