HomeMy WebLinkAboutRESOLUTION 1996-57Suggested by: City Council
CITY O1~. KENAI.
I~SOLUrlON NO. 9~-S?
A RESOLUTION oF'THE COI~C/L' OF THE CITY OF KENAI,
PmOV!DU~O FO~ SuB~~ON TO'~, QUALrFIED VOTERS O~ THE,crrY
OF Ic~. ,~AI AT ~ OENERAL ELECTION TO B~ HELD iN THE CITY, OF
KENA! ON,OCTOBER 1, 1~, Ti~ QI~ON OF ISSUINO OENERAL
OBLIGATION. BONDS 'OR OTHERWiSE'INCURRING DEBT IN ~AN AMOUNT
NOTTO. EX~~ $2~'00,000.TO PROVIDE A PORTION OF THE~~S'
NE~ARY TO CONSTRUCT AN ADDrrlON TO THE CITY OF KENAI
COMMUNITY LIBRARY.
WHEREAS, the City Council determines it is in the best interest of the City of Kenai,
Alaska (the "City") to c~nstru~ an addition to the Kenai Community Library; and,
WHEREAS, the Constitution and the laws of the State of Alaska and the Charter of the'
City of Kenal.provide.that the .question of whether or not such debt may be incurred for
such a purpose must be' submitted to the qualified voters of the City for their ratification.
NOW, THE~RE, BE IT RF~OLVED THAT THE 'COUNCIL OF THE CITY.'
KENAI, ALASKA, as follows: :
Sectionl: It is hereby determined to be for a public purpose and in the public
interest of the City to incur indebtedness of the City in an amount not to exceed
$2,500,000 for the purpose of paying a portion of the costs of planning, designing,
equipping, acqufring~-and constru~g a capital improvement addition to the Kenai
Community LForary. Those capital improvements will be an addition of approximately.
16,000 sq. ft. to include an exPanded children's area, activities room, increased
handicapped access, a neW non.fiction/reference area, an improved young adult and
fiction section and other imprOVements.
~;{~=~. A sum-not exceeding. $2,500,000 she_l} be borrowed by, for, and on
behalf of the City for the aforesaid capital improvement and shall be evidenced by the
issuance of general obligation, bonds or otherevidenee of debt of the City. The amounts
so borrowed' shall be used for capital ,_'mprovements only. The bonds shall be paid from
general and nd Valorem taxes levied in the City.. The full faith and Credit of the City is'
pledged for .the payment Of the principal and interests on the bonds or. other, debt' '-
instrument and ad valorem taxes upon all taxable property in the City shall be levied
without limitation ns to rate or amount in amounts sufficient to pay principal and interest
on the bonds or the debt instrument when due. The bonds or other debt instrument
shall bear interest at a rate not to exceed the 'maximum rate permitted by law, and shall
.ReSOlution No. 96-57
· page 2 of 3
" re at such time or times within 30 ~ears from the date of, issue as. the ncil~.-'~"..." '
· .: m' ' !. - .... -~- .... -- aate form- terms, maturities, and ~oven~ntS.of said
:- "=' atter netermlne. %nc =xaw ua , , . .. ,
.....~ayr.nere _. ---- '------e-t shall be hereafter bed by ordinance o! the City.;. .
· :bOn.d~orotlleroewmt~uum u .~. . .. . ...-
.- '"'the Pu,rpose o! sub.m.itting to the qualified voters of ~e .City for approval 0r're, jection' a :-
'.'Pr01~osition authormng the. borrowins of ionv and Issuing of Eneral oblisation''b°nds-
or' Sther such evidence.of indebtedness. A majority o.f. the qualified voters who vOte on
ihe propos,tion is reqmred for approval. The proposmon shall be in ~b~tantially the
~ following form:
. PROPOS~O~
An addition to the Kenai Community Library
Pursuant to Resolution No. 96-57, shall the City of .Kenai,
. thofized to incur indebtedness and to ~ssue its.
Alaska, be au . .
· ...,,.,.l ,,blioation bonds or other e3fldence of mdebte.dne, ss m
~"~u~nt ;r -mounts as needed, and not to exceed in the
DO .I.A S ($Z 00,000), for
portion of the funds for.plan, rang, designing, eqmppmgi" ..
acquiring, and. construct?g ,m. pr. ove..men, ts. to._~,_e _K_e~n ~.~_~,o of
Community Library, and to_ p. leage, tn.e
the City for the paymen, t of the ,p. nnapal ann mteres~ on m.=
bonds or other such evidence of indebtedness? Those capital
improvements will be an addition of approxim, at.e. ly 16,000 sq.
fl.'to include an expanded chddren's area, activities room,'
in...--o-on handicavved access, a new non-fiction/reference
o,o= =~ improved voun~ adult and fiction secuon
?'~"' -" _"_~L oL.'~ ~...~.~ obligation bonds or other such
evidence of indebtedness are
the date of issue and are lo bear interest at a rate not. to-
exceed the maximum rate permitted by law.
"" e,~.~,., ~. The forenoinn uro~x)sition shall be printed in full on the ballot, and
the following words shall be added .below or next to the proposition appropriate and
next to a square provided for mark~_,g the ballot or voting machine:
FOR THE PROPOSITION
NO [ ]
Resolution No. 96-57 "
Page 3 of 3 ~ ,...
Sectio~g Sections I ·and 2 or'tis reSOlution,S~hal!~ .~effectivo uP°n:a~roval by j·
the qualified voters of the City. of th. e"Prop0sition set. ~rth tn SeCtion 3 at the October 1,
1996 election. The remninder of. this -...resolutiOn Shall be' effective uP°n ndoption. ' '
of August, 1996.
ATTEST:
Mayor
~aroJ L. Freak, City Clerk
Approved by Finance:
I
1