HomeMy WebLinkAboutRESOLUTION 1964-191
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CITi~ OF IO:NA I - RESO2.U1 iUN b4-~~
OBLIGATING THE CITY TO DEVOrIL PROCEEDS FR029 I~ND SAID Tv THE
DEVBLOPt3NT, IMPROVEI~NT, OPERATION OB MAINTENANCE OF THE
KENA I AIRPORT
WHEREAS, the City of Kenai has an opportunity to initiate
development on lands ad3acent to the Airport; and
WHEREAS, the City can encourage development which will in
itself, aside from the revenues from the land, service the said
airport facility, and
WHEREAS, the proceeds of such land sale are required to be
devoted exclusively to the development, improvement, operation or
msiateasnce of the Kenai Airport.
NOW THBRLFORS the Council of the City of Kenai resolves:
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1. That the sales price on the land on the so-called City
"Airport Lends" are hereby obligated exclusively to the development,
improvement, operation or maintenance of the Kenai Airport.
2. That the City of Kenai is hereby authorized to accept as
the consideration for purchase of the land in question, the common
stock of Kenai City Development, Inc.
3. That any and all dividends from the said stock are to be
devoted to airport usage.
4. That in the event of the sale of the said stock, the proceeds
thereof shall be exclusively devoted to development, improvement,
operation or maintenance of the Kenai Airport.
Passed day of July, 1964. r '
Attest:
JA G. DYE, May
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Frances Torkilsen, City Clerk