HomeMy WebLinkAboutORDINANCE 0916-19845eigcss-ar rrd by: Mayor 'Aagouer.
CITY OF KFMAT
ORDINANCE NO. 916-04
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KINAI, AtA KA,
AMENDING KMC 7.25.070 FOR THE PURPOSE OF RESTRICTING DISPOSITION
Of THE PRINCIPAL PROCEEDS OF THE SALES OF CERTAIN C!TY-OWNED
LANDS.
WHEREAS, the City Council de9j res
the saleR of city -owned, nose-f russf
special account from whictr monies
but rather Invested, and
that principal proceeds from
lands be segregated in a
may not be spent oc appropriated,
WHEREAS, the City Cvuncit believes that the revenue earned on
such an account will provide a stable source of funds to the
City, and thereby help provide for stability in the City's tax
levies for many years in the future.
NOW, THEREFORE, BE IT 11RDAINED 13Y THE COUNCIL OF THE CITY OF
KENAI, ALASKA, that KMC 7.25.070 is hereby amended as followss
7.25.070 Reverrues from Interest and Sale of Non -Trust
Lands (a) All LINTERM revenues earned from City inves -
men s shall be recorded in the General Fund. Those [INTEREST]
earnings derived from cash held in funds that are required
by Federal or State statute or other appropriate authority
to be allocated to apecifte f+inde shell be transferred to
those respective funds. Remaining [INTEREST] revenues
[(EXCEPTING THOSE SUBJECT TO KMC 7.25.070(0) HEREIN)] shall
bP transferred first to General Obligation Debt Service
Funds in the amount of their respective annual debt service
requirements, until such time that a fund's accumulated
unreserved fund balance equals or exceeds it's remaining
debt requirements. Any remaining [INTEREST] revenues are
available to the General Fund, either for dedication to
General Fend operetions or for dedication to the General
Fund Capital Improvement Reserve as provided by Council.
(b) [THE PROCEEDS FROM THE SALE OF NON -TRUST LANDS,
WHICH ARE LANDS OF THE CITY OTHER THAN THOSE. LANDS RECEIVED
ON FORECLUSURF OF SPECIAL ASSESSMENTS (EXCEPT AS PROVIDED
HEREIN), Oe ON FORECLOSURE FOR TAXES, OR THOSE LANDS HELD IN
TRUST BY THE CITY UNDER THE TERMS OF THE CONVEYANCE THEREOF
TO THE CITY, AND ANY INCOME RECEIVED FROM THE INVESTMFNT OF
SUCH PROCEEDS ARE HEREBY DEDICATED TO THE GENERAL FUND
UAP1iAL IMPROVEMENT RESERVE.j
(a) 1he principal procrF.1dy from sales of City -owned,
non -trust lands shell hn recorded in a : "parat�e f si
account. oniea in this account max not eb o ant or
epproprieted but re er investeg-. _revenues earns ^n monjec
in this account may be use for an law ul urpose. or
this purpose, non -trust lands Era defined acs Fan s owned tx
othier than lands�TTd-_M_Qrtg e Cfty under
the terms o conve once thereof to the Chit Proceeds from
68TO-84if lands reeeivej on -foreclosure uf-r s ectaT assess-
me-`nts oc for tex-e-e-Wria-11 firstbe re uped by necessary
_mounts for payme4rT of such assessments, taxes, and related
cos s.
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 7th day
of Marc`:, 1984.
TOM WAGONER, (t
AIIESTs
Phet elan, y er
First Readings February 15, 1984
Second Readings March 7, 1984
Effective Oates April 7, 1984
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