HomeMy WebLinkAboutORDINANCE 0573-1980CITY OF KENAI
ORDINANCE NO. 573-80
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA
RESCINDING ORDINANCE NO. 475-79, DEDICATING INTEREST REVENUES
FROM CITY INVESTMENTS TO THE GENERAL FUND RESERVE FOR
CAPITAL IMPROVEMENTS AND TO GENERAL FUND OPERATIONS, REPEALING
KMC 7.10.030-2 AND AMENDING KMC 7.10.030-3 TO DEDICATE ALL
OF THE REVENUES OF THE CONSUMERS' SALES TAX LEVIED BY KMC
7.10.010-2 TO CURRENT OPERATING EXPENSES.
WHEREAS, Ordinance No. 475-79 dedicates interest revenues
earned from City investments except for those interest
revenues required by Federal or. State statute or other
authority to be allocated otherwise, to retire 1967 General
Obligation Bonds, and
WHEREAS, begin. -Ming July 1, 1980, it will be sufficient to
dedicate interest revenues to retire 1967 General Obligation
Bonds only in the amount of the annual debt service payments,
and
WHEREAS, it will be necessary to dedicate interest revenues
to retire the 1980 General Obligation Bonds (those related
to financing a new City Administration Building) in the amount
of the annual debt service payments, and
WHEREAS, it will be necessary to dedicate the next $129,000
to general fund operations, and
WHEREAS, the balance of interest revenue earned, except for
those interest revenues required by Federal or State statute
or other authority to be allocated otherwise, may be dedicated
for purposes other than debt service, and
WHEREAS, the Council desires that the balance of interest
revenue earned be dedicated to the General Fund Reserve for
capital improvements, and
WHEREAS, the Council further desires that one-half of the
revenues of the consumers' sales tax levied by KMC 7.10.010-2
now being dedicated to the General Fund Reserve for capital
improvements be dedicated to current operating expenses.
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NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF A
KENAI, ALASKA that: ,
Ordinance No. 573-80
Page 2
Section 1: Ordinance No. 475-79 be, and it hereby is,
repealed.
Section 2s That the City of Kenai Code of Ordinances
is hereby amended by adding a new section to be numbered
7.30.015 which shall read as follows:
117.30.015 Interest Revenue: (a) Those interest revenues
earned from City investments that are not required by Federal
or State statute or other authority to be allocated otherwise,
shall be dedicated first to the 1967 and 1980 General Obligation
Debt Service Funds in the amount of the respective annual
debt service requirements. The next $129,000 interest revenues be
dedicated to general fund operations. Interest revenues remaining
after the above dedication requirements are satisfied, shall
be dedicated to the General Fund Reserve for capital improvements.
(b) 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 5 members of the Council. This
section may be amended or repealed only by non -emergency
ordinance.
Section 3s That KMC 7.10.030-2 be, and hereby is,
repealed.
Section 4s That KMC 7.10.030-3 is hereby amended as
follows:
2 (3). [ONE-HALF OF A] All revenues of the consumers'
sales tax levied by Section 7.10.010-2 are dedicated to be
applied against current operating expenses.
PASSED BY THE COUNCIL OF THE
day of June, 1990.
ATTESTS
Janet Whelan, City Clerk
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First Readings May 21, 1980
Second Readings June 4, 1980
Reconsideration Dates June 12, 1980
Effective Dates July 12, 1980
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