HomeMy WebLinkAboutORDINANCE 0478-1979i
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CITY OP KENAI
ORDINANCE NO. 478-79
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KEP7AI, ALASKA
AMENDING ORDINANCE NO. 443-78.
64HEREAS, Ordinance No. 443-78 provides for a transfer of
funds from the General Fund Reserve for Capital Improve-
ments to the Water and Sewer Special Revenue Fund Reserve
for Sewer Treatment Plant Improvements, and
WHEREAS, the intent o£ Council is that this transfer be
treated as a loan to bQ paid back to the General Fund from
future revenues of the Water and Sewer Special Revenue
Fund, and not be treated as a liability in the records of
the Water and Sewer Special Revenue Fund, and
WHEREAS, Section 2 of Ordinance No. 443-78 does not clearly
indicate that the repayment should be from future revenues.
NOW, THEREPORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY
OP KENAI, ALASKA that Section 2 of Ordinance No. 443-78 be
amended to read in its entirety as follows:
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2. The transfer from the General Fund Reserve
for Capital Improvements be considered as a
loan, to be paid back to the General Fund at
5.25$ simple interest, which is deemed,to be a
reasonable ling-term bond rate, from future revenues
of the Water and Sewer Special Revenue Fund, as
these funds become available, under a schedule of
payment to be established at the time the Sewer Treat-
ment Plant upgrading is completed.
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA this 21st
flay of March, 1979. _
VINCENT 0 REILLY, MAYOf~
ATTE s ~,
. Peter, C ty Clerk
First Readisig: March 7, 1979
Second Reading: March 21, 1979
Effective Date: March 21, 1979
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Approved by Finances