HomeMy WebLinkAboutOrdinance No. 2291-2008Suggested by: Councilor Eldridge
CYTH ®F KENAY
®RDINANCE NO. 2291-2008
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, AMENDING KMC
7.32.030 ENTITLED, "TRANSFERS TO GENERAL FUND", SUCH THAT ANY AMOUNT
TRANSFERRED IS DESIGNATED FOR SENIOR CITIZEN PROGRAMS.
WHEREAS, KMC 7.32.030 provides that when the cash balance of the Congregate
Housing Fund exceeds $500,000 the excess is to be transferred to the General Fund;
and,
WHEREAS, it is in the best interest of the City of Kenai that funds received from the
Congregate Housing Fund per KMC 7.32.030 shall be used for Senior Citizen
Programs.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI,
ALASKA that; KMC 7.32.030 is amended as follows:
7.32.030 Transfer to General Fund
If the cash balance, including restricted cash, plus accounts receivable in the
Congregate Housing Fund less liabilities exceeds five hundred thousand dollars
($500,000), the excess shall be transferred to the General Fund. Such excess amounts
in the Congregate Housing hind after Ju1v 1, 2007 and transferred to the General
Fund shall be dedicated for Senior Citizen Programs. If the restricted cash balance
falls below five hundred thousand dollars ($500,000), the account will be replenished
from the unrestricted cash balance.
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this second day of
April, 2008.
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PAT PORTER, MAYOR
ATTEST:
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Carol L. Freas, City Clerk
Introduced: March 19, 2008
Adopted: April 2, 2008
Effective: May 2, 2008
Approved by Finance:
(03 / 11 / 2008) hl