HomeMy WebLinkAboutRESOLUTION 1973-38~ . . _ __ _. ~~ ~_
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RESOLUTION 73-38
A RESOLUTION CRBATING A RESTRICTED FUND.
WHEREAS, the Community Library is a function of the City of Kenai, and
WHEREAS, all funds of the City shall be administered by the Finance
Airector of the City of Kenai, and
WHBREAS, the Kenai Community Lib;ary Inc. has certain trust fund for
furnishing and equipment for a new li.brary that are being transferred
to the City of Kenai.
NOW, THEREFORE, BE IT RESOLVED by ttie Council of the City of Kenai
that the Finance Director crea~t a restricted fund for new library
furniture and equipment. $7,400.00 received from the Kenai Community
Library, Inc. is to be credited to this fund plus all past or future
interest earned on these funds.
Passed this ~ day of ~~',~~~:~~ , 1973.
ATTEST:
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~OHN . S E I , YO
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~E,~a.~ ~~ninZU,ut y ~~G7az y, ~nc.
A PUBLIC LIBRARY IN SERVICE SINCE 1948
BOX 157
KENAI. ALASKA 99611
Octobes 12, 1973
Mr. George Navarre, City Manager
City of Kenai
P. O. Box 580
Renai, Alaska 99611
Dear Mr. Navarre:
This is to confirm our understanding of the c~ircumstances under
which the ICenaf Coamaunity Library Building Fnad is beinq trans-
ferred to the City of Kenai. Thfs understanclinq fa a result of
a meetinq held at the Keuai Libaaay on October il, 1973. in
attendance were yourself, Mr. David Chen, Mrs. Evenson, Mrs. Meeks,
Mrs. HAkkinen, Mrs. DeForest and eyself. During the meetfng it
was agreed that:
' l. The buil8iaq fund consists of a one-year Time Certificate
of Deposit in the amount of SS,OOO.QO and a 90-day Time
Certificate of Deposit in the emovat of 52,400.00. Both
certiffcates are with First Federal Savings & Loan
Association of i~chorage.
2. The certificates are being given over to the control of
the City of Kenai admiaiatration with the specific under-
stanSing that the curreat funds plws any and all interest
earned on sa~ne shall accrue to the fund and any subsequent
donations, bequests or contributions of any kind to the
library builc]ing fund, and subsequent interest oa such
retrenues, ahall become part of the fund and the moniea
described t~bove shail never be used for any purpose other
than ~to provide furnishings and/or equipment for the
Kenaf City Libzary.
3. This iastrument shall be read into the minutes of the
next Kenaf City Council meeting.
~ Enclosed herewith please find the two aforementioned certifiaates
of deposit. Your acknawledqement of this aqreement and receip~ af
the certificates is requested in the space provided belaa.
; Very truly yours,
G%'~-~ (NQ.~~
Lee Wall, Library Treasurer
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Mr. George Navarre, City t~anaqer
October 12, 1993
Page 2
i hereby acknowledge the agreemeat outlined above and accept a
90-day Time Certificate of Deposit in the amonnt af y2,~00.OC
aad a one-year Time Certificate of [+~poait !n the amount of
S5,000.00.
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Date l0 '~ Z^ 7 3
Georqe va e, Ci Manager
City o Kenai
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