FY2020-13 Amending KIBC Ordinances Title 3 Revenue and Finance Chapter 3.10 Pulic Finance - Management and Accounting Section 3.10.120 Facilities Fund1
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Introduced by: Assembly Member Arndt
Drafted by: Assembly Member Arndt
Introduced on: 12/05/2019
Public Hearing Date: 12/19/2019
Amended on: 12/19/2019
Adopted on: 12/19/2019
KODIAK ISLAND BOROUGH
ORDINANCE NO. FY2020-13
AN ORDINANCE OF THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH AMENDING
KODIAK ISLAND BOROUGH CODE OF ORDINANCES TITLE 3 REVENUE AND FINANCE
CHAPTER 3.10 PUBLIC FINANCE — MANAGEMENT AND ACCOUNTING SECTION 3.10.120
FACILITIES FUND
WHEREAS, there is established a permanent fund for facilities in the Kodiak Island Borough to
provide revenue for future buildings; and
WHEREAS, revenue derived from this fund will be used to stabilize and reduce the property taxes
in the Kodiak Island Borough ; and
WHEREAS, the governor vetoed 50% of the school debt reimbursement from the state; and
WHEREAS, this creates a financial hardship on the taxpayers of Kodiak
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: This ordinance is of a general and permanent nature and shall become a part of the
Kodiak Island Borough Code of Ordinances.
Section 2: That section 3.10.120 of the Kodiak Island Borough Code of Ordinances is amended
to read as follows:
Chapter 3.10
PUBLIC FINANCE — MANAGEMENT AND ACCOUNTING
3.10.120 Facilities fund.
A. The facilities fund is established as a separate special revenue fund which is distinct from all
other funds. The fund consists of all proceeds received from the sale of Shuyak Island property
tm thp. F.,xan Valdez Oil Spill TFUstee GOURGil. All income from the fund shall be deposited to the
fund. The assembly may, by ordinance, make additional appropriations to the fund at any time.
Kodiak Island Borough, Alaska
Deletion — Red, Strikeout
Insertion — Bold, Blue, Underlined
Ordinance No. FY2020-13
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Any additional funds added to the fund, aside of Shuyak Island proceeds, shall become part of
the fund as a whole and subject to the regulations of the facilities fund.
B. The fund may be invested only as provided in KIBC 3.10.030. The fund may not be
appropriated or spent, except as provided in this section. The earnings or principal shall at no
time run or supplement the running of government except as specified in this section.
C. Repealed by Ord. FY2008-08.
D. The excess income of the fund is defined as 85 percent of the annual investment income from
the fund. The excess income of the fund is available for appropriation by the assembly in the fiscal
year following the year in which the income is earned. The excess income of the fund may be
appropriated only for the following purposes:
1. Maintenance and repair of existing borough facilities;
2. Insurance paid by the borough for borough buildings;
3. Upgrade and reconstruction of existing facilities; or
4. Debt service on general obligation bonds issued for facilities construction — up to 50100 percent
of excess may be used for this purpose.
E. A portion of the fund may be appropriated for another purpose only upon approval of an
ordinance ratified by a two-thirds majority of the qualified voters at a regular or special election.
[Ord. FY2008-08 §4, 2007; Ord. 96-13 §2, 1996; Ord. 94-17 §2, 1994. Formerly §3.04.051].
Effective Date: This ordinance takes effect upon adoption. (Note: KIBC 2.30.070 states an
ordinance takes effect upon adoption or at a later date specified in the ordinance.)
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS NINTEENTH DAY OF DECEMBER, 2019.
KODIAK ISLAN BO OUGH ATTEST:
William Roberts, Mayor tdra Welinsky, Clerk
VOTES:
Ayes: Schroeder, Skinner, Symmons, Turner, Arndt, Dvorak, Kavanaugh
Noes:
Kodiak Island Borough, Alaska
Deletion — Red, Strikeout
Insertion — Bold, Blue, Underlined
Ordinance No. FY2020-13
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