HomeMy WebLinkAboutORDINANCE 0341-1977CITY OF KENAI
ORDINANCE NO. 341-77
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA,
ESTABLISHING A SPECIAL REVENUE FUND ENTITLED "CAPITAL IMPROVEMENT
FUND" AND DEDICATING PROCEEDS OF LAND SALES TO SUCH FUND.
WHEBEAS, the Council finds that proceeds of land sales, other than ah, port
lands, conducted by the City should be used in capital improvements with life
expeetaney of not less than 20 years.
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Kenai, Alaska
as follows:
$oction 1: The Code of the City of Kenai, Alaska is hereby
amended by adding a new l~eetton 9 of A~tiele IV, Chapter 20, which shall
~'e~d in its entirety as follows:
Section 9: All proceeds derived f~om the sale of lands
under this Article, with the exception of airport lands, shall be
devoted exelu~t~vely to capital improvements with life expectancy of
not less than ~u years.
Section 2: There is hereby e~'eated a special revenue fund entitled
"Capital Improvement Fund". All proceeds of sales of City owned (non-airport)
lands and special assessment foroclosed lands and the City's sha~e of proceeds
of sales of tax fm, eolosed lands shall be dedicated to such fund. Monies in this
fund shall be used only for the financing of capital improvements as appropriated
fro' specific items by ordinance of the Council of the City of Kenal.
PASSED by the Council of the City of Kenai, Alaska, thisSth day of July
ATTEST:
-S~. Pete~', City Cle~'k
//,~AMES A. ELSON, MAYOR
FIRST READING:
SECOND READING:
THIRD RF,,~DING:
FOURTH ]WADING:
EFFECTIVE DATE:
1977.
May 18, 1977
June I, 1977 Fl'abl~d)
June 15. 1977
, July 6, 19_77
AuRust 6, 1977