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HomeMy WebLinkAboutORDINANCE 0070-1964AN ORDINANCE of the City of Kenai, Alaska, providing for the issuance of $25,000 of electric light and power revenue ~onds of the city for the purpose of providing part of ~h~ funds to pay the cost of acquiring, improving, extending and repairing the electric power lighting plant and distribution facilities of the city, all as more specifica~ly provided in Resolution No. 56 of the city passed December 26, 1962; fixing the date, form, terms and maturit~ of such bonds, and providing that the same be issued on a parity with the outstand- ing Electric Light and Power Revenue Bonds, 1963 of the city; providing for the payment of the pril~ipal of and interest on such bonds to be issued out of the Kenai 1963 Electric Light and Power Revenue Bond Redemption Fund created by Ordinance No. 54 of the city; providing and adopting certain covenants and protective features safeguarding the payment of such principal and interestl confirming the sale of said bondsl and declaring an emergency. WHEREAS, ~t a special election held An the City of Kenai, Alaska (hereinafter called the "City"}, on February 5, 1963 pursuant to tho City Charter, to Resolution No. 56 and other resolutions and ordinances of the City Council, the qualified electors of the City authorized the issuance of electric light and power revenue bonds of the City in the sum of not to exceed $450,000 for the purpose of pro- vidi~ funds to pay the cost of acquiring, improving, extending and repairing the electric power lighting plant and distribution facilities of the Kenai Power Corporation; and WHEREAS, pursuant to Ordinance No. 54 of the City passed and approved October 10, 1963, $425,000 of such bonds were issued and sold for such purposes; and WHEREAS, it now appears that the City n~eds the additional sum of $25,000 to complete the payment of the cost of acquiring, proving, extending and repairing such facilitiesl and WH~I~AS, said Ordinance No. 54 provided that such unissued $25,000 of bonds could be issued on a parity with such $425,000 of bonds if certain conditions were met; and WHER~S, it now appears and it has Been determined by the City Council that such conditions can be met and that it is to the best interest o£ the City and its inhabitants that said $25,000 o£ revenue bond~ be issued on a parity with such outstanding revenue bonds; and ~RFJ~, on August 5, 1964 the City Council accepted the ~r~itten o£fer of ~arshall and Meyer Incorporated, an investment banking corporation o£ Seattle, Washington, dated July 31, 19~4, ~o purchase such bonds at par plus accrued interest to date of delivery and under the terms and conditions of such bonds as hereinafter provided~ NO~, THERBFORE~ BE IT ORDAINED by the Council of the City of Kenai, Alaska, as follows: Section 1. As used in this ordinance the following words shall have the follo~in9 meanings: a. The word "City" shall mean the City o£ Kenai, Alaska, a municipal corporation duly organized and existing as a city under the laws el the State of Alaska. b. The word "System" shall mean the electric power lighting plant and distribution ~acilities of the Kenai Power Cor~oration here- refers acquired by the City and as the same shall be added to, bet- tered, improved and exten~e~ ~or as long as any of the Outstanding Parity Bonds, the Bonds and any Parity Bonds are outstanding. c. The words '~uthorized Bonds" shall mean the $450,000 of ~lectric light and powe~ revenue bonds o£ the City a~thorized pursuant to Resolution No. 56 of the City and a vote of the qualif£ed electors thereof at a special election held on February 5, 1963. d. The words "Outstanding Parity Bonds" shall mean the $425,000 principal amount of the Authorized Bonds issued pursuant to Ordinance No. 54 o£ the City unde~ date of October l~ 1963~ ail. of which bonds are now outstanding. e. The word "Bonds" shall mean the unissued 925,000 of the Authorized Bonds issued pursuant to and for the purposes provided in this ordinance. f. The words "Bond Redemption Fund" shall mean the Kenai 1963 Electric Light and Power Revenue Bond Redemption Fund created by Section 8 of Ordinance No. 54 for the purpose of paying the principal of and interest on the Authorized Bonds as the same shall become due. g. The words "Interest Account," "Sinking Fund Account" and "Reserve Account" shall mean the accounts of such names created in the Bond Redemption Fund by Sections ~ and 9 of said Ordinance No. 54. h. The words "Revenue Fund" shall mean the Kenai 1963 Electric Light and Power Revenue Fund created by Section 7 of said Ordinance No. 54, which section provides that all of the gross earnings and revenue of the System shall be deposited into such Fund as collected. i. The words "Parity Bonds" shall mean ~11 electric light and po~er revenue bonds of the City issued after the date of issuance of the Bonds, the payment of the principal of and interest on which constitutes a lien and charge upon the mone~ in the Revenue Fund equal in rank with the lien and charge upon such moneys for the payments required to pay and secure the payment of the Outstanding Parity Bonds and the Bonds. Section ~. The City Council hereby finds and determines, as required by Section 12 of Ordinance No. 54 of the City, as follows= First, that the Bonds are the remaining unissued $25~000 principal amount of the Authorized Bonds described in the next to the last paragraph of said Section 12 and that the same are being issued for the purpose of providing funds to complete the cost of acquiring, improving, extending and repairing the System. Second, that at the time of the adoption of this ordinance and at the time of the issuance and delivery of the Bonds there is not nor will there be any deficiency in the Bond Redemption Fund and the Reserve Account. Third, that the only electric light and po~er revenue bonds of the City now outstanding are the. Outstanding Parity Bonds. The lim~tations contained in Section 12 of Ordinance No, 54 having been complied with in the issuance of the Bonds, the payments into the Bond Redemption Fund and the Reserve Account required by this ordinance shall constitute a lien and charge upon the moneys in the Revenue Fund equal in rank with the lien and charge upon such moneys with the payments required to be made out of said Revenue Fund into such Bond R~demption Fund and Reserve Account for the purpose of paying and securing the payment of the principal of and interest on the Outstan~ing Parity Bonds. SectA0n 3. For the purpose of providing funds necessary to complete the payment of the cost of acquiring, improving, e~tending and repairin~ the System, the City shall issue the Bonds. The Bonds shall be dated September 1, 1964, shall be in the denomination of $1,000 each, shall bear interest evidenced by coupons attached thereto evidencing interest at the rate of 5% per annum payable on the first days of April and October of each year from date o£ issue commencing with April 1, 1965, shall be numbered from 426 to 450 inclusive, and shall mature on October 1, 1993. In addition to the above interest all of the Bonds shall bear additional interest evidenced by supplemental or detached coupons evidencing interest at the rate of 1% per annum from October 1, 1964 to t October 1, 1968. ~aid coupons shall become due on April l, 1965 and each s~x months thereafter to and including October l, 1968. Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America at the main office of the Seattle Trust and Savings Bank in Seattle, washington, or, at the option of the holder, at the Kenai Branch, Alaska State Bank, in the City, and shall be obligations only of the Bond Redemption Fund. Section 4. The City hereby covenants and agrees that it w£11 call for payment and retirement the following amounts of the Bonds on October 1 of the following years from mandatory payments m~de to the Sinking Fund Account, at the following prices: ~ear Amount Price Year Amount Price 1969 $1,000 102 1/~ 1982 $1,000 10W~ 1970 1,000 102 1/~ 1983 1,000 10~ 1971 1,000 102 1/2% 1984 1,000 10~ 1972 1,000 102 1/2% 1985 1,000 10~ 1973 1,000 102 1/~ 1986 1,000 10~ 1974 1,000 10~ 1987 1,000 lO~ 1975 1,000 101 1/2% 1988 1,000 10~ 1976 1,000 101% 1989 1,000 lO~ 1977 1,000 100 1/~ 1990 1,000 10~ 1978 1,000 10~& 1991 1,000 10~ 1979 1,000 10~ 1992 1,000 lO~ 1980 1,000 100% 1993 1,000 10~ 1981 1,000 10~ The Bonds so called and retired each year shall be deter- by m~ne~_/by the paying agent for the Bonds, which is hereby designated as the Seattle Trust and Savings Bank. If any of such Bonds are purchased or called and retired in any one year in an amount greater than the amount required to be called and retired on October 1 of said year, then the amount of such Bonds that must bo called and retired on October 1 of the succeeding calendar year or years may be reduced by the amount of such additional Bonds so previously called and retired. Section 5. The City hereby reserves the right to redeem the Bonds, in whole only, on the following interest payment dates and at the following prices expressed as a percentage o£ the p~incipal amount, plus acc=~ed interest to the date of rede~p~ion: On October 1, 1973 and April 1, 1974, at 105 On October 1, 1974 and April 1, 1975, at 104 On October 1, 1975 and April 1, 1976, at 103 On October I, 1976 and April 1, 1977, at 102 On October 1, 1977 and April 1, 1978, at 101 On October 1, 1978 and any interest payment date thereafter, at 100. Notice of any such ~ntended redemption shall be givenby one EubLication thereof in a business and financial Journal or a news- paper of general circulation Ln the City o£ Seattle, ~ash~ngton, not more than forty no~ ~ess than thirty days prior to such redemption date and by mailing a Like notice at the same time to MarshaLL and Neye= Incorporated at its main place of business in Seattle, ~ashing- ton, or to the busines~ successor of.said co~-po=atLon, i£ any~ at its ma~n place of business. Interest on the Bonds so called £o= redemption =haLL cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such calL. ~he City hereby further rese:ve; the right to use any eurpZu; funds in the Sinking Fund Account or Reserve Account to p~rcha;e any of the Bonds in the open market £or retirement only, i£ the same maybe purchased at a price not exceeding that at ~hLch they could be caLLed £or redemption on the first s~cceedLng date at ~hich they ~y be called ~s he;eLnabove provided. The Bonds shall be in substantia~ly the Se~ct~on..6. fol~owing form: UNITED STATES OF AMERICA NO. $1,000 STATE OF ALASKA CITY OF KENAI ELECTRIC LIGHT AND POWER REVENUE BOND, 1964 KNOW ALL MEN BY THESE PRESENTS: e That the City of Kenai, a municipal corporation of the State of Alaska, for value received hereby promises to pay to bearer on the first day of October, 1993, the principal sum of ONE THOUSANDDOLLAR~ together with interest thereon at the rate of ~ per annum from date hereof evidenced by coupons attached hereto pay- able on the first days of April and October of each year £romdate of issue commencing with April 1, 1965 and ad- ditional interest at the rate of 1%per annum from October 1~ 1964 to October 1, 1968 evidenced by detached coupono payable on the first day of April, 1965 and each six months thereafter, upon presentation and surrender of such interest oo~pons as they severally become due. Both principal of and interest on this bond are payable in lawful money of the United States of America at the main office of the Seattle Trust and Savings Bank in Seattle, Washington, or, at the option of the holder, at the Kenai Branch, Alaska State Bank, in Kenai, Alaska, solely out of the special fund of the city known as "Kenai 1963 Electric Light and Power Revenue Bond Redemption Fund" created by Ordinanae No. 54 of the city. The City of Konai has covenanted and agreed that it will call for payment and retirement the following amounts of the bonds o£ thi~ i~ue on October 1 of the following yoaro and at th~ following prices: year . ~.~oun..t _ ~rtce ]f~ar ,_ Amount ~r!ce 1969 $1,000 102 1/~ 1982 $1,000 10~ 1970 1,000 102 1/2% 1983 1,000 10~ 1971 1,000 102 1~% 1984 1,000 10~ 1972 1,000 102 1/2% 1985 1,000 10~ 1973 1,000 102 1/2% 1986 1,000 100~ 1974 1,000 102% 1987 1,000 10~ 1975 1,000 101 1/2% 1988 l,O00 10~ 1976 1,000 101% 1989 1,000 10~ 1977 1,000 100 1/2% 1990 1,000 10~ 1978 1,000 10~ 1991 1,000 10~ 1979 1,000 10~ 1992 1,000 10~ 1980 1,000 10~ 1993 1,000 iOOY~ 1981 1,000 10~ The bonds to be so called and retired each year shall be determined by lot by the paying agent, which has been designated as the Seattle Trust and Savings Bank. The City of Kenai has reserved the right to redeem the bonds of this issue, in whole only, on the following interest payment dates and at the following prices expressed as a per- centare of the principal amount, plus accrued interest to the date of redemption: On October 1, 1973 and April 1, 1974, at 105 On October 1, 1974 and Apr11 1, 1975, at 104 On October 1, 1975 and April 1, 1976, at 103 On O~tober 1, 1976 and April 1, 1977, at 102 On October 1, 1977 and April 1, 1978, at 101 On October 1, 1978 and any interest payment date thereafter, at 100. Notice of any such intended redemption shall be given by one publication thereof in a bus!nes~ and financial Journal or a newspaper of general circulation in th=-¢tty of Seattle, Washington, not more than forty no= less than thirty days prior to such redemption date and by mailing a like notice at the same time to Marshall and Meyer Incorporated at its ~atn place of business tn Seattle, Washington~ or to the business successor of said corporation, if any, at its main place of business. This bond is one of an issue of twenty-five bonds of like amount, date and tenor except as to number, aggregating the principal sum of $25,000, and is issued pursuant to the laws of the State of Alaska, the Charter of the City of Kenai, a vote of the qualified electors of the city and duly adopted ordJ~nances and resolutions of the City Council, for the pose of ~roviding funds to complete the payment of the cost of acquiring, improving, extending and repairing the electric I~er lighting plant and distribution facilities of the Kenai Power Corporation, all as more specifically provided in ReSolution No. 56 of the city passed December 26, 1962. Ail of the bonds of this issue are payable solely out of the gross earnings and revenue of the electric light and ~ower ~ystem of the city and all additions and improvements thereto and extensions thereof. The City of Kenai hereby covenants and agrees with the owner and holder o£ this bond that it will keep and ail the covenants of this bond and of Ordinances No. 54 and No. ~ to be by it kept and The City of Kenai does hereby pledge and bind itself to set aside from the money in its Electric Light and Power Revenue Fund created by said Ordinance No. 54, and to pay into and maintain in said 1963 Bond Redemption Fund and the Reserve Account created therein by said Ordinance No. 54, the various amounts required by said Ordinance No. _~&~ to be paid into and maintained in said Fund and Account, all within the times provided by said ordinance. The city has further pledged and bound itself to pay into said Electric Light and Power Revenue Fund as collected all of the gross earnings and revenue derived by the city from the operation of its electric light and power system and all additions and improvements thereto and extensions thereo£. Said amounts =o pledged are hereby declared to be a prior lien and charge upon the money in said Revenue Fund superior to all other charges of any kind or nature except the neces- sary co~t of maintenance and operation of such system, and equal in rank to the charges made upon the money in said Fund to ~ay and secure the payment of the principal of and interest on the outstanding electric light and power revenue bonds of the city issued under date of October 1, 1963 and to any charges that may be made upon the money in said Fund to pay and secure the payment of the princ£pal of and interest on any electric l£ght and power revenue bonds of the city which may later be issued on & parity with such October 1, 1963 bonds and the bonds of th~ issue. The City of Kenai has further bound itself to maintain said electric light and po~er system in good condition and repair, to operate the same ~n an efficient manner and at a reasonable cost~ and to establish, maintain and collect rates and charges for light and po~ £or as long as any of the bonds of this issue are outstanding that will provide revenue availabl~ £o= revenue bond debt service in an amount equal to at least 1.4 times the average annual amount required to pay the principal of and interest on such outsta~ding October 1, 1963 revenue bonds and the bonds of this ~sue as the same shall become due, after normal costs of main- tenance and operation of said system have been paid, but before depreciation and any taxes or pa}~ents in lieu of taxes have been paid to the city. It is hereby c~rtified and declared that this bond and the bonds of this issue are issued pursuant to and in strict 10. compliance with the Constitution and laws cf the State of Alaska and the Charter and ordinances and resolutions of the Council of the City of Kenai, and that all acts, con- ditions and things required to be done precedent to and in the issuance of th£sbond have happened, been done and performed. IN W~TNESSWHEREOF, the City of Kenai, Alaska, has caused this bond to be signed by its Mayor, to be attested by its Clerk, the corporate seal of the city to be im- pressed hereon, and the ~nterest coupons attached hereto to be signed with the facsimile signatures of said officials, this first day of Septcmber, 1964. CITY OF K~AI, ALASNA ATTEST= Mayor City Clerk The interest coupone attached to and detached from the Bonds shall be in substantially the following form: On the first day of .. , 19..., the City of Kenai, Alaska, will pay to bearer at the main office of the Seattle Trust and Savings Bank in Seattle~ Washington, or, at the option of the holder, at the Kenai Branch, Alaska State Bank, in Kenai, Alaska, the amount shown hereon in lawful money of the United States of America, out of the special fund of the city known as the "Kenai 1963 Electric Light and power Revenue Bond Redemption Fund," said amount being semiannual interest due that date on its Electric Light and Power Revenue Bond dated October 1, 1964 and 11. numbered . CITY OF KENAI, ALASI~A Mayor ATTEST: City Clerk Section 7. The Bonds shall be signed on behalf of the City by its Mayor, shall be attested by its Clerk, and shall have the corporate seal of the City Impressed thereon. The lnterest coupons attached thereto and detached therefrom shall be signed with the facsimile signatures of said officials. S~ction 8. Upon the sale and delivery of the Bonds the proceeds thereof (except for accrued interest, which shall be paid into the Bond Redemption Fund~ shall be deposited to the credit of the Kenai Acquisition and Construction Fund created by Section 6 of Ordinance No. 54, and shall be used for the sole purpose of completing the pal~nent of the cost of acquiring, improving, extending and repair- ing the System as hereinbefore provided and paying all the expenses incidental thereto. Any money remaining in such Construction Fund after payment of all of the costs above provided for shall be tranoferred to the Sinking Fund Account for the uses and purposes herein provided. Sec~io~ .9. A special fund of the City hereinbefore designated "Bond Redemption Fund" has heretofore been created for the sole as the purpose of paying the principal of and interest on the outstanding Authorized Bonds as the same shall become due. In addition to the payments required to be mad~ out of the money in the Revenue Fund into the Bond Redemption Fund by Ordinance No. 54 of the City, the City hereby obligates and binds itself to set aside and pay into the Bond Redemption Fund ou~ of the money in the Revenue Fund the follo~ing fixed amounts necessary to pay the principal of, premium t£ any, and interest on the Bonds as the same shall become due. Said amounts shall be paid into the Bond Redemption Fund on or be£oge the tenth day o~ each month in the amounts here/na~ter spec/~ied: a0 The City shall pay l~modtately into the Interest Account the accrued interest received at the time o~ the delivery o£ the Bonds. b. B~ginningwith the month o£ September, 1964 and con- tinulr~ through the month o£ March, 1965, the City shall pay into the Bond Redemption Fund to the credit o£ the Interest Account an amount equal to one-seventh oE the interest to become due and pay- able on al1 o~ the Bonds outstanding on April 1, L9~5, except that such amount so required to be pa~d trite the Interest Account may be ~educed by thc amount o£ accrued interest paid into such Account at the time o~ the delivery o£ the Bonds. c. Beginning with the month o£ April~ 1965 and continuing £or as long as any o~ the Bond~ are outstanding and unpaid, the City shall pay into the Bond Redemption Fund to the credi~ o£ the Interest Account an a~ount equal to at least one-~ixth o£ the inter~t to be-- come due and payable on th~ next semiannua~ interest payment date. d. B~innin~ with the month o~ October. 1968, the City shall pay ~nto the Bond Redemption Fund to the credit o~ the Sinking Fund Account an amount equal to one-t~el~th o£ the principal amount, and premium L£ any~ o~ the Bonds that the City has covenante~ in Section 4 o~ this ordinance to call and retire on the next ~ucceeding October L o~ the years 1969 through ~993. ~hen there ~s su£~icient money in the Bond Redcm~tion Fund and the Reserve Account to pay the principal o£, premium i£ any, and ~ntere~t to the date the Ou~tandin9 PariS[ Dond~ and the Bond~ may 13. ~irst be redeemed, then no further p~yments need be mdc into the Bond Redemption Fund. ~l~e amounts so pledged to be paid out of the Revenue Fund into the Bond Redemption Fund and hereinafter pledged to be paid into the Reserve Account are hereby declared to be a prior lien and charge upon the money in the Revenue Fund superior to all other charges of any or nature except the no~al cost of maintenance and operation o~ the System, and e~al in rank to the cha~Bes ~de upon the ~ney ~n ~ch F~ to pay and ~u~e the pa~ent o~ the p~incipal o~ and interest on the Outstand~g Parity Bonds and to any c~ge~ that ~y be mdc upon t~ mon~ in ~uch Fund to pa~ and ~ecu~e the payment o~ the o~ and ~ere~t on any Parity Bonds ~ich the City ~y late~ issue, Sectional0, The Reserve Account has heretofore been c~eat~d ~n the Bond RedemptLon Fund [o~ the ~po~e o~ s~u~in~ the ~ayment o~ the p~ncipal o~ and ~nte~e~t on all electric light and p~e~ bonds o~ the C~t~ ~yabLe out o~ ~uch F~d, The C~ty he~eb~ covenant~ and agrees ~hat co~enc~n9 ~l~h the month o~ ~e~e~be~ 1964, it ~nc~ease 2he monthly pa~ents o~ $500 ~equL~ed to be ma~e into the Reserve ~ccount b~Sec2~on 9 o~ O~d~na~e No, 54 2o ~550 until the total amount paid into 2he Reserve Account ~hall equal The C~ty ~u~the~ aq~ees t~t ~hen the s~o~ ~32,~0has ~en pa~d ~n2o khe Rese~v~ Account ~t ~i~ a~ al~ kimes ~nta~n t~ amount the~eLn ~t~l the~e ~s a ~u~ctent amount ~n the Bond Red~pt~on Fund and the ~se~ve Accounk to ~edeem and ~eti~e all o~ the bonds payable out o[ ~uch Bond Redemption Fund u~ the te~ thereo~, Sect~0n,l,~, The corporate authorities o~ the C~t~ he~eb~ declare that ~n ~x~n9 2he amounks ko be pa~d ~nto the Bond Redemp- tion F~nd and Reserve ~ccount the~ have exe~c~eed due ~a~d to the cos2 o~ntenance and operation oE 2he System and the amount~ quoted to pay and ~e~u~e th~ ~ym~nt of thc principal o[ an~ ~nterest 14. on the Outstanding Parity Bcnds, and have not obligated the City to set aside and pay into said Fund and Account a greater amount of the gross earnings and revenue of the System than in their Judgment will be available over and above such co~t o!maintenance and operation and such amounts. S~c~ion 12. The City hereby covenants and agrees with the owner and holder of each of the Bonds for as long as any of the same remain outstanding as follows: a. That the provisions of Sections 7, 8, 9, 11 and 12 of Ordinance No. 54 of the City are hereby incorporated in this ordinance as though set forth herein and by such incorporation are made applicable otherwise to the Bonds unless_/ indicated, and dEe.hereby made a part of this ordinance with respect to the Bonds as though fully set forth herein. b. That it will establish, maintain and collect rates and charges for electric light and power for as long as any of the Bonds are outstandillg that will provide revenue available for revenue bond debt service in an amount equal to at least 1.4 times the average annual amount required to pay the principaX of and interest on the Outstanding Parity Bonds and the Bonds as the same shall become due, after normal costs of maintenance and operation of the System have been paid, but before depreciat~on and any taxes or payments in lieu of taxes have been paid to the City. c. The City hereby reserves the right to issue Parity Bonds under the same terms, conditions and requirements and with the same l~mitations and restrictions as provided in Section 12 of gaid Ordi- nance No. 54 for the issuance of revenue bonds on a parity with the Authorized Bondsl provided, however, that in the ordinance authorizing the issuance of such Parity Bonds the City will create a reserve account in the bond redemption fund created to pay the principal of and interest on such Parity Bonds and will provide reserve account covenants to 15. secure the pal/ment si such Parity Bonds similar to the co-,enan~ con- rained tn Section 9 of Ordinance No. 54 to secure the payment of the principal of, premium if any, and interest on the Outstanding Parity Section 13. The action of the City Council taken on August 5, 1964 in accepting the written offer of Marshall and Meyer Incorpo- rated, an investment banking corporation of Seattle, Washington, dated July 31, 1964, to purchase the Bonds at par plus accrued interest to date of delivery and under the terms and conditions of the Bonds as set forth in this ordinance, is hereby in all respects ratified and confirmed. The proper City officials are hereby authorized and directed to ~o everything necessary for the prompt issuance and delivery of the Bonds and for the proper use and application of the proceeds of such sale. ~ction 14. Because of the great need of the City to o~ain the proceeds of sale of the Bonds at the earliest possible date, an emergency is hereby declared to exist, and =he rules governing the reading, passage and approval of this ordinance are hereby suspended. It is hereby found and declared that it is necessary for the immediate preservation of the public welfare, peace, health and safety that this ordinance become e£fective immediately upon its passage, approval and publication by posting a copy hereof on the City Hall bulletin board for the period of ten days following its passage and approval. PASSED and APPROVED by the City Council of the City o£ Kenai, .Alaska, this ~ day of &i~&~ , 1964. 16. I, ~ ~.~II~, the duly appo&nted, qual&£~ed and ee~Z~cj ~t~y C;l~rk o£ the Cit~ ~2 ~t, ~l~a, 1~0 h~l~B~f C~ ~o. ~'~ o£ said c~ty, duly pasmed by lt~ ¢ounc&;I. ~ ~t~ed ~ &re Mayor at a meeting o£ said Council held on the ¢,~ _~., ,d~l~ o£~. 1964.