CITY OF HOMER Finance Department

HOMER, ALASKA Library Department

RESOLUTION NO. 04-01

A RESOLUTION OF THE CITY COUNCIL AUTHORIZING THE DISSOLUTION OF THE LIBRARY TRUST ACCOUNT AND TRANSFER THE FUNDS TO THE FRIENDS OF THE LIBRARY TO CREATE AN ENDOWMENT FUND WITH THE HOMER FOUNDATION.

WHEREAS, In December 1983 a management agreement was signed between Homer Public Library Inc. and the City of Homer to create an endowment fund for the Homer Public Library in the amount of $12,291.23; and

WHEREAS, In 1983 Homer Public Library Inc. was formally dissolved, and

WHEREAS, the Library Advisory Board and the Friends of the Library both have discussed this idea and are in support of moving the funds to the Homer Foundation as seed money for the Library endowment account, and

WHEREAS, the returns available through the creation of an endowment account with the Homer Foundation are greater then investments through the City and this will encourage others to contribute to the endowment account, and

NOW, THEREFORE, BE IT RESOLVED by the Homer City Council Authorizing the dissolution of the library trust account and transfer the funds to the friends of the library to create an endowment fund with the homer foundation.

PASSED AND ADOPTED by the Homer City Council this 12^th day of January, 2004.

CITY OF HOMER

_______________________________

JACK CUSHING, MAYOR

ATTEST:

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MARY CALHOUN, CITY CLERK

Fiscal Note: Transfers $12,300 to the Friends of the Library and closes out the City’s Library trust account.