HomeMy WebLinkAboutORDINANCE 0342-1977CITY OF KENAI
ORDINANCE NO. 342-77
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA
ESTABLISHING A WORKING CAPITAL RESERVE IN THE GENERAL FUND.
WHERBAS, the City of Kenai currently has no working capital reserve, and
WHEREAS, there is a need for a working capital reserve to meet cash flow
requh'ementa for the normal day-to-day operations of the City within the
General Fund, and
WHEREAS, the General Fund balance will be adequate to establish this reserve
for working capital on June 30, 1977.
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of K~nai, Alaska:
That the Code of the City of {(ansi is hereby amended by adding
Section 7-80 which shall read in its entirety as follows:
Section 7-80: There shall be established in the General Fund
a working capital reserve. ~ueh reserve shall be funded by reserving a
portion of the Genoral Fund Balance at June 30, 1977. Such reserve shall
be limited to $400,000 which monies shall be used for th~ purpose of
meeting the cash flow requ~ementa necessary for the nomal daily operations
of the City within the Genre, al Fund. Use of the monies dedicated in this
section for any purpose other than as provided in this section may be
made only after opportunity for public hearing on such other use has been
afforded and five members of the Council have voted in favor of sueh
other use at a re~ailar meeting. This section may be amended or
repealed only by non-emergency ordinanee.
PASSED BY THE COUNCIL OF THE CITY OF KENAI this lSth day of
June, 1977.
// JAMES A. ELSON, MAYOR
FIRST READING:
SECOND READING:
EFFECTIVE DATE:
June I; 1977
June 18. 1977
~uly ]5, 1977
ATTEST:
Bue/(~ .-Peter, City Clerk