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HomeMy WebLinkAboutORDINANCE 0214-1973._ E x /l'~4END'•:ENT :iG. ca pending Ordinance ~ ~ -73 It wa moved by ~~.-e-~J and secoa~ded by and pwsseu~y t at so c o pr pose t e pending; ordi~iance as ove i ent e shall be :mended in its entirety and inserted in ieu thereof is the proposed ordinance language attached hereto. Amendment adopted at a regu ar Council meeting of City of Kenai held on ~ day of 1973. AMENDMENT N0. I to pending Ordinance -73 It was moved by and seconded by an pass`~y - t at so muc ~ propose t e pending ordinance as a ovo ic~enti-``t `ccT ' shhll be amended in its entirety and inserted in lieu thereof is the proposed ordinance language attached hereto. Amendment adop-ed at the regular Council meeting of City of Kenai i bald on day of 1973. -~. ~~ -..~~ ,_ :~ .. . -- _ ~" ti CITY 0}r KJiNA1 -- ~pI)IPJANC}: ?;9-73 AMkNnING Tt1E AUT}tOR}ZATION YROVIItf'sh }iY VnTt:KS Y1J1tSt1ANT 'f~ AN ELECTION (ORD)ERED "Y ORI)INA`JCE 170-G9) FOK Tl}Is ISSIJANCF, OF $450,000 OF 1:1.F.C.TRIC L1CHT ANI) PO{VEK REVENUE KONDS FOIL T't}L' CITY'S LIGHT AND POWER SYSTEM, F3Y I)IiCI.ARING TERMI"lATF.}) OR N{i1.L AN11 VOID SO MUCJi OF T}lli A{JT}}ORITY ~~RANT}?11 IN SAIIl }?I,P.CTION AS IS NOT CON- FIRMP.A BY ORDINANCE 180-70. W}}EREAS, a special election held in the City of Kenai on the 13th day of May 19~i9, nrdereci by Ordinance 170-69 was approved by voters who authorized issuance of electric light and power revenue bonds in the principal amount of 3450,000 and pursuant to said confirming authorization in Ordinance 180-70 only $300,000 of said bonds so authorized have been issued, and WHEREAS, said authority prarted by the election outlined in Ordinance 170-b9 is in excess ot~ ti9o years old, for an unutii - fzed authorization of 3150,000, and WHEIt1;AS, the electric distritution system is operated by }lomer Electric Association, Inc. under an agreement with the City, and the age of the bond authorization make unlikely the possibility of the issuance of the voter approved bends, 13E IT ORDAINED BY Tiii: ::Uil*JCII, t;P T}:E CITY 01' K1:NAI, ALASKA: Section 1. It is the finding of the Council that contin- uance o he authority to issue, presently unissued but authorized, electric light and power revenue bonds in the »rincipal amount of gi50,0U0= is no loner in the welfare and interest of the people of the City of Kenai and said authority should be terminated. Section 2, That it is the finding of thc~ Council that tt eTi°-`e~sfing total of $300,000 of bonds, issued in increments of $25,000 on 4 Februaryy 1970 and 18 March 1970 in the increment of $275,000 be continued and it is not intended to in anYY way affect the authorized issuance of electric light and power revenue bonds as confirmed in Ordinance 180-70. Suction 3. That the principal amount of $150,000 of the e ec r c Light and power revenue bonds, authorized by the election held pursuant to Ordinance 170-G9, are no longer required and therefore such authorization should be cancelled and is by this enactment is declared to be void and terminated and said authorization of no fur*_her effect. First Reading 17th day of January T, 1973 Second Reading ~ day of ~1fi.~-~-~.~ I973 __ 3 ATTL' T f ~. aron ~t n;, y ~~"~ Posted after introduction ~IBth day of .Ianciary 1973 Posted after second roaciinJ; ~ clay of ~~~~~_~, 1cJ73 ,. ~- ~...~F~,~_ .-- - _--- -- -- - r'~ ORDINANCE 214-73 ---~~ AN ORDINANCE ssendi~:~; Ordinance 180 passed and approved April 2, ~ 1963, cancelling the authority to issue $150,000 of the total $450,000 electric revenue bonds. WHEREAS, the City Council on April 2, 1963, passed and approved Ordiaaaec 180, authorizing the issuance of $450,000 of electsic revenue bonds, and WHEREAS, on Bebruary 4, 1970, $25,000 of these bonds sere issued, sad WHEREAS, on Harsh 18, 1970, $275,000 of these: bonds were issued, and WHEREAS, the remrsinlag $150,000 of these t~onds have not bsea issued, and WHEREAS, the electric system is presently being operated by Honer Electric Association under an agreement with the City, sad WHEREAS, the ago of the authorization and L1ie agreement with Homer Electric Association sake unlikely the possibility of the issue of thss~ bonds, NOW, THEREBORE, BE IT ORDAINED by the City Council of the City of Komi, Alaska, as follows: 1. The authority to issue electric revenue bonds contained is Ordinance 180 is hereby amended to cancel the authorization to isaus the remsiaiag $150+000 of these bonds which have not bsea issued. 2. Ail other pravir:c~na of Ordinance 180 remain is full fore: sad elf oat. First Reading f 7 day of ~~lz./ 1973 -.~-__ Second Reading ~ day of 1973 . .I'L H K, d AT~'L5T' aron ter ng, ty G er a. Post©d a£t®r introduction day o£ .,,~ :973 Posted after socvnd reading day o£ 1973 ' i i ~. .. I ti I