HomeMy WebLinkAboutResolution No. 2010-06the es',
KENAI. ALASKA
CITY OF KENAI
RESOLUTION NO. 2010 -06
Suggested by: Administration
A RESOLUTION OF THE COUNCIL OF THE CITY OF KENAI, ALASKA, DESIGNATING
THE CITY AS A RECOVERY ZONE FOR THE PURPOSE OF ISSUING RECOVERY
ZONE ECONOMIC DEVELOPMENT BONDS.
WHEREAS, the American Recovery and Reinvestment Tax Act of 2009 (the "Act
enacted Section 1400U -2 of the Internal Revenue Code of 1986, as amended (the
"Code which authorizes the issuance of Recovery Zone Economic Development
Bonds; and,
WHEREAS, under the Act and Internal Revenue Service Notice 2009 -50, issued on
June 12, 2009, the Kenai Peninsula Borough (the "Borough has received a volume
cap allocation in the amount of $4,877,000 for Recovery Zone Economic Development
Bonds; and,
WHEREAS, by Resolution 2010 -008 adopted January 19, 2010, the Borough allocated
5 2,000,000 of Recovery Zone Economic Development Bond volume cap to the City of
Kenai (the "City"); and,
WHEREAS, Recovery Zone Bonds are to be issued to finance certain expenditures in a
"Recovery Zone," which the Act describes as an area within the City that the City
designates as having, among other things, a significant level of one or more of the
following factors: poverty, unemployment, home foreclosures, or general distress; and,
WHEREAS, the Council finds that the entire City has a significant level of
unemployment, and should be designated as a "Recovery Zone" in which expenditures
may be made from the proceeds of Recovery Zone Bonds.
NOW, THEREFORE, BT IT RESOLVED BY THE COUNCIL OF THE CITY OF KENAI,
ALASKA, that:
Section 1. Characteristics of Recovery Zone. The Council hereby finds and
determines that the Recovery Zone identified in Section 2 suffers from a rate of
unemployment significantly greater than that of the State of Alaska as a whole.
According to the Alaska Department of Labor and Workforce Development, Alaska's
November seasonally adjusted unemployment rate was 8.5 percent, while the
unemployment rate for the Borough was 11.6 percent.
Section 2. Designation of Recovery Zone. Based upon its finding and determination
that the conditions described in Section 1. are present in the Recovery Zone, the
Council hereby designates the entire area within the jurisdictional boundaries of the
City as a "Recovery Zone."
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Resolution No. 2010 -06
Page 2 of 2
Section 3. Effective Date. This resolution shall become effective upon adoption.
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this third day of
February, 2010.
ATTEST:
Carol L. Freas, City Clerk
Approved by Finance:
PAT PORTER, MAYOR
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