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HomeMy WebLinkAboutOrdinance No. 2366-2008U i -~__, ~~ the c<'fyaf/ KENA\\A~ SKA Suggested by: Council CITY ®~' I{}.aNAT ORDINANCE NO. 2366-2008 AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA, AMENDING KMC 1.85.020 TO CHANGE THE THRESHOLD AMOUNT OF INCOME, BUSINESS INTERESTS, LOANS, TRUSTS AND OTHER FINANCIAL TRANSACTIONS THAT MUST BE REPORTED ON THE CITY'S FINANCIAL DISCLOSURE FORM FROM ONE THOUSAND DOLLARS ($1,000) TO FIVE THOUSAND DOLLARS ($5,000). WHEREAS, KMC 1.85.020 requires the Mayor, Council Members, candidates for elected office, the City Manager, City Clerk and City Attorney to file an annual financial disclosure statement; and, WHEREAS, KMC 1.85.020 requires reporting of income, business interests, loans, trusts and other financial transactions valued at one thousand dollars ($1,000) or more; and, WHEREAS, KMC 1.85.020 should be amended to increase the reporting threshold from one thousand dollars ($1,000) to five thousand dollars ($5,000). NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, that KMC 14.85.020 is hereby amended as follows: 1.85.020 Contents of statement. (a) The statement filed by a municipal officer or candidate under this chapter shall be an accurate representation of the financial affairs of the municipal officer or candidate and shall also reflect the business interests and sources of income for the officer's or candidate's spouse, domestic partner, dependent children, and non- dependent children residing with the officer or candidate (covered individual), to the extent those sources of income or business interests are ascertainable by the officer or candidate. Household goods and personal effects need not be identified. (b) The statement filed shall include the following information relating to the covered individual. (1) The source of all income over [ONE THOUSAND DOLLARS ($1,000.00)] five thousand dollars ($5,000) during the preceding calendar year, received by the covered individual, including taxable and nontaxable capital gains, except that a source of income that is a gift must be included if the value of the gift exceeds two hundred fifty dollars ($250.00); (2) The identity, by name and address, of each business in which the covered individual has an interest or was a stockholder, owner, officer, director, partner, proprietor, or employee during the preceding calendar year, except that an interest of less than [ONE THOUSAND DOLLARS ($1,000.00)] five thousand dollars ($5,0001 in the stock of a publicly traded corporation need not be included; New Text Underlined; [DELETED TEXT BF2ACKETED] Ordinance No. 2366-2008 Page 2 of 3 (3) The identity and nature of each interest in real property, including leases, rentals and options to buy, which is owned, held, or possessed at any time during the preceding calendar year by the covered individual; (4) The identity of each trust or other fiduciary relation in which the covered individual held a beneficial interest exceeding [ONE THOUSAND DOLLARS ($1,000.00)] five thousand dollars ($5,000) during the preceding calendar year, a description and identification of the property contained in each trust or relation, and the nature and extent of the beneficial interest in it; (5) Any loan or loan guarantee of more than [ONE THOUSAND DOLLARS ($1,000.00)] five thousand dollars ($5,000) made to the covered individual, and promissory note signed or debt obligation incurred by the covered individual of more than [ONE THOUSAND DOLLARS ($1,000.00)] five thousand dollars ($5,000)), and the identity of each lender, guaranteed party, payee, or other creditor to whom the covered individual owed more than [ONE THOUSAND DOLLARS ($1,000.00)] five thousand dollars ($5,000)); this subsection requires disclosure of a loan, loan guarantee, note or indebtedness only if the loan, guarantee, or note was made, or the indebtedness incurred, during the preceding calendar year, or if the amount still owing on the loan, loan guarantee, note or indebtedness was more than [ONE THOUSAND DOLLARS ($1,000.00)] five thousand dollars ($5,000) at any time during the preceding calendar year. Credit cards accounts, revolving charge accounts, health care bills and obligations, and Internal Revenue Service, child support, and alimony claims and obligations are exempt from this paragraph and are not required to be reported; (6) A list of all contracts and offers to contract with a municipality, the state or a political subdivision or instrumentality of the state during the preceding calendar year held, bid, or offered by the covered individual; (7) A list of all mineral, timber, oil, or any other natural resource lease held, or lease offer made, during the preceding calendar year by the covered individual; (8) A list of all contracts, bids, or offers to contract with the City of Kenai during the preceding year which are made, offered or agreed to by the covered individual; (9) A description of each business or financial dealing, transaction, or arrangement over [ONE THOUSAND DOLLARS 01,000.00)] five thousand dollars ($5,0001 by a covered individual entered into with any municipal officer of the City of Kenai; (10) If a covered individual as defined in KMC 1.85.070(b) is a sole proprietor or a member of a partnership or limited liability company, or a shareholder in a corporation or a professional corporation in which the covered individual holds a controlling interest, or the owner of a controlling interest in another business entity, then the disclosures required by KMC 1.85.020 apply to the covered individual's sole New Text Underlined; [DELi';TED TEXT L3RACKETED] Ordinance No. 2366-2008 Page 3 of 3 proprietorship, partnership, limited liability company, corporation, professional corporation, or other business entity. (c) The statement shall be filed on a form prescribed by the City Clerk and approved by a resolution of the Kenai City Council. PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this seventh day of January, 2009. r~.~~ ~"-~ -- PAT PORTER, MAYOR ATTEST: o _~ .~ Carol L. Freas, City Clerk Introduced: December 17, 2008 Adopted: January 7, 2009 Effective: February 7, 2009 New Text Underlined; [DELETED TEXT BR.9CKETED]