HomeMy WebLinkAboutOrdinance No. 2183-2006Suggested by: Administration
CITY OF KENAI
ORDINANCE NO. 2183-2006
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA, REPEALING
THE EXISTING KMC 7.30 (AIRPORT LAND AND TERMINAL) AND REPLACING IT WITH
A NEW KMC 7.30 (AIRPORT LAND SALE PERMANENT FUND).
WHER~AS, the City of Kenai has engaged in a Supplesnental Airport Master Plan
process to update and modernize the management of the airport and its land system;
and,
WHEREAS, the e~sting Airport Land Fund Terminal ordinances were designed to
secure payment of airport bonds which have long since been repaid; and,
WHEREAS, the airport consultants have recommended revisions of KMC 7.30 to
modernize the financial system of the airport and reflect the payment of the airport
bonds; and,
WHEREAS, the new KMC 7.30 creates an airport permanent fund to ensure that
proceeds from airport land and operations are used for the benefit of the Kenai
Munieipal Airport as required by ~rant assurances, deed restrictions and federal law;
and,
WHEREAS, it is in the best interest of the City of Kenai to adopt a new KMC 7.30
entitled "Airport Land Sale Permanent ~nd."
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI,
ALASKA that the e~sting KMC '7.30 (Airpart Land and Terminal) is hereby repealed
and replaced Uy the new KMC 7.30 (Airport Land Sale Permanent Fund) as shown
Uelow.
Chapter 7.30 AIRPORT LAND SALE PERMANENT FUND
?.30.010 Airport Land Sale Permanent Fund
A separate fund of the City of Kenai is hereby established as the Airport
Land Sale Permanent fund. The purpose of the fund is to account for the
principal proceeds of the sale of airport Land. Airport Lands shall
consist of all land owned by the City of Kenai and held by it for the use or
Uenefit of the Kenai Municipal Airport under the terms of the 1963
Quitelaim Deed from United States of Ameiica recorded at Book 27, Page
303 at the Kenai Recording District, Kenai, Alaska. Additionally, any
other land owned by the City and acquired with airport fiznds shall be
Airport Lands.
(a) The Airport Land Sale Permanent Fund shall Ue a restricted fund.
The establishment of the fund known as the Airport Land Sale
Ordinance No. 2183-2006
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Permanent Fund is within the discretion of the Kenai City Councii. Deed
restrictions, federal regulations and grant assurances require that airport
funds be used far the use and benefit of the Kenai Municipal Airport.
(b) The net proceeds received by the City on closing sale of Airport
Lands shall be deposited in the Airport Land Sale Permanent Fund.
Where notes are taken in payment for Airport Lands, all principai
payments on said notes shall be deposited in the Airport Land Sale
Permanent Fund. Interest on notes taken in payment for airport lands
shall be transferred to the Airport Enterprise Fund.
(c) Money placed in the Airport Land Sale Permanent Fund sha11 not
be available for use by the City for any purpose other than for
investments in accordance with City ordinances.
(d) Interest or income earned by the Airport Land Sale Permanent
rund shall be deposited in the Airport Enterprise Fund. The City
Council may, by ordinance, transfer funds from the Airport Enterprise
Fund to the Airpart Land Sale Permanent Fund. After such a transfer,
the money will become a part of the Airport Land Sale Permanent Fund
to be used only for the investment purposes for which the Fund is
established.
PASSED BY THE COUNCIL OF THE CITY OF KENAI, 1~I,ASKA, this sixth day of
September, 2006.
~ C./~.(sC a ~!~'G~-4.9 d'~
PAT PORTER, MAYOR
ATTEST:
_~~~~ ~=''~~-~
Carol L. Freas, City Clerk
Introduced: August 16, 2006
Adopted: Sepiember 6, 2006
Effective: October 6, 2006
(8/4/06 sp)