HomeMy WebLinkAboutORDINANCE 0201-1971CITY OF KENAI, ALASKA
ORDINANCF- NO. ~ ~ /
AN ORDIIIANCE OF TIIE CITY OF KENAI, ALASKA,
PROVIDING FOR ~{E ISSUANCE AND SALE OF $1,000,000
OF GENERAL PURPOSE, GENERAL OBLIGATION BONDS OF
T~E CITY OF KENAI, FOR TIIE PURPOSE OF PROVIDING
FUNDS TO DESIGN, PLAN, ACQUIRE, CONSTRUCT, INSTALL
AND EQUIP A CIVIC CENTER COMPLEX, ADDITIONS A~ID
IMPROVEMENTS TO T~E WATER SYSTEM, ADDITIONS AND
IMPROVEMENTS TO THE SEWER SYSTEM, A FIRE AND POLICE
STATION, ADDITIONS AND IMPROVEMENTS TO T~E MUNICIPAL
AIRPORT, ADDITIONAL PARK, AND RECREATION FACILITIES,
A N~W SMALL BOAT HARBOR A~D IMPROVEMI~NT TO STREETS
AND ROADS; AND FIXING THE DATE, FOPJ~, TERMS AND
MATURITIES OF SUCH BONDS, AND DECLARING AN EMERGENCY.
W~EREAS, at a special election held in the City of Kenai,
Alaska, on May 25, 1971, pursuant to Resolution No. 71-12, adopted
May 5, 1971, the provisions of the Char. ret of the City of Kenai and
other proceedings duly and regularly taken, the qualified voters of
the City authorized the issuance of general obligation bonds of the
City in the following amounts for the following purposes~
1. $800,000 to plan, acquire, install and equip a civic
center complex for the City including an auditorium
convention =enter, a library health center, conference
rooms, kitchen and swimming pool, ~ .gether with all
necessary utility and appurtenance:.,, .
2. $1,421,282 to plan, acquire, construct and install
~ertain capital improvements to the water suDply and
distribution of the City, including a 21" trunk line
from the Kenai River above Eagle Rock to the industrial
complex north of the City, a second artesian well, an
elevated storage facility, a transmission line from the
city to Wildwood Air Force Station, imDrovements
necessary to loop a major portion of the water supply
and distribution system and additional laterals in areas
of the City not now served;
3. $350,000 to plan, acquire, construct and install
capita~ improvements to the sanitary sewer system of the
City, including a west interc~.:,tor line and lift station
in the Mommsen area, an east interceptor line, an
airport interceptor line, a new primary and secondary
treatment plant and additional laterals to serve areas
of the City not nov, served;
4. $450,000 to plan, acquire, construct and equip a
fire and police station for the City of Kenai, together
with all necessary equipment and appurtenances;
5. $526,587 to plan, acquire and construct a cargo
ramp, general aviation terminal and access road
improvements to the Kenai Municipal Airport;
'~. $79,682 to plan, acquire, construct and install
additional parklands and facilities, a new rifle range
~d oval track, and to fence and screen the existing
parklands from the municipal cemetery;
7. $25,000 to plan, make preliminary site preparations,
construct, install and equip a new small boat harbor
for the City of Kenai; and
8. $347,449 to construct, install and make certain
capital improvements to the streets and roads of the
City of Kenai, including grading, widening, gravelin~
and paving thereof; and
~{EREAS it is deemed necessary and to the best interests
of the City and its inhabitants that the City now issue the following
amounts of such authorized bonds for the following purposes~
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~ater ~y~tem--$100,O00
Sewer sy~te~--$100,O00
~ire & police stat£on--$450,O00
genai Airport--S35,000
Park and recreation faeilities--$35,000
Small boat harbor--$5,000
Street improvements--$235,000~ and
WHEREAg it is neces .ary that the date, form, terms and
maturities of such bonds be now fixed~
NOW, THEREFORE, BE IT ORDAINED BY T~E COUNCIL OP THE CITY
OF KENAI, ALASKA;
Sl. That for the purpose to design, plan, acquire,
~onstruet, in,tall and equip a civic center complex, additions and
improvements to the water system, additions and improvements to
the cower system, a fire and police station, additions and
improvements to the municipal airport, .additional park and
recreational facilities, a new small boat harbor and improve-
meats to streets and roads, the City shall issue and sell its
general purpose general obligation bonds in the aggregate
principal amount of $1,000,000 out of the $4,000,000 o£ bonds
authorized by the qualified voters of the City at the special
election held therein on May 25, 1971, pursuant to Resolution
No. ?1-12 adopted May 5, 1971.
Said ~1,000,000 of bonds shall be sold as one issue,
but the funds derived therefrom shall be allocated as £ollows~
1. $40,000 to plan, acquire, install and equip a
civic center complex for the City including an
auditorium convention center, a ~ibrary health
center, conference rooms, kitchen and swimming
pool, =oqether with all necessary utilities and
appurtenances~
2. $100,000 to plan, acquire, construct and
install certain capital imDrovements to the water
supply and distribution of the City, including
a 21" trunk line from the Kenai River above Eagle
Rock to the industrial complex north of the City,
a sec6nd artesian well, an elevated ~torage
facility, a transmission line from the City to
Wi!4wood Air Force Station, improvements
necessary to loop a major portion of the water
supply and distribution system and additional
lateral~ in areas of the City not now serve~;
3. $100,000 to plan, acquire, construct and
install capital improvements to the sanitary
sewer system of the City, including a we~t
interceptor line and lift station in the Mommsen
area, an east interceptor line, an airport
interceptor line, a new primary and secondary
· 'treatment plant and additional laterals to serve
areas of the City not now served.
4. $450,000 to plan, acquire, construct and
equip a fire and police station for the City of
Kenai, together with all necessary equipment and
appurtenances;
5. $35,000 to plan, acquire and construct a
cargo ramp, general aviation terminal and access
road improvements to the Kenai Municipal Airport~
6. $35,000 to plan, acquire, c~'astruct and
install ad4ittonal parklands and f~cilities, a
new rifle range and oval track, and to fence
and screen the existing parklands from thc
municipal cemetery;
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7. $5,000 to plan, make pre3. iminary site
preparations, construct, install and e~uip a
new small boat harbor for the City of Kenai;
8. $235,000 to construct, install and make
certain capital improvements to the streets and
roads of the City of Kenai, including grading,
widening, graveling and paving thereof.
If the net proceeds of the sale shall be less than or more
than the stated par value of the bonds, then the funds
actually obtained shall be allocated in the same propor-
tion or ratio.
Said $1,000,000 of bonds shall be dated August 1,
1971, shall be in the denomination of $5,000 each, shall
bear interest at a rate not to exceed 8% per annum, payable
semi-annually on the first days of February and August of
each year from date of issue, as evidenoed by coupons to
be attached to sai~ bonds. Both principal of and interest
on said bonds shall be payable in lawful money of the United
States of America at the Kenai Branch of National Bank of Alaska,
Kenai, Alaska, or at the option of the holder, at Seattle Trust
& Savings Bank, Seattle, Washington, or Chemical Bank, New
York, New York. Said bonds shall bu numbered and mature in
order of their number on the first day of August as follows~
Bond Nos.~ .... Mat.B.~t~ Year Amount
1-15 1972 $75,000
16-31 1973 80,000
32-48 1974 85,000
49-66 1975 90,000 ·
67-85 1976 95,000
86-105 1977 100,000
106-127 1978 110,000
128-150 1979 115,000
151-174 1980 120,000
175-200 1981 130,000
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§2. The City has not reserved ~he right to redeem
bonds of this issue prior to their stated maturity. / ,
S3. Said bonds ~~be knopm as "City of Kenai,
Alaska General ~urpose General Obligation Bonds, 1971", and
shall be in substantially the following forms
UNITED STATES OF AJ4ERICA
NO. .. .. $5,000
STATE OF ALASKA
CITY OF KENAI
G~NERAL PURPOSE
GENERAL OBLIGATION BOND, 1971
KNOW ALL MEN BY THESE PRESENTS
That the City of genai, a municipal corporation of
the State of Alaska, hereby acknowledges itself to owe, and
for value received promises to pay to bearer on the first
day of August, 19__the principal ~um of $5,000, together
with .interest thereon at the rate of percent per annum,
payable semi-annually on the first days of February and
August of each year, upon presentation and surrender of the
attached interest coupons as they several!y become due. Both
principal of and interest on :his bond are payable in lawful
money of the United States of America at the Kenai Branch of
National Bank of Alaska, Kenai, Alaska, or at the option of
the holder, at Seattle Trust & Savings Bank, Sea~:tle, Wash-
ington, or Chemical Bank, New York, New York.
The City has not reserved the right to redeem the
bonds of this issue prior to their stated maturities.
This bond is one of an issue of $1,000,000 of
bonds of like amount, date and tenor, except its number, rate
of interest and date of maturity, and is issued pursuant to
the statutes of the State of Alaska, the Charter of the
City of Kenai, a veto of the qualified electors of the City
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and duly adopted resolutions and ordinances of the City for
variou~ capital purposes.
This bond and the bonds of the issue of which this
bond is one are payable out of the fund created by Ordinance
No. //(? ! of' the City entitled "Kenai 1971 General Purpose
General Obligation Bond Redemption Fund". The City has
irrevocably covenanted that it will levy and collect taxes
annually upon all the ta::able property within the City,
without limitation as to rate or amount, and in amounts
sufficient, with other available funds, to pay the principal
of and interest on s~..".d bonds as the same shall become due.
For the annual levy and collection of such taxes and the
p~ompt payment of such principal and interest, the full
faith, credit and resources of the City of ~enai, Alaska
are hereby irrevocably pledged.
It is hereby certified and declared that all
acts,.' conditions and things required by the Constitution
and laws of the State of Alaska and the Charter, ordinances
and resolutions of the City to be done precedent to and in
the issuance of this bond have happened, been done and
performed, and that the total indebtedness of the City,
including this bond and the bonds of this issue does not
exceed any constitutional, statutory or charter debt
limitation.
IN WITNESS ~{EREOF, the City of Kenai, Alaska
has caused this bond to be signed by its Mayor, to be
attested by its Clerk, the official seal of the City to
be impressed hereon, and the interest coupons attached
hereto to be ~Igned with the facsimile signatures of
said officials this first day of August, 1971.
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ATTEST:
CITY OF KENAI,
By
Mayor
City Clerk
The interest coupons attached to said bonds will be in
stLbsta~tially the following form:
NO.
On the first day of
Alaska, will pay to bearer at the Kenai Branch of
National Bank of Alaska, Kenai, Alaska, or at the
option of the holder at Seattle Trust & Savings Bank,
Seattle, Washington, or Chemical Pank, New York, New
York, the amount sho~m hereon in lawful money of the
United States of America, said sum being the semi-
annual interest due that date on its general purpose
general obligation bond dated August 1, 1971, and
numbered ·
ATTEST:
., 19__, the City of Kenai,
Mayor
CITY OF KENAI, ALASKA
By
Ct~ Clerk'
S4. The bonds shall be signed on behalf of the City
by its Mayor, shall be attested by its Cl~rk, and shall have the
corporate seal of the City impressed thereon. Each of the interest
coupons attached thereto shall be signed with the facs~mile signa-
tures of said officials.
SS. The proceeds of the sale of the bends (except for
_~ interest, if any, which shaZ1 be paid into the bond
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redemption fund hereinafter created) shall be used solely for the
purposes set forth in §1 of this ordinance.
~6. That there be and is hereby created a special fund
of the City, to be known as the "Kenai 1971 General Purpose
Genera] Obligati.on Bond Redemption Fund" (hereinafter called the
"bond redemption fund"), which fund shall be drawn upon for the
sole purpose of paying the principal of and interest on the bonds
as the same shall becon~ due and payable.
The City hereby irrevocably covenants that it will make
annual levies of ad valorem taxes upon all the taxable property
within the City without limitation as to rate or amount, and in
amounts sufficient, with other monies of the City legally avail-
able therefor and paid into such fund, to pay the principal of
and interest on the bonds of this issue as the same shall become
due. The full faith, credit and resources of the City are hereby
irrevocably pledged for the annual levy' and collection of such '
taxes, and for the p~ mpt payment of such principal and inter-st.
ST. The bonds shall be sold at public sale, and the
City Clerk or any other agent or representative of the City is
authorized to advertise the bonds for sale in such manner as is
deemed necessary, including one publication in a financial
Journal of national cir~ulation, not les~ than ten days prior to
the sale date.
Bids for the purchase of the bonds will be received
in the Chambers of the City Council, Kenai, Alaska, until 10:00
A.M. Alaska Daylight Time, and simultaneously in the office of
Preston, Thorgrimson, Starin, Ellis & Holman, 2000 IBM Building,
Seattle, Washington, until 12:00 o'clock noon Pacific Daylight
Time, on July 28, 1971.
Said bids will be considered and acted upon at a meeting
of the City Council to be held at 8500 P.M. Alaska Daylight Time
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on.She same date.
Upon the sale of the bonds the proper officials of the
City are hereby authorized and directed to do everything necessary
for the prompt issuance and delivery of the bonds and for the
proper use and application of the proceeds of such sale.
SS. An emergency is hereby declared and the rules governing
the introduction, reading, passage, and approval of this ordinance
are hereby suspended and this ordinance will be immediately effective
upon its passage and approval.
PASSED by the Council of the City of Kenai, Alaska and
approved by its Mayor at a regula~meeting of said Council held on
the 7th gay of July, 1971, after notice thereof given as provided
by law.
CITY OF KENAI, ALASKA
/ Mayor
APPROVED
Attorney
~MERGENCY DECLARE~D: ~day of July 1971.
FIRST READING~ _~day~f July 1971.
PASSEDs ~ day of July 1971.
acting City Clerk of the City of Kenai, Alaska, DO HEREBY CERTIFY that
the foregoing is a true and correct copy of Ordinance No. of said
City, duly passes by its Council an~ apDroved by its Mayor at a regular
meeting of said Council held on the 7th day of July, 1971, after notice
thereof given as provided by law.
'"- -' - AUtihg City Clerk