HomeMy WebLinkAboutRESOLUTION 1995-46 CITY OF KENAI
RESOLUTION NO. 9~16
A RF.~OLUTION OF THE COUNCIL OF THE CITY OF KENAI, ALASKA,
PROVIDING FOR THE SUBMISSION TO THE OUALIFIED VO'I~RS OF TILE-.:. :. .
CITY OF KRNAI AT THE GENERAL ELECTION TO BE HELD IN THE CITY OF'
KENAI ON OCTOBER 3, 1995, THE Q~ON OF ISSUING GENERAL
OBLIGATION BONDS OR OTHER~SE IN~RRING DEBT IN AN AMoUNT"~ ·
NOT-TO-EXCEED $2,$00,000 TO PROVIDE A PORTION OF THE FUNDS
NECESSARY TO CONSTRUCT AN ICE HOCKEY/SKATING RINK FACILITY.
WHEREAS, the City Council determines it is in the best interests of the City of Kenai,
Alaska (the "City") to construct an Ice Hockey/Skating Facility with the City; and, ~..
V~qEREAS, the Constitution and the laws of the State of Alaska and the Charter of the'
City 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,
sow, IT SOLV D mAT TUS COUNCIL Trm Ctry
KENAI, ALASKA, as follows: : -.
Section 1. 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,$00,000 for the purlmse of paying a portion of the costs of planning, designing,
equipping, acquiring and constructing an Ice Hockey/Skating Rink Facility capital
improvement within the City.
Sectign..2: A sum not exceeding $2~S00,000 shall 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 other evidence of debt of the City. The amounts
so borrowed shall be used for capital improvements only. The bonds shall be paid from
general and ad 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
in.s. tmment and. ad valorem taxes upon all taxable property in the City shall be levied, '.
without limitation as to rate. or amount in amounts sufficient to pay p .flucipal and interest.
on the bonds or other debt mstrument due. The bonds or other debt ~nstrument shall'
bear interest at a rate not to exceed the maximum rate permitted by law, and shall
mature at such time or times within 30 years from the date of issue as the City Council
may hereafter determine. The exact date, form, terms, maturities, and covenants of said
bonds or other debt instrument shall be hereafter fixed by ordinance of the City.
.Resolution No. 95-46
Page 2 of 3
~ .S. ection 3: An .e. lection is to b.e. held on October 3!. 1995 in 'and for theCity,, for'.
the purpose of sub__m_!ttmg to the qualified voters of the City for aPPr~al..orr~Ona' ~''''
proposition auth?zing the. borrowing of money and issuing of general
Or. other such evidence of indebtedness. A majority of the qualified v0ters'Who v°te on..,'
the. proposition is required for approval. The proposition shall be in
PROPOgmON
A Municipal Ice Hockey~kating Rivk Facility
Pursuant to Resolution No. 95-46, shall the City of Kenai,
Alaska, be authorized to incur indebtedness and to issue its
general obligation bonds or other such evidence of
indebtedness in an amount or amounts as needed, and not .to
exceed in the aggregate TWO MILLION FIVE HUNDRED
THOUSAND DOLLARS ($2.S00,000), for the. purpose:of
providing a portion of the funds for planning, desi~g,
acquiring, constructing and equipping a MuniciPal Ice
Hockey/Ska~n_g Rink Facility, and to pledge the -full 'faith and-
credit of ,the City for the payment of the principal and '. .~
interest on the bonds or other such evidence of
indebtedness? Said general obligation bonds or other such
evidence of indebtedness are to mature within 30 years from
the date of issue and are to bear interest at a rate notto
exceed the maxi_'mum_ rate permitted by law.
Section 4: The foregoing proposition shah be printed in full on the ball°t, and '
the following words shall be added below or next to the proposition as appropriate. and.
next to a square provided for marking the ballot or voting machine: ...
FOR THE PROPOSITION
YES[ ]
NO[ ]
Carol L. l~reas, City ~erk.
Approved by Finence:' ~