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HomeMy WebLinkAboutORDINANCE 0216-1973 i _ ~ ., ~~ r"'o __ _ ..n__e_.... ^..._.._.._ __--~ A'~fEtiUti%LT ~0. i to F,erldin~; drdinance.~~-73 It was oved by ~ nd sec ~ded by ~,~ and passerby t at so m o prop~s~`u ~iT-e pending ordinance as ova i enti ie shall be amended in its entirety and inserted ir. ieu thereof is the proposed ordinance language attached hereto. Amendment adopted at to regular Council meeting of City of Kenai held on ~_ day of 1973. ~/~ s AAfEIvDMENT K0. I to pending Ordi*~ance -73 It was moved by and seconded by an passe y t at so muc o propose t e pending ordinance as a ove i enr tie~'~' sahil 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 bald on day of 1973. w. p __' _. °'- - w_ -- _ -~ -- - _._ _ .... - .___. - --_.---~~ ~~ CITY OF KEVAI -- nR1)INA'~?CF. 21b-73 ADiENDING ORDINANCE 81-65 (PAS=ED APRIL 7Tfi,1963), IiY i3ECl.ARINC VOTD OR TERMINATING TfiE OUTSTANDI<<r, AND UNUTILIZF.D BOND AUTfiORI2AT1oN APPROVED BY TI[F. VOTERS IN THIi A1~fOUNT OF $100 , 000 OF A TOTAL OF $550,000, FOR AIRPORT TF.RDtINAL RlilrENIIE RdNnS. IJHF.REAS, Ordinance 81-65 authorized an election to request voter approval for SSS0,000 of (Kenai Airport) Terminal Revenue Bonds which said election was held and the authorization granted by the voters, and WHEREAS, on .Tune 28rh, 1967, 5450,000 of said Terminal Revenue Bonds were issued by Ordinance 99-66 confirming the results of said election, and 19HEREAS, a remaining unutilized 5100,000 portion of the authorization for such Terminal Revenue Bonds has never been exercised by issuance of said bonds up to the maximum authorization of SSS0,000, and IVHEREAS, a reasonable interpretation of the referendum type of authority of an approving bond election has a=ceeded the two years referred to in Kenai Charter, Section 11-4, SVIiEREAS, the age of the initiad authorization for said $SS0,000 of Terminal Revenue Bonds and consideration of a later authorization of general obligation bonds by Kenai vote2°s in 1971 for similar purposes made unlikely the possibility of sale of 'Perminal Revenue Bonds under the remaining unutilized $100,000 of approval authorized by the election pursuant to Ordinance 81-65, BE IT ORDAINED BY TfiE COUNCIL OF THE CTTY OF KENAI, ALASKA: Section 1. 1t is found that the unutilized authority to issue 5200,000 worth of Terminal Revenue Bonds approved in the election ordered in Ordinance 81-65 is an encum- brance upon the accounting, credit, reporting procedures and reports of the City of Kenai and such authority should be legally terminated. Section 2. That so much of the unutilized and remain- ng out orization for issuance of Terminal Revenue bonds as was approved by the voters in the election ordered by Ordinance 8I-65, the amount of 5100,000, is hereby declared null and void and of no further affect so that the only authorization outstanding shall be that as specified in Ordinance 99-66. Section 3. All other authority of Ordinance 81-65 or r~df'nance 95-66 or Ordinance 99-66 shall remain in full force and effect. First Reading 17th day of January, 1973. Second Reading ~, day of ~~/~v 1973. ( ~ ATTE T • ' ~~ anon .ter ng, ty er Posted after introduction 18th day of .lamiary, 1973. Posted after second readinJ; ~ day of ~~,{,~,~-./, 1973. ~ 1 _ ~ _„r .-~ - ORDINANCE 21b-73 ,, ~ "~. _. AN ORDINANCE a*~eadiag Ordinance 81-65 passed April 7, 1965, cancelling the authority tr issue $100,000 a~ the total $550,000 airport tersriaai revenue bonds. WHEREAS, the City Council on April 7, 1965, passed and appsir~ed Ordinance 81-65, authorizing the issuance of $550,000 of airport terminal revenue bonds, and WHEREAS, oa June 27, 1966, $450,000 of these bonds sere issued, and WHEREA&, the remaining $100,000 of these boada have not bees issued, and ftHEREAB, the age of the authozizatiaa and the vatera' later (1971) authorization of general obligation bonds foz similar purposes make unlikely the possibility of the Gale of the remaining boada authorized by Ordinance 81-65, NOTi, T~IEREPORE, BE IT ORDAINED by the City Council of the City of Kenai, Alaska, $a follastss 1. The authority to issue airy©rt terminal revenue boada contained is Ordinance 81-65 is hereby asaeaded to csacel the authorization to issue the remaining $100,000 of these bonds which have not been issued. 2. All other provisions of drdlnanss 81-65 remain in full force and effect. First Reading ,~_ day of ~~ 197.3 Second Reading day of 1973 C .5' ~ NBECK, g :. ., ATTEST: aron er ng, i y er Posted after introduction day of 1973 Posted after sccvnd realing day o£ 1973 ~-: _. _ __