HomeMy WebLinkAboutORDINANCE 0475-1979-..~ . _ _
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CITY OF KENAI
ORDINANCE NO. 475-79
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AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA
DEDICATING INTEREST RE'JENUES FROM CITY INVESTMENTS TO THE
RETIREMENT OF 1967 GENERAL OBLIGATION BONDB.
WIiQREAS, the 1967 General Obligation Bond Issue has some
$1,700,000 of principal and interest remaining to be paid,
and
WHEREAS, the present funding sources for these future debt
payments are primarily (1) the i967 Water, Sewer and Streets
Special Assessment Fund, and (2j cute 1967 Water, Sewer and
Streets Debt Service Fund, and
4~'HEREAS, these funding sources are insufficient to meet the
total debt obligations of the 1967 General Obligation Bond
Issue, and
WHEREAS, it is estimated that interest earnings on City
investments will be sufficient to meet these debt obliga-
tions.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA that interest revenues earned from City
investments be dedicated to rptirw~ the 1967 General Obligation
Bonds authorized at that certain special election held in the
City of Kenai on February 28, 1967, except for those interest
revenues required by Federal or State statute or other authority
to be allocated otherwise. It is intended that this dedication
be accomplished by allocating interest revenues to the 1967
Water, Sewer and Streets Debt Service Fund, beginning with
fiscal year 1978-79.
PASSED BY THE COUNCIL OF TH$~CITY OF KENAI, ALASKA this 21st
day of February, 1979. ~ ~"^~~~.
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VINCENT O'REILLY--, YOR
ATTES 's
Sue C. Peter, C ty C erk
First Reading: February 7, 1979
Second Reading: February 21, 1979
Effective Date: February 21, 1979
Approved by Finance : C 7Q