DENALI BOROUGH, ALASKA

ORDINANCE NO. 96-01

INTRODUCED BY: Baxter Mercer

AN ORDINANCE AMENDING THE DENALI BOROUGH CODE OF ORDINANCES, CHAPTER 16, SECTION 4 PERTAINING TO THE DENALI BOROUGH ASSEMBLY'S BUDGETARY RESERVE.

BE IT ENACTED by the Assembly of the Denali Borough, Alaska that:

Section 1. Classification.

This ordinance is of a general and permanent nature.

Section 2. Chapter 16, Section 4 C. Amended.

Chapter 16, Section 2 C. Is amended as follows:

C. The assembly's budgetary reserve shall be no less than 15% of the funds available for budgetary purposes for the following fiscal year as of January 1st of the calendar year.

Section 3. Remaining Funds.

At the end of the fiscal year 50% of the remaining funds that are in the Assembly contingency line item will revert back to the general fund. The other 50% will be invested in the Permanent Investment Fund.

Section 4. Expenditures.

Expenditures shall be by ordinance.

Section 5. Effective Date.

This ordinance becomes effective upon adoption by Denali Borough Assembly and signature of the Mayor.

DATE INTRODUCED: January 21, 1996

FIRST READING: January 21, 1996

PUBLIC HEARING: February 11, 1996

PASSED and APPROVED by the DENALI BOROUGH ASSEMBLY this 11th day of February, 1996.

SIGNATURE ON FILE

Mayor

ATTEST: SIGNATURE ON FILE

Borough Clerk

revised 9/1/98