HomeMy WebLinkAboutORDINANCE 0306-1976CJTY 0I" KENA!
ORDINANCE NO. 306~76
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KEIVAI AMENDING ORDINANCE
NO. 267-75 AND SECTIO.~ 7-27 OF THE CODE OF THE CITY OF KENAI.
WHEREAS, the Council has determined *.hat it is more advantageous to the City to
dedicate 1% of the Sales Tax to retirement of prior year deficits rather than
to the Debt Service Fund.
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Kenai, Alaska,
that:
Section 7-27 (b) of the Code of the City of genai as amended by
Ordinance 267-75 is hereby further amended to read in its entirety
as follows:
Co) One-half of the revenues of the consumers' sales tax
levied by Section 7-26CO) is dedicated to be applied to the retire-
ment of prior year deficits and to meet cash restriction requirements.
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this../~'-'~ day of
August, 1976,
ATTEST:
~udC. Peter, City Clerk
E8 A. ELSON, M~YOR
FIRST READING: August 4, 1976
SECOND READING: ~z~ ~,~,,~.
EFFECTIVE DATE~_