HomeMy WebLinkAboutORDINANCE 1996-2003Suggested by: Administration
City of Kenai
ORDINANCE N0. 1996-2003
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA INCREASING
ESTIMATED REVENUES AND APPROPRIATIONS BY X315,975 IN THE GENERAL FUND
TO TRANSFER INLET WOODS SETTLEMENT PROCEEDS TO THE DEBT SERVICE
FUND.
WHEREAS, The City of Kenai has a balance of X315,975 on debt related to the Inlet
Woods bonds; and,
WHEREAS, the City recently received X359,000 in settlement proceeds related to Inlet
Woods litigation; and,
WHEREAS, it is in the best interest of the City of Kenai to transfer X315,975 of these
proceeds to the Debt Service Fund so that the General Fund Revenues will not have to
be used to pay the remaining Debt Service; and,
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI,
ALASKA that estimated revenues and appropriations be increased as follows:
General Fund
Increase Estimated Revenues:
Miscellaneous Revenue X315,975
Increase Appropriations:
Non-departmental -Transfer to Debt Service Fund X315,975
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 2nd day of April,
2003. ~.
C
HN J L IAMS, MAYOR
ATT ST:
~ ~~~
Shery A. Padilla, Acting City Clerk Introduced: March 19, 2003
Adopted: April 2, 2003
Effective: April 2, 2003
Approved by Finance:
(03/07/2003) hl