FY1966-18 Regular Election Results and Authorization of Obligation BondsAN ORDINANCE of the Kodiak Island Borough, Alaska, confirm-
ing the result of the regular election held on October 5,
1965, within the Kodiak Island Borough to authorize the
issuance of General Obligation Bonds of the Borough in the
principal amount of $750,000.00 for the purpose of providing
funds to pay the cost of certain capital improvements to
the school facilities of the Borough; providing for the
issuance of notes in the amount of $750,000.00 in antici-
pation of the issuance of said bonds; fixing the date,
form, terms, maturities and covenants of said notes and
creating a special fund for the payment of principal
thereof and interest thereon, confirming the sale thereof,
creating a construction fund and declaring an emergency.
WHEREAS, at the regular general election held in the Kodiak
Island Borough, Alaska, (hereinafter referred to as the "Borough ")
on October 5, 1965, pursuant to Resolution No. 65 -16 and other res-
olutions and ordinates of the Borough, the qualified electors of
the Borough authorized the issuance of general obligation bonds of
the Borough in the total principal amount of $750,000 for the pur-
pose of providing funds to pay the cost of certain capital improve-
ments to the school facilities of the Borough; and,
WHEREAS, Chapter 117, Session Laws of Alaska, 1964, provides
that a political subdivision of the state which is authorized by la
to incur bonded indebtedness may borrow money in anticipation of
the sale of general obligation bonds if the general obligation bond
to be sold have been authorized by the governing body of the polit-
ical subdivision and ratified by a majority vote of the qualified
voters of the political subdivision who vote on the question; and,
WHEREAS, said general obligation bonds were so authorized in
the manner provided by law, and it is hereby found to be in the bes
interests of the Borough and its inhabitants that the issuance of
said bonds be delayed and that notes in anticipation of the issuanc
thereof now be sold and issued to provide funds to pay the cost of
construction of the above - mentioned approvements; and,
Page One,
EMERGENCY ORDINANCE NO. 66 -18 -EO
EMERGENCY ORDINANCE NO.
66 -18 -EO
WHEREAS, this assembly has heretofore accepted the offer of
ranklin National Bank, New York, New York, to purchase said notes
at par plus accrued interest and under the terms, conditions and
covenants thereof hereinafter set forth.
NOW, THEREFORE, BE IT ORDAINED, by the Borough Assembly of
the Kodiak Island Borough as follows:
Declaration of Emergency. An emergency is hereby declared to
exist affecting the life, health, welfare and property of the
inhabitants of the Borough and it is necessary that the Borough
obtain funds to pay the costs of constructin of the elementary
school building and appurtenances as.it is presently unable to obtai
such funds through the sale of its general obligation bonds at a
feasible interest rate, and accordingly, must sell the Notes provid
ed for herein to provide interim financing. This ordinance shall
become effective immediately upon adoption.
Section 1. As used in this ordinance, the following words
shall have the following meanings:
a. The word "Borough" shall mean the Kodiak Island Borough,
Alaska, a municipal corporation duly organized and existing under
the laws of the State of Alaska.
b. The word "Bonds" shall mean the Elementary School Building
General Obligation Bonds of the Borough in the principal amount of
$750,000.00, the issuance of which was authorized by the qualified
electors of the Borough at a regular election heldtherein on
October 5, 1965.
c. The word "Notes" shall mean the bond anticipation notes
of the Borough in the principal amount of $750,000.00 to be issued
in anticipation of the issuance of the Bonds pursuant to this
ordinance.
Section 2. The adoption by the qualified electors of the
Borough at the regular general election held therein on October 5,
1965, of the following proposition:
Page Two,
EMERGENCY ORDINANCE NO. 66- 18 -EO'
L
a
a
Proposition No. 1
Elementary School Building and
Appurtenances
$750,000.00
Shall the KODIAK ISLAND BOROUGH, STATE OF ALASKA, incur
indebtedness in a sum not to exceed $750,000 for the
purpose of constructing an elementary school building
consisting of not less than twelve (12) classrooms, a
kindergarten room, office space and a multi - purpose room
together with appurtenances and auxiliary space and
site development necessary for a complete elementary
school unit, and pledge the full faith and credit of the
KODIAK ISLAND BOROUGH to the payment of any indebtedness
so incurred, and issue general obligation bonds with
interest at a rate not to exceed six percent per annum,
payable semi - annually, all as authorized by the statutes
of the State of Alaska, and provided by Resolution No. 65-
16, of the KODIAK ISLAND BOROUGH, passed and approved
the second day of September, 1965.
INDEBTEDNESS
YES
INDEBTEDNESS NO /7
e and the same is hereby in all respects ratified and confirmed.
Section 3. For the purpose of temporarily financing the
ayment of the cost of constructing the elementary school building
and appurtenances and in anticipation of the sale of the bonds,
he Borough shall now issue and sell the Notes.
The Notes shall be dated August 1, 1966, shall bear interest
t the rate of five and one -half percent (5 -1/2 %) per annum, payabl
t maturity and shall mature on February 1, 1967. Said notes shall
e in the denomination of $5,000.00 each and shall be numbered from
to 150 inclusive.
Both principal of and interest on the Notes shall be payable
o bearer in lawful money of the United States of America at the
ational Bank of Alaska, Kodiak, Alaska, or at the optin of the
older, at the Franklin National Bank, Hanover Square, New York,
l
ew York, and shall be a general obligation of the Borough.
Section 4. That there be and there is hereby created a special
uind of the Borough to be known as the Elementary School Building
General Obligation Note Fund (hereinafter called the "Note Fund"),
which Fund is to be drawn upon for the sole purpose of paying the
ge Three, EMERGENCY ORDINANCE NO. 66 -18 -EO
principal of and interest on the Notes.
The Borough hereby obligates and binds itself to set aside
and pay into the Note Fund out of the proceeds of the sale of the
Bonds and out of any other moneys legally available therefore,
moneys sufficient in amountto pay such principal and interest when
the same becomes due.
The Borough covenants and agrees that the Bonds shall be offer
ed for sale by the Borough under the terms and conditions customary
in connection with such an offering and sale of similar bonds,and
if at such offering a bid or bids for the Bonds complyl.ng with such
offer shall be received by the Borough; the Borough within twenty -
four hours will accept such bid or the best of such bids and sell
he Bonds to the successful bidder as purchaser thereof, and as
soon as reasonably possible after such acceptance and sale and on
•r before February 1, 1967, will deliver the Bonds to such purchase
:nd collect the proceeds of the sale thereof.
The Borough further covenants that simultaneously with the
eceipt of such proceeds of sale it will pay the same into the Note
and and will immediately apply them to the payment of the outstand
Ong Notes in accordance with their terms.
Section 5. That there be and there is hereby created another
special fund of the Borough to be known as the Elementary School
uilding 1966 Construction Fund (hereinafter called the "Constructi
unda!) into which shall be paid the full purchase price of the Note
ether than accrued interest which shall be paid into the Note Fund
ereinbefore created. Said funds so paid into said Construction
'und shall be expended solely for paying the cost of constructing
he elementary school building with all necessary appurtenant
acilities as hereinbefore provided and as more fully set forth in
esolution No. 65 -16 of the Borough Assembly, adopted September 2,
X 965.
age Four, EMERGENCY ORDINANCE NO. 66 -18 -EO
Section 6. The Notes shall be general obligations of the Bor-
ough. For the prompt payment of the principal thereof and interest
thereon the Borough hereby pledges its full faith, credit, taxing
ower and resources.
Section 7. The Notes shall be in substantially the following
form:
No.
UNITED STATES OF AMERICA
KODIAK ISLAND BOROUGH
STATE OF ALASKA
GENERAL OBLIGATION BOND ANTICIPATION NOTE
ELEMENTARY SCHOOL BUILDING
The Kodiak Island Borough, a municipal corporation of the
State of Alaska, ackrnvledges itself to owe and for value received
promises to pay to Bearer on the 1st day of February, 1967, the
principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of five and one -half
percent (5 -1/2 %) per annum until the date ofpayment.
Both principal of and interest on this note are payable in
lawful morn of the United States of America at the National Bank
of Alaska, Kodiak, Alaska, or, at the option of the holder, at the
Franklin National Bank, Hanover Square, New York, New York, solely
out of the special fund of the Borough known as the'Elementary Scho
uilding General Obligation Note Fund" created by Emergency Ordinance
. 66 - - and Ordinance No. 66 -19 -0 of the Borough. This Note
s one of an issue of one hundred fifty mtes of like date, amount
d tenor, except as to number, in the aggregate principal amount
f $750,000 and is issued pursuant to the laws of the State of Alas a
d duly adopted resolutions and ordinances of the Kodiak Island
orough for the purpose of temporarily financing the payment of the
ost of constructing an elementary school building with all necess-
y appurtenances.
age Five, EMERGENCY ORDINANCE NO. 66 - -
This Note and the notes of this issue are payable out of the proce:ds
of the sale of general obligation bonds of the Borough to be entit
led "Elementary School Building General Obligation Bonds" authoriz
ed pursuant to Resolution No. 65 -16 of the Borough Assembly and by
vote of the qualified electors of the Boragh at an election held
therein on October 5, 1965, and are also payable out of such other
moneys of the Borough as are legally available for such purpose
and as may be authorized by its Borough Assembly. For the prompt
payment of the principal hereof and interest hereon the Borough h
pledged its full faith, credit, taxing power and resources.
The Kodiak Island Borough hereby covenants and agrees with the
owner and holder of this Note that it will keep-and perform all of
the covenants of this Note and of said Emergency Ordinance No 01,
and Ordinance No.Agj -, -g , to be by it kept and performed.
It is hereby certified and declared that this note is issued
pursuant to and in strict compliance with the constitution and law
of the State of Alaska and ordinances and resolutions of the Kodia
Island Borough, that this note and the notes of this issue do not
exceed any constitutional or statutory debt limitations, and that
all acts, conditions and things required to have happened, been
done and performed precedent to and in the issuance hereof have ha
ened, been done and performed.
IN WITNESS WHEREOF, the Kodiak Island Borough, Alaska, has
caused this note to be signed by its Borough Chairman, to be attes
ed by its Borough Clerk and the corporate seal of the Borough to
be impressed hereon this day of August, 1966.
KODIAK ISLAND BOROUGH,
ATTEST:
BY:
Borough Chairman
Borough Clerk
Page Six,
EMERGENCY ORDINANCE NO. 66 -18 -EO
Section 8. The sale of the notes to Franklin National Bank,
New York, New York, at par and accrued interest under the terms
and conditions of said Notes as set forth herdn is hereby in all
respects ratified and confirmed.
The proper Borough officials are hereby authorized and directe
o do everything necessary for the prompt issuance, execution and
delivery of the notes to such purchaser and for the proper use and
application of the funds derived from such sale.
Section 9. Publication of this ordinance shall be made by
publishing a summary thereof in a newspaper of general circulation
in the Borough and copies of the ordinance shall be mailed to all
ewspapers of general circulation in the Borough. A copy of the
rdinance shall be posted in a public place at the Borough seat.
PASSED by the Boragh Assembly of the Kodiak Island Borough,
laska, and approved by its Borough Chairman this 29th day of July,
966.
TTEST:
BY:
BY:
KODIAK ISLAND BOROUGH, ALASKA
d)i C „411.4 Presiding g Officer
W
Borough Chairman
Borough Clerk
Page Seven, EMERGENCY ORDINANCE NO. 66 -18 -EO