HomeMy WebLinkAboutRESOLUTION 1969-09` - , •~ • +t ~ ~ • ~ '
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CITY OF KENAI - ~SOLUTION 69-~~
AUTHORIZING EXECUTION OF SECURITY INSTRUMENTS OR PROMISSORY NOTi,S
FOR BORROWING OF MONEY IN ANTICIPATION 4F SALE OF GENERAL OBLI-
GATION BONDS DULY AUTHORIZED }3Y TFi~ VOTERS OF TIiE CITY OF KENAI.
WHEREAS, severe weaY.her conditions make imperative
the need for prompt construction of vitally needed wells, mains
and other facilities for water/sewer supply during the spring-
sunuaer-fall months and initiation of such construction must
be accomplished quickly in order to trike advantage of such permissable
weather, and
WHEREAS, bonds have been duly and reqularly authorized
by the voters of the City of Kenai and are to be sold as soon
as possible in order to supply funds for construction of improvements
but suah sale of bonds can not be accomplished as qufckly as
can be so called "bond anticipation notes", and
WHEREAS, it is imperative that bond anticipation notes
be authorized for sale as soon as possfble to secure needed con-
strtxctian funds, and provide funds so matching federal and/or
state qrants may be secured,
NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE
CITY OF KENAI:
Section 1. For the purposes and reasons enumerated
in the explanatory section of this resolution, the City of Kenai
is hereby authorized to borrow $40,000.00 for construction funds
to be administered in and through the water and sewer fund,
in anticipation of the sale of general obligation bonds approved
by the voters of the City of Kenai in 1964.
Section 2. Fo!: the purpose of execnting the required
documents the City Manager, Jaines W. Harrison, is hereby authorized
to siqn such notes or undesLaking predicated upon the anticipation
o£ the sale of bonds previously authorized by the voters of
the City of Kenai.
Section 3. That said borrowing in anticipation of sale
of bonde is to be accomplished at the interest rate which will
provide the lowest possible c9sts to the City.
Section 4. That copies of thzs resolution are to be
distribut~d as needed to accamplish the purposes enumerated
herein.
Passed ~ day of May, 1969.
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EUGEN H. MORIN, tdayor
Attest:
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~~ FRANCES ORKILSEN, C y C er
,
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~A-FI f 11l 1 i_I1,hA9K A
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qy~ ~ CI"I'Y uF Kl:NA/
~ ~ ,~ P ~ BOi( 580 • KENAI, ALA~KA • PHONE ~ $ ~~~A
~t~j/~Ci~'ty . Jaines E. ~isner, ~sox 6 ~ttyMAY196,q
FRCM°ran ~ Torkilsen. City Cler' •- ~
//~AI~~~1C~L~~` n~~ REFERENCEI2u fnr ~:n-+~ ;n,~~A~
T-ie C'Ity I1gr. iias requested a r~sol~tion to be passed ay t~ie City Gouncil~s
meeting of 7 t1ay. lybN. authorizin~ tne Rdr~inistration to uorrot•~ y4~.UUU.~a for the
t~later and Se+~nr Fund in anticipation of sale of Uoncls approved oy tiie electorate in
idarch '~9 el~ction.
i~ame of ~ank and anount of interest rate can be left blank (if qou put tnis in at
all?).
Tn anks .
TO: City Clerk
~FROM: City Attorney James E. Fisher
5 May, 1969 -- Attached is the resolution requested.
I have not put the bank or the rate of interest in but would rely
upon the general statement fn the resolution "that said borrowin
anticipation of sale of bond is to be accomplished at the inte
rate that will provide the lowest possible cost to the city".
Thfs has been prepared in order that it would be in the hands of
~, administration prior to thes~~?N~ay, 1969 council meetfng. oare
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