HomeMy WebLinkAboutOrdinance No. 2475-2010 Substituten, crr
KENA ALASKA
u
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA, INCREASING
ESTIMATED REVENUES BY S2,029,343.75 AND APPROPRIATIONS BY 2,023,289.94
IN THE DEBT SERVICE FUND.
WHEREAS, the City has completed issuance of the Library Expansion Bonds with
proceeds totaling $2,029,343.75, including $2,000,000.00 in voter authorized par
amount and $29,343.75 in bond premium; and,
WHEREAS, cost of issuance totaled 530,279,70 and included donated fees from the
Alaska Municipal Bond Bank in the amount of 56,989.76, underwriting fees of
5 12,395.00 and City retained bond counsel fees of 510,894.94; and,
WHEREAS, proceeds remaining after the payment of all non donated issuance costs
total 52,006,053.81; and,
WHEREAS, $2,000,000 in voter authorized debt is available to the project and the
remaining $6,053.81 will be applied to the City's first debt service payment in
September 2010.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI,
ALASKA, that estimated revenues and appropriations be increased as follows:
Debt Service Fund
Increase Estimated Revenues:
Proceeds from Issuance of Debt
Proceeds from Bond Premium
Increase Appropriations:
Professional Services
Transfers Out
CITY OF KENAI
ORDINANCE NO. 2475 -2010
New Tex[ Underlined [DELETED TEXT BRACKETED)
SUBSTITUTE
Suggested by: Administration
82,000,000.00
29,343.75
$2 029 343.75
23,289.94
2,000 000.00
$2,023,289 94
Ordinance No. 2475 -2009
Page 2 of 2
PASSED BY THE COUNCIL OF THE CITY OF' KENAI, ALASKA, this seventh day of
April, 2010.
ATTEST:
Carol L. Freas, City Clerk
Approved by Finance
PAT PORTER, MAYOR
New Text Underlined; [DELETED TEXT BRACKETED]
Introduced: March 17, 2010
Adopted: April 7, 2010
Effective: April 7, 2010
the cifyof
KENAI, ALASKA
To: Rick Koch, City Manager
rom: Terry Eubank, Finance Director
Date: April 1, 2010
Re: Ordinance 2475 -2010 SUBSTITUTE
Village with a Past, C# with a Future"
FINANCE DEPARTMENT
210 Fidalgo Avenue, Kenai, Alaska 99611 -7794
Telephone: 907 283 -7535 ext 221 FAX: 907 283 -3014
Since introduction of Ordinance 2475 -2010 (the Ordinance) the City has received the final
invoice from its contracted Bond Counsel. The invoice was estimated to be $11,200 when the
Ordinance was introduced. The final bill is $10,894.94, $305.06 less than estimated. The
substitute ordinance reflects this change. The savings of $305.06 will be applied to the first debt
payment in September 2010. The total amount being applied to the first debt payment will be
$6.053.81.