HomeMy WebLinkAboutORDINANCE 1135-1986— , "'�
Suggested by: City Council
CITY OF KENAI
ORDINANCE NO, 11)5-8E
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA,
PROVIDING FOR THE SUSNISSION TO THE QUALIFIED VOTERS OF THE CITY
OF KENAI AT A SPECIAL ELECTION TO BE HELD IN THE CITY OF KENAI ON
DUNE 249 1986 THE QUESTION OF ISSUING GENERAL OBLIGATION BONDS
OR OTHERWISE INCURRING DEBT IN AN AMOUNT NOT TO EXCEED $294959000
TO PROVIDE A PORTION OF THE FUNDS NECESSARY TO CONSTRUCT A
CONNUNITY CENTER.
WHEREAS, the City Council determines it is in the beat interest _71
of the City of Kenai, Alaska (the "City") to construct e
community centerl and, :
WHEREAS, the Constitution and laws of the State of Alaska and the
Charter of the City provide that the question of whether or not
such debt may be incurred for such a purpose must be submitted to
the qualified voters of the City for their ratification: d: z
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF -1 '
KENAI, ALASKA as follows:
Section 1: It is hereby determined to be for a public
purpose andin the public interest of the City to incur �••'. �.,
indebtedness of the City in an amount not to exceed $2,495,000 "' d
for the purpose of paying a portion of the costa of planning,
designing, acquiring, constructing and equipping a community..:
center and related capital improvements.
- Sectior, 2: A aum not exceeding $294959000 shall be
borrowed byp for, and on behalf of the City for the aforesaid
capital improvements and shall be evidenced by the issuance of
general obligation bonds or other evidences of debt of the City*_:_^ -.
The amounts so borrowed shall be used for capital, improvements
only. The full faith and credit of the City IC pledged for the
payment of the principal and interest on the bonds or other debt
Instrument and ad valorem taxes upon all taxable property in the
City may be levied without limitation as to rate or amount in r�
amounts sufficient to pay principal and interest on the bonds or -
other debt instruments when due. The bonds or other debt
Instruments shall beer interest at a rate or rates not to exceed
the maximum rate permitted by law, and shell mature at ouch time
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at times within 30 years from the date of issue as the City
Council may hereafter determine. The exact date, form, terms,
maturities, covenants# or other details of said bonds or other
debt instruments shell be as hereafter fixed by the City.
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Section 3s An election is to be held on June 24 1906 in
and fort a Eit , for the purpose of submitting to the
Y P P g qualified-
vatere of the City for approval or rejection a proposition
authorizing the borrowing of money and issuing of general
_ -
obligation bonds or other such evidences of indebtedness. A
majority of the qualified voters who vote on the proposition are
,• ,.. .:
required for approval. The proposition shall be in substantially
.�--.:
the following form:
PROPOSITION
Community Center°....
Pursuant to Ordinance 1135-86, shall the
City of Kenai, Alaska, be authorized to
incur indebtedness and to issue its
general obligation bonds or other such
evidences of indebtedness in an amount
. l°5-e
or amounts as needed, and not to exceed
in the aggregate TWO MILLION FOUR
HUNDRED NINETY-FIVE THOUSAND
($2,4950000) DOLLARS, for the purpose of
providing a portion of the funds for
planning, designing, acquiring,"
constructing, and equipping a community
center and related capital improvements
-
in the City, and to pledge the full
faith and credit of the City for the
payment of the principal and interest on
the bonds or other such evidences of
-
indebtedness? Said general obligation
bonds or other such evidences of
~�^
Indebtedness are to mature within 30
years from the date of issue and arc to
beer interest at a rate or rates not to
exceed the maximum rate permitted by
law.
Section 4s The foregoing proposition shall be printed in
. , __ .,-.-.: o•_-_: emu.
full on the bellatt and the following words shall be added below
or next to the proposition as appropriate and next to a square
provided for marking the ballot or voting by machines
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FOR THE PROPOSITION
YES L
NO
PASSED BY THE COUNCIL OF THE CITY OF KENA19 ALASKA this 21et day
of May, 19860
om Wagonerg mmar
AT TEST s
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a e en, y ark
Approved by Finances eed
S/23/86
3
First Readings May 7, 1986
Second Readings May 21, 1906
Effective Oates June 219 1966
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