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HomeMy WebLinkAboutORDINANCE 0497-1979- _ _ a ~~,.- <~ CITY OF KENAI ORDINANCE NO. 497-79 AN ORDINANCE OF THE COUNCIL OP' THE CITY OF Kc.NA'L, ALASKA INCREASING ESTIMATED REVENUES AND APPROPRIATIuN3 IN THE 1978-79 GENERAL FUND BUDGET BY $40,000 TO RETAIN A FINAN- CIAL ADVISER AND BOND COUNSEL REGARDING INDUSTRIAL DEVELOP- MENT BONDING. WHEREAS, the Council of the City of Kenai has received a request from Serendipity Enterprises to utilize City of Kenai industrial development bonds to finance construction of a hotel in the City, and WHEREAS, it will be necessary for the City to obtain advice from a qualified financial adviser and qualified bond course 1 to properly evaluate the financial and legal feasibility of the pr9posed project, and ~~q -:.~.~ WHEREAS, it is recognized that the cost of the financial ad- visor and bond counsel must be borne by the City of Kenai, but the City shall he re;mburaed in full by Serendipity . Enterprises, and ~, WHEREAS, proper accounting practices require that all appro- priations of City monies be made by ortlinancz. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA thats Section is Es~eB revenues and appropriatic;ss in the 1978-79 General Fund Budget bA increased as followss Increase Estimated P.evenues Re urea Bon ng Costs $40,000 Increase Appropriations Non-Departmental-Profos- sional Services $40,000 Section 2s Pr or_ to the retainage of the financial advisor and bond counsel, the City shall enter into an agreement with Serendipity Enterprises which gives adequate security to the City to assure that such professional services f©es as appropriated in Section ~. will be reimbursed to the City of Kenai by Serendipity Enter- prises. ~ .-. s -_ ~~~ ...~.,..:.,... _____~7 _ ~'----- -----~~ -~-+--~wp i ``-°~r ..a. :a • ~ P~ ~ i Ordinance No. 497-79, Page 2 ~ PASSED BY THE COUNCIL OF. THE CITY KENAI, ALASKA this 6th day of June, 1979. .~~- 1 V NCENT O'REILL , MAYOR ATTES ` C. Peter, C ty Clerk First Reading: May 16, 1979 Second Reading: June 6, 1979 ~ Effective Date: June 6, 1979 Approved by Finance s I ~:, A I ' u _ iI _ _ f;nn1~~II -__- 11 -= -_ ii f .. f d 1 ~~ 1 ~, ;~ ` ... j~ f.r, ~'~ ~- ~ . - - --