HomeMy WebLinkAboutORDINANCE 0776-1982CITY OF KENAI
ORDINANCE NO. 776-92
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA,
AMENDING KMC 7,25,070 (a) BY CHANGING THE DEDICATION OF INTEREST
REVENUES FROM CITY INVESTMENTS,
WHEREAS, KMC 7.25.070 currently dedicates interest revenues to
the 1967 Debt Service Fund, and an arbitrary amount, 0129,000, to
General fund operations, with unallocated interest revenue being
dedicated to the General Fund Capital Improvement Reserve, and
WHEREAS, after June 30, 1982, the 1967 Debt Service Fund will no
longer need additional monies in order to service all of the
remaining debt of that issue, and
WHEREAS, the City Administration recommends that the City finance
the 1974 Refunding Debt by a transfer of interest earnings from
the General Fund, and
WHEREAS, the City Administration recommends that the amount of
interest revenue to be dedicated to the General Fund Capital
Improvement Reserve should be set annually by the Council.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA, as follows:
UStiQn-Is That KMC 7,25.070 (a) be repealed and reenacted to
read as follows:
07.25,070 Ipx,@KgB gC3tB13yBi (a) All interest
revenues earned from City investments 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 specific funds shall be transferred to
those respective funds. Remaining interest revenues
shall be transferred first to General Obligation Debt
Service Funds in the amount of their respective annual
debt service requirements, until such time that a
f und's accumulated unreserved fund balance equals or
exceeds it's remaining debt requirements. Any
H
remaining interest revenues are available to the
General Fund, either for dedication to General Fund
operations or for dedication to the General Fund
Capital Improvement Reserve as provided by Council."
Ac2ti -Is This ordinance shall be effective July 1, 1962,
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this
19th day of May, 1982.
VINCENT OIREILL MAYOR
ATTEST:
et Whelan Clt�C�e_k
y 1 r
First Reading: May 5, 1982
Second Reading: May 19, 1982
Effective Date: July 1, 1982
Approved by Finance ej:a