HomeMy WebLinkAboutORDINANCE 1526-1993~ /~/~a
.~ Suggested by: City Council
City of Kenai
ORDINANCE NO. iS26-93
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA AMENDINfir KMC
7.OS.010(b) TO PROVIDE FOR CONSIDERATION OF PROPERTY TAX INCREASES TOOFFSET -
REDUCTIONS IN STATE REVENUE SHARING AND MUNICIPAL ASSISTANCE.
WHEREAS, from fiscal year 1984-85 to Ssoal year 1992-93, the swn of State Revenue Sling and
Municipal Assistance received by the City of Kenai has dexreased about 5867,000, or 31%; and
WHEREAS, these decreases may result in correspondiag increases in the City's mill rate; and
WHEREAS, the City should consider the possibility of mill rate increases when it adopts the annual
budget.
NOW, THEREFORE, BE IT ORDAINED HY THE COUNCIL OF THE CITY OF KENAI, ALASKA,
that KMC 7.05.010 is hereby amended as follows:
7.OS.010 Pr~r4y Subjgc,I to_~._Taxation: (a) AU real and personal Property not expressly
exempt by law shall be subject to annual taxation at its full and true value based upon the actual value
of the property assessed.
(b) The rate of levy of tax shalt be fixed by resolution of the City Council, but the aggregate
thereof shall not exceed three percent (3%) of the assessed value of tho property assessed. In ~i ig
1 th Co '1 sho r n S e
i Assi ~ r i in of 1 to for
the reduced,~evel of State of at alra said
{c) In addition to exemptions presently authorized by the Kenai peninsula Borough, the
inventory of a business held for resale in the normal course of that business is hereby classified as
personal property exempt from taxation for the Gity of Kenai.
PASSED BY TIC COUNCIL OF T'HE CITY OF KENAI, ALASKA, this 20th day of January, 1993.
JOHN J. WILLIAMS, MAYOR
ATTEST:
Carol L. Frees, City Clerk
introduced: January 6,1993
Adopted: January 20, 1993
Effective: February 20,1993
Approved by Finance:
(12/28/92)
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