DENALI BOROUGH, ALASKA

ORDINANCE NO: 96-17

ALL VERSIONS FAILED

INTRODUCED BY: Mayor Gonzales

AN ORDINANCE AMENDING ORDINANCE NO. 96-01.

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

Section 1. Classification.

This ordinance is of a general and permanent nature.

Section 2. Ordinance No. 96-01 Amended.

The assembly’s budgetary reserve shall be no less than $50,000. [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] Upon adoption of the budgetary ordinance all remaining funds that are in the Assembly Budgetary Reserve will be appropriated to the Permanent Investment Fund. [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 of the Assembly Budgetary Reserve shall be by separate ordinance passed by a majority vote of the Assembly.

Section 5. Effective Date.

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

DATE INTRODUCED:

FIRST READING:

PUBLIC HEARING:

PASSED and APPROVED by the DENALI BOROUGH ASSEMBLY this Day

of , 19 .

____________

Mayor

ATTEST: ____________

Borough Clerk