RESOLUTION 06-63

A RESOLUTION OF THE HOMER CITY COUNCIL EXPRESSING ITS CONTINUED STRONG SUPPORT FOR THE HOMER DEEP WATER DOCK CONSTRUCTION PHASE II PROJECT AND EXPRESSING ITS INTENT TO PLACE A BOND PROPOSITION IN THE AMOUNT OF TWO MILLION DOLLARS ON THE OCTOBER 2007 REGULAR ELECTION BALLOT INSTEAD OF THE OCTOBER 2006 REGULAR ELECTION BALLOT AS AUTHORIZED BY RESOLUTION 05-111.

WHEREAS, The Deep Water Dock Construction Phase II project continues to be the City’s number one Federal and Area-Wide CIP project, and

WHEREAS, The City Council adopted Resolution 05-111 entitled “A RESOLUTION OF THE HOMER CITY COUNCIL EXPRESSING ITS STRONG SUPPORT FOR THE HOMER DEEP WATER DOCK CONSTRUCTION PHASE II PROJECT AND ITS INTENT TO PLACE A BOND PROPOSITION ON THE OCTOBER 2006 REGULAR ELECTION BALLOT IN THE AMOUNT OF TWO MILLION DOLLARS IN ORDER TO PROVIDE FOR A LOCAL MATCH TO STATE AND FEDERAL FUNDING” on November 14, 2005, and

WHEREAS, The City Administration has informed the Council that it has concluded that placing a bond proposition before the voters in the fall of this year is premature, and

WHEREAS, The Council recently awarded a contract for comprehensive engineering and design of Phase II via Resolution 06-37, and

WHEREAS, One of the first tasks the consultants will address is completion of an economic feasibility study, and

WHEREAS, Although the City recently received appropriations from Congress and from the Alaska Legislature for this project, significantly more funding must be identified and secured, and

WHEREAS, It would not be appropriate to ask the voters to consider authorizing the borrowing of money until they have more information with which to make an informed decision, including, but not limited to, a completed economic feasibility study, an analysis of potential economic and environmental impacts, final engineering and cost estimates, and a more complete and well defined funding package.

Page Two

Resolution 06-63

City of Homer

NOW THEREFORE BE IT RESOLVED, That the Homer City Council hereby finds that it is in the best interest of the City to place a Deep Water Dock bond proposition in the amount of Two Million Dollars before the voters on the October 2007 Regular Election ballot instead of the October 2006 Regular Election ballot as prescribed by Resolution 05-111 and authorizes the City Manager to take the appropriate steps.

PASSED AND ADOPTED by the Homer City Council this 12^th day of June, 2006.

CITY OF HOMER

VAL McLAY, MAYOR PRO TEMPORE

ATTEST:

MARY L. CALHOUN, CMC, CITY CLERK

Fiscal Note: Two Million Dollars in Bond Payments plus interest over 20 or 30 years.