HomeMy WebLinkAboutORDINANCE 0793-1982CITY OF KENAI
ORDINANCE NO. 793-82
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA, TO
AMEND KMC 7.21 TO PROVIDE FOR THE DEDICATION OF MONIES OBTAINED
FROM THE SALE OF CITY LANDS TO GENERAL FUND CAPITAL IMPROVEMENT
RESERVE AND THE USE OF SUCH RESERVE.
WHEREAS, the City of Kenai has obtained some 300+ acres of land
in settlement of land entitlements from the State of Alaska, and
WHEREAS, the City of Kenai has a significant number of acres of
land, excluding dedicated park lands, land reserved for public
use, lands conveyed in foreclosures for taxes and special
assessments and not set aside for public use, and airport trust
lands, and
WHEREAS, since the City is committed to the disposition of such
lands in a rational manner, a program for proper use of monies
received from the sale of such lands needs to be established to
insure that monies so generated are utilized in the best
interests of the entire community, and
WHEREAS, a portion of interest revenues have been made available
for dedication to General Fund Capital Improvement Reserve with a
restricted use, and
WHEREAS, it would appear to be advisable to add the proceeds of
sales of non -trust lands to such Capital Improvement Reserve and
to clarify and delineate the authorized use thereof.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA# as followss
SeCtion.1s That KMC 7,25,070 is hereby amended as followss
7.25.070 BgYKiK@_ftA1_Sn�€@�..�ad_@AIS..Q��IQD: Tt�i@�
Land: (a) All interest revenues earned from City
investments shall be recorded in the General Pund. Those
'i interest earnings deriv.,d from cash held iA Funds that are
j required by Federal or State statute or other appropriate
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authority to be allocated to specific funds shall be
transferred to those respective funds. Remaining interest
revenues le�tQeQ�l�nS_�bQe�sutti�G�Q_KQi�_Z.?.QZ�L�1�s�e1nL
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 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 Fund operations or for dedication to
the General Fund Capital Improvement Reserve as provided by
Council.
�aQi�al_.ZmQ�QY�en��eas��te�
(G IBD Revenues dedicated to the General Fund Reserve
for Capital Improvements in this section may not be
appropriated for any purpose other than for purchases or
improvements of a capital nature except by non -emergency
ordinance passed at a regular Council meeting (after
opportunity for public hearing on such other purpose has
been afforded) on the favorable vote of at least five
members of the Council. This section may be amended or
repealed only by non -emergency ordinance.
fiSQtian_2s That the City of Kenai Code of Ordinances is
hereby amended by adding a new section to be numbered 7.25.080
which shall read as follows:
7.25.080 PQ$i.".1�SQu�f�i@e_Q��$Qi�e31�2rQ�tQattta�
BSBStYeB-fQf�BiLPQi�-7.mp�QYQIDen�B= Use of monies from the
Capital Improvement Reserve for airport or airport lands
improvements is specifically prohibited except where there
aro no monies (or insufficient monies) available for such
improvements, in which case monies from the fund dedicated
herein can be advanced for such improvements as a loan to be
reimbursed from airport sources of income.
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ffaaLlan-As That the City of Kenai rode of Ordinancoo in �
hereby amended by adding a now oection to be numbered 7.25,090
which shall riwzd an followss
7.25.090 1iY1Q11_YQ�fl..iiib�l�fi�1DA_ti�t�lltiCQ_Qt�(igOs No
capital project approved by Council which requires municipal
financing (excluding government grants and amounts to be
reimbursed from benefited proportion) to be paid from
Capital improvemont Reserve monies in excess of $1,000,000
shall be contracted unless the desirability of such project
is ratified by the voters at a general or special election.
fiaCtJ=_4s That the City of Kenai Code of Ordinances is
hereby amended by adding a now coction to be numbered 7.25.100
which shall read as followas
7.25.100 81i�hQt��B�_LZai3_Qg_�aF�i�it�_z�g�aYsuss�n
SQ@QCXQUS (a) Subject to the above provisions and in
addition to the provisions of KMC 7.25.070(c) a;ovo, such
monies may be used at the diaerotion of Councils
(1) to provide municipal financing (up to 50% of the
costs in excess of any state and federal granto
secured) for capital improvement projects in an
approved assessment district with the balance of the
necessary financing to be apportioned to the banofitod
properties in accordance with the provisions of the
Charter and the ordinances enacted pursuant theretos
(2) to use in lieu of bonding to provide for that
portion of financing of On approved assessment district
to be ultimately paid by ownors of benefited
properties, with such financing to be reimbursed from
collections of assessments or sales of land foreelosod
for such collections within said aoseosmont districts
(3) to provide municipal financing for an pro ects
for which azoosemont districts are not aut orized and
for which no state or federal grants are availables
(4) to provide the municipal share of financing for
Orojects for which state, federal, or state and federal
grants are available and to provide advance financing
to be refunded from such grants.
BQQLian_as That Ordinance No. 341-77 passed on July 6,
1977, its hereby repealed.
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PABSED BY THE COUNCIL OF THE CITY OF KI,NAZ, ALAfJXA, this 18th day
of August, 1982,
VINCENT ®'ItFZLLY,rMA403i�
ATTW s ( _
Jt Whelan, City Clerk
Pirst Readings July 21, 1982
Second Readings Auguat 4, 1982
Third Readings August 18, 1982
Effective Dates 8optombor 18, 1982
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