HomeMy WebLinkAboutRESOLUTION 1979-75__ _ __ ._ _ _ . . ~ 7i ;r _~ ~ 7
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CITY OF KENAI
RESOLUTION NO. 79-75
A RESOLUTION OF THE COUNCIL OF THE CITY OF KENAI, ALASKA
SUPPORTING THE CONCEPT OF MUNICIPAL INDUSTRIAL BOND FUNDING
OF THE PLANNED SERENDIPITY HOTEL COMPLEX.
WHEREAS, Serendipity Enterprises has approached the City
with a plan to construct a multi-million dollar hotel
complex within the City of Kenai utilizing funds derived
from the sale of Municipal industrial bonds, and
WHEREAS, the City has recently enacted a Charter revision by
referendum permitting Municipal bond funding for the financing
of new industry, and
WHEREAS, Serendipity has offered to guarantee 540,000 of the
possible initial costs that may be borne by the City in
securing bond counsel and financial advisors to insure the
valfdity and correct procedure in the issuance of such
bonds.
ttl NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE CITY OF
~ KENAI, ALASKA as follows:
1. 'Phe Council hereby supports the concept as proposed
by Serendipity Enterprises for construction of a multi-
million dollar hotel complex in the City of Kenai utilizing
Municipal industrial bond financing and will consider appropriate
action as necessary through normal procedural channels aftt~
being fully advised by bond attorneys and f~nancial advisors
retained by the City.
2. The City Attorney is directed after consultation
with bond counsel to siraft the appropriate agreement with
Serendipity insuring that they will quarantee the costs to a
maximum of $40,000 advanced by the City for bonding counsel
and financial advisors.
PASSED
day of
ATTE
y
~ e C.
BY THE COUNCIL OF THE CITY OF fLNAI, ALASKA this 16th
MaY, 1979.
VINCENT O'REILLY, MAY
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Peter, City Clerk
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