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.

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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.