HomeMy WebLinkAboutORDINANCE 0443-1978CITY OF KENAI
ORDINANCE ~445-?$
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA ESTABLISHING
A RESERVE FOR SEWER TREATMENT PLANT IMPROVEMENTS IN THE WATER AND
SEWER SPECIAL REVENUE FUND TO BE FUNDED FROM THE GENERAL FUND RESERVE
FOR CAPITAL IMPROVEMENTS AND THE WATER AND SEWER FUND RESERVE FOR
FUTURE PLANT EXPANSION.
WHEREAS, the U ,8. Environmental Protection Agency has mandated that the City
of Kenai upgrade its Sewer Treatment Plant, and
WHEREAS, the Council desires that the City's share of this project be funded by
the Water and Sewer Fund Reserve for Future Plant Expansion, and by 6 loan
from the General Fund Reserve for Capital Improvements, and
WHERV. AS, it is in the best interest of the City that monies be dedicated as
early as possible so that there will be assurance of availability of funds at
the time construction begins, and
WHEREAS, the monies appropriated from the General Fund Reserve for Capital
Improvements is to be considered as a loan, to be paid back by the Water and
Sewer Fund with interest, and
WHEREAS, proper accounting practices require that all appropriations of City
monies be made by ordinance.
NOW, THEREFORE, BE IT ORDAI~IED BY THE COUNCIL OF THE CiTY OF KI~NAI
AS FOLLOWS:
A Reserve fo~ 8ewer Treatment Plant Improvements in the
Water and Sewer Special Revenue Fund be established by
the following increases in estimated revenues and
proprtations:
General Fund
Increase Estimated Revenues:
Contribution from Reserve for
Capital lmprov6m6nt~.
$400,000
Increase appropriations:
Transfer to Water & Sewex. Fund $400,000
Ordinance #443-78, Page
Water and S~#er Fund
Increase Estimated Revenues:
Transfer from General Fund
$400,000
Contl'ibution from P.~e~-e for
Future Plans Expan.sion
$I00,000
Increase appropriations:
Transfer to Reserve for Sewer
Treatment Plant Improvements
$500,000
?he transfer from the General Fund Reserve for Capitai Improvement
be aonsidered as a loan, io be paid back to the General Fund at
5.2596 simple interest, which is deemed to be a reasonable long-te~n
bond rate, under a schedule of payment to be established at the time
the sewer treatment upgeading is completed.
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 1st day of
November, 1978.
ATTEST:
'~8~t~ ~ .- Peter, City Clerk
VINCENT O*REILLY, MAYOR'
Approved by Finance r~ .~ .~
FIRST READING: October 18, 1978
SECOND READING: November 1, 1978
EFFECTIVE DATE: November 1, 1978