Laserfiche WebLink
O 1 Introduced by: Borough Manager <br /> 2 Requested by: Borough Assembly <br /> 3 Drafted by: Finance Director/Bond Counsel <br /> 0 4 Introduced on: 07/17/2014 <br /> 5 Public Hearing: 08/07/2014 <br /> 6 Adopted: 08/07/2014 <br /> 7 <br /> 8 KODIAK ISLAND BOROUGH <br /> 9 ORDINANCE NO. FY2015-02 <br /> 10 <br /> 11 AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY <br /> O 12 AUTHORIZING THE BOROUGH TO ISSUE GENERAL OBLIGATION <br /> 13 BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $10,230,000 <br /> 14 TO FINANCE THE RENEWAL AND REPLACEMENT SCHEDULE <br /> 15 RELATED TO BOROUGH OWNED SCHOOL FACILITIES, PROJECTS <br /> 16 WHICH ARE 70% REIMBURSABLE BY THE STATE OF ALASKA, AND <br /> 17 TO SUBMIT THE QUESTION OF THE ISSUANCE OF SUCH BONDS TO <br /> 18 THE QUALIFIED VOTERS OF THE BOROUGH AT THE OCTOBER 7, <br /> 19 2014 REGULAR BOROUGH ELECTION <br /> 20 <br /> 21 WHEREAS, under the provisions of AS 29.47.190, a municipality may incur general <br /> 22 obligation debt only after a bond authorization ordinance is approved by a majority of those <br /> 23 voting on the question at a regular or special election; and <br /> 24 <br /> 25 WHEREAS, the borough owns and maintains multi-million dollar school facilities; and <br /> E n 26 <br /> t, 27 WHEREAS, the borough maintains a Renewal & Replacement Schedule which provides <br /> 28 a long term plan to renew and/or replace worn out building components within the school <br /> 29 facilities; and <br /> 30 <br /> 31 WHEREAS, many of the Kodiak Island Borough's school facilities have worn out building <br /> 32 components such as roofs, floors, underground storage tanks, etc. that have reached the <br /> 33 end of their useful life; and <br /> 34 <br /> 35 WHEREAS, the State of Alaska, Department of Education, has a program in which major <br /> 36 maintenance projects for school facilities are eligible for 70% reimbursement of the bonded <br /> 37 debt service on the eligible portion of bonds authorized by the qualified voters of the <br /> 38 Borough; and <br /> 39 <br /> 40 WHEREAS, the Borough views the renewal and replacement projects authorized herein <br /> 41 as necessary and beneficial to the community and acquisition of 70% reimbursement <br /> 42 money from the state as the most cost effective way of funding these projects; and <br /> 43 <br /> O 44 WHEREAS, bonds can be sold for a period of 10 to 20 years and qualify for State Debt <br /> 45 Reimbursement; and <br /> 46 <br /> 47 WHEREAS, the True Interest Cost (TIC) is estimated to be 2.65 percent (2.65%); and <br /> 48 <br /> 49 WHEREAS, per KIBC 7.10.060D, before a general obligation bond issue election, the <br /> a 50 clerk shall publish the attached notice of the borough's total existing bonded indebtedness <br /> 51 (EXHIBIT A) at least once a week for three consecutive weeks. The first notice shall be <br /> 52 published at least 20 calendar days before the date of the election. The notice shall state: <br /> Q Kodiak Island Borough Ordinance No. FY2015-02 <br /> Page 1 of 5 <br />