HomeMy WebLinkAboutRESOLUTION 1995-47Su~ested by:
cTrY or KESA!
RESOLtrnON NO,. 9S.47
· A RESOLUTION OF THE 'COUNCIL OF THEC1TY OFKENAI, ALASKA,
PROVIDING FOR SUBMISSION TOTHE qUALIFIED VOTERS OFT~ CITY.
OF KENAI AT THE GENERAL ELECTION TO.BE HELD IN THE CITY'OF.
,KEN. AIl ON OCTOBER 3, 19~$""THE QUESTION OF ISSUING GENERAL ~'
OBLIGATION BONDS OR OI'HERWISE INCURPdNG DEBT IN AN AMOUNT
NOT. TO EXCEED .. $3,000,000 TO' PROVIDE A PORTION OF THE FUNDS'
NECESSARY TO CONSTRUCT AN ADDITION TO THE CITY OF KENAI '
COMMUNITY LIBRARY.
~EREAS, the City Council determines it is in the best interest of the City of Kenai,
Alaska (the "City°) to construct 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 Kenai 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,.THEP~EFORE, BE IT' 'RES. OLVED THAT ~ COUNCIL OF THE CITY 'OF
AI, as fOno :
· Section,.!:, It is hereby determined to be for a public pulT°se and in the public'
interest of the City to incur indebtedness of the City in an amount not to exceed
$3,000,000 for the purp°se of paying a portion of the costs of planning, designing,
equipping, acquiring, and constructing a capital improvement 'addition to the Kenai
~ A sum not ex~eding $3,000,000 shall be borrowed by, for~ nnd 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
instrument 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 principal and interest
on the bonds or the debt instrument due. The bonds or other debt instrument shah
bear interest at a rate not to exceed the maximum rnte 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. 95-47
'Page 2 of 3
.'.:. Section 3; An ?.lection is to I~. held on October 3, 1995 in and. f°r the./~ty,
thepu..rl~o, se of submi~vg to the qualified voters of the City for apprOVal?or :i,~je~n.
pro~_, ition authorizing the. borrowing of money and issuing of general:obligati0nb0nds"...~"
".Or.other such evidence of indebtedness. A majority of the qualified Voters ~VhOv0te
~ii,e,'pr.opos, ltion are required for approval. The proposition shall be in SUbstanti~./tl!e
zoflowing zonn: · ·
PROPOSITION ' '
An addition to the Kenai Community Library
Pursuant to Resolution No. 95-47, shall the. Cit~ of Kenai,
Alnska, be authorized to incur indebtedness mid 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 THREE MILLION DO~S
($3,000,000), for the purpose of providing a portion of the
funds for planning, designing, acquiring, equipping, and '~'
constructing improvements to the Kenai Community Library,
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 sueh evidence of indebtedness are to mature
within 30 years from the date of issue and are to bear
interest at a rate not-to-exceed the maximum rate permitted
by law.
.Section 4: The foregoing proposition shall be printed in full on the ballot,, and
the following words shall be added below or next to the proposition nS appropriate and
next to a square provided for marking the ballot or voting machine:
FOR THE PROPOSITION YES [ ]
NO[]
Resolution No. 95.47
Approved by Finance: ,,c"',,~,~'