HomeMy WebLinkAboutORDINANCE 1539-1993
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Suggested by:
Administration
CITY OF KENAI
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OItDII01HCR X10. 1539-l3
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA
INCREASING ESTIMATED REVENUES AND APPROPRIATIONS $Y $220,000
IN THE GENERAL FUND FOR REDEMPTION OF THE 1980 GENERAL
OBLIGATION BONDS.
WHEREAS, in 1980, the City of Kenai issued General
Obligation Bonds to help finance construction of the City
Administration Building; and
WHEREAS, bonds maturing aft®r August 1, 1993, which total
$220,000, carry interest rates of 7.75 (August, 1994
maturity) and 8$ (1995 through 2000 maturity); and
WHEREAS, these bonds may be redeemed early, resulting in a
savings of net interest costs to the City.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA that estimated revenues and appropriations be
increased as follows:
General Fund
Increase Estimated Revenues:
Appropriation of Fund Balance
Increase Appropriations:
Non-Departmental - Transfers
x,980 ,,,debt Service Fund
Increase Estimated Revenues:
Transfer from General Fund
Increase Appropriations:
Principal Payments
$220,000
$220,000
$220,000
$220, 000
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Ordinance No. 1539-93
Page Two
PA35ED BY THE COUNCIL OF TEE CITY OF RE~tAI ~ ~ AIrA3KA, ~th3.s
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Introduced:
Adopted:
Effective:
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Approved by Finance:_,,,~~„_
(4/27/93)
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May 5, 1993
May 19, 1993
July i, 1993
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