HomeMy WebLinkAboutORDINANCE 0854-1983Sug(josted bys Administration
Cl TY OF KENAI
ORDINANCE NO. 854-03
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KLNA1, ALASKA AMENDING
KMC 1.75.010(b) BY INCREASING THE INTEREST RATE CHARGEABLE_ ON
SPECIAL ASSESSMENT DISTRICTS FROM 8% PER ANNUM TO 10% PEI? ANNUM.
WHEREAS, the City has been petitioned several times recently to
form aaaaaament districts, and is attempting to make certain
Charter changes that will be likely to increase: the number of
such requeoto, and
WHEREAS, the City may be requesting the voters to approve the
issuance of general obligation bonds to finance special assess-
ment districts, and
WHEREAS, the City Code specifies that 8% interest is to be
charged on assessmenta, and
WHEREAS, the rate of interest charged on assessments should be
equal to or greater than the rate of interest the City would
expect to pay on general obligation debt, which currently is
greater than 8%.
NOW, THEREFORE, RE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA so followss
Section 1s KMC 1.75.010(b) is hereby amended to read as
followss
(b) Whenever interest is due on any unpaid account,
charge, or aassonment of any kind to the City of Kenai, the
rate of such interest shall be computed at the rate of 8%
per annuml except that interest charged on s ecial noeeoo-
ment distrricts confirmed n accordance with KMC 16.1U.1>ff—
Mer Juno 4, 1903 shall e a ie ra a o per annum.
PASSED BY THE COUNCIL OF THE CITY OF 1I'A1, ALASKA, thie 4th day
of May, 1983.
IT(INALD
=� ATTESTS
a�
nat Whelan, City er
i
First Roadings April 20, 1983
Second Roadings May 4, 1983
Effective Dates June 4, 1983