HomeMy WebLinkAboutORDINANCE 1103-1985'q
Suggested by: Administration
CITY OF KENAI
ORDINANCE NO. 1103-85
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA,
INCREASING ESTIMATED REVENUES AND APPROPRIATIONS BY $256,123 IN
THE WATER AND SEWER SPECIAL REVENUE FUND FOR REPAYMENT TO THE
GENERAL FUND OF A LOAN MADE IN 1979.
WHEREAS, in 1979 the General Fund loaned $400,000 to the Water
and Sewer Fund to aid in financing newer treatment plant
improvements; and,
WHEREAS, the Council provided that repayment should be over a
ten-year period at 5.25% interest from future available revenues
of the water and sewer system; and,
WHEREAS, the City has made such annual payments for the last
three fiscal years, resulting in a princioal balance owed of
$300,664; and,
WHEREAS, the Council has now determined that is in the City's
best interest to repay the loan in full; and,
WHEREAS, additional accrued interest for one-half year amounts to
$7,892; and,
WHEREAS, the City has already appropriated $52,433 in the 1985-86
annual budget for the current year's payment, resulting in a need
for $256,123 of additional monies to repay the loan.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA, the following increase in estimated revenues and
appropriations be made:
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Water and Sewer Special Revenue Fund
Increase Estimated Revenues:
Appropriations of Fund Balance $256,123
Increase Appropriations:
Sewer Treatment - Transfers $256,123
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this eighth
day of January, 1986.
TOM WAG R, YOR
ATTEST:
Janet Whelan, -City Clerk
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Approved by Finance: C4/a
12/6/85
First Reading: December 18, 1985
Second Reading: January 8, 1986
Effective Date: January 8, 1986
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