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HomeMy WebLinkAboutORDINANCE 0215-1973 ~ f i 1 A`-4E:::i:4ENT ti0. 1 to pe»ling Ordinance~~-73 It was Tov d by _ l A~% end, seco tied by _/~ an passe yM ,~~+~~ tTiat so muc o oposc~endin~; ordinance as eve Edon shall be amended in its entirety and inserted in 1 eu thereof is the proposed ordinance language attached hereto. Amondmont adopted at a regular Council mooting of City cf Kenai hold on ~_ day of 1973. AMENDMENT N0. I to pending Ordinance _ -73 It was moved by and seconded by an pass"e3~y'- t at so muc o prc~p~s© t e pending ordinance as a ov~desit~°t~ sahll bo amended in its entirety and inserted in lieu thereof is the proposed ordinance language attached hereto. Amondmont adop-od at the regular Council mooting of City of Kenai bald on day of ,~ 1973. -~,. y ~ J./ ~" f. ~irrl' ti CITY ~~F KENAI--ORDINANCE 215-73 REPEALING AUTHORIZATION ('RANTED fiY ELECTION ORDERED RY ORDINANCE 52 WHIC!'. PROPOSPf? THE 14iJANCE Or 5100,000 WATER RF:VENIJF. BONDS $75,000 SEWER REVENUE BONDS. WfiEItEAS, the City Council on the 3rd day of October, 1963, rassed an Ordinance 52 orderinJ; submission of propositions, which if passed, would provide for issuance water revenue bonds in the principal sum of 5100,000 and sewer revenue bonds in the principal sum of $75,000, and WfiEREAS, said election ryas held on the 29th day of October 1963 and the propositions for water and sewer revenue bonds were approved by the voters, and WHEREAS, prior to offer for sale of said authorized water and sewer revenue bands the Council decided to issue instead general obligations for similar purposes (said bond having been authorized in 1962),and WffEREA5, the age of the authorization, the voters' later (1971) authorization of general obligation bonds for water and sewer purposes, and the restrictions which would be placed upon the revenues of the water and sewer s stem by revenue bonds makes unlikely the poss- ibility of the sale of the bonds authorized, by the election ordered by Ordinance 52, and WHEREAS, this referendum type authorization being in existance in excezs of two years is repealable pursuant to language in Section 11-4 of the Charter of the City of Kenai, 1963, BE IT ORDAINED BY THE COUNCIL OF Tf!E CITY OF KENAI, ALASKA: Section 1. It is the finding of the Council that the au'-"~Tior~'tion for issuance of water revenue bonds and sewer revenue bonds pursuant to the election ordered by Ordinance 52, passed the 3rd day of October 19b3, is no longer required nor in the welfare and convenience of of the said City. Section 2. The authorization for issuance of $100,000 water revenue bands and $75,000 sewer revenue bonds as approved by the election of the 29th day of October 1963 is hereby terminated or repealed and declared null and void and of no further effeet. First heading 17th day of January , 1973 Second f?eading __Lday of , 1973 L t, ~ . . I lS ~ ' ATTEST: -- - .~-.'~ .,f-~ ~ a on er ng, y er Posted after introduction lAth day of .January , :973 Posted after second reading _~ day of %,1973 '~~ N ,• c ~ ~, sJ ~- ~- -T-~ ~, ORDINANCE 215-73 AN ORDINANCE repealing Ordinance 52 approved December y, 1963, which authorized the issuance of $100,000 water revenue bands and $75,000 sewer revenue bonds. WHEREAS, the City Council on December 4, 1963 passed and approved Ordinance 52 authorizing the issuance of water revenue bonds in the principal sum of $100,000 and sewer revenue bonds in the principal sum of $75,000, and WHEREAS, prior to the offering for sale of these bonds the City Council decided to ia8ue general obligation bonds for similar purposes (as authorized is 1962), and WHEREAS, the age of the authorization, the voters' later (1971) authorization of general obligation bonds for water sad sewer purposes, and the restrictions which would be placed upon the revenues of the water and sewer system by revenue bonds makes unlikely the possibility of the sale of the bonds authorized by Ordinance 52, NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Kenai, Alaska, as follows: Section 1. Ordinance 52 passed and approved December 4, 19b3, is hereby repealed. First Reading / ,~ day of '~ 1973 Second Reading day of 1973 ATTEST: E BE , aron ter ng, City Clerk Posted after introduction day of 1973 Posted after second reading day of _+ 1973