FY1966-19 Regular Election Results and Authorization of Obligation Bonds - School FacilitiesORDINANCE NO. 66 -19 -0
An ORDINANCE of the Kodiak Island Borough, Alaska,
confirming 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 $750,00 for the
purpose of providing funds to pay the cost of certain
capital improvements to the school facilities of the
Borough; providing for the isaance of notes in the
amount of $750,000 in anticipation 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, and creating a construction
fund.
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 ordinances 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, for the pur-
•ose of providing funds to pay the cost of certain capital improve -
ents to the school facilities of the Borough; and
WHEREAS, Chapter 117, Session Laws of Alaska, 1964, provides
hat a political subdivision of the state which is authorized by
aw ta• -incur bonded indebtedness may borrow money in anticipation
•f the sale of general obligation bonds if the general obligation
•onds to be sold have been authorized by the governing body of the
•olitical subdivision and ratified by a majority vote of the qualif-
ed voters of the polittal subdivision who vote on the question; an
WHEREAS, said general obligationbonds were so authorized in
he manner provided by law, and it is hereby found to be in the bes
i nterests of the Borough and its inhabitants that the issuance of
aid bonds be delayed and that notes in anticipation of the issuanc
hereof now be sold and issued to provide funds to pay the cost
•f constructing the above mentioned improvements; and
age One,
ORDINANCE NO. 66 -19 -0
WHEREAS, this assembly has heretofore accepted the offer of
Frai)4Ciliblational Bank, New York, New York, to purchase said notes
at pialinnua. 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:
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
'electors
October 5, 1965.
c. The word
of the State of Alaska.
The word "Bonds" shall mean the Elementary School Building
laws
b.
General Obligation Bonds of the Borough in the principal amount
which was authorized by the qualified
of
of $750,000, the issuance
of the Borough at a regular election held therein on
Page Two,
ORDINANCE NO. 66 -19 -0
"Notes" shall mean the bond anticipation notes of
the Borough in the principal amount of $750,000 to be issued in
i
;anticipation of the issuance of the Bonds pursuant to this ordir
Section 2. The adoption by the qualified electors of the Bor -;
ough at the regular general election held therein on October 5, 196
of the following proposition:
Proposition No. 1
Elementary School Building and
Appurtenances
$750,000.00
indebt
Shall the KODIAK ISLAND BOROUGH, State of Alaska, incur
edness in a sum not to exceed $750,000 for the purpose
of constructing an elementary school hilding consisting
of not less than twelve (12) classrooms, room kindergarten
room, office space and a multi=purpose
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 inteerestsat a a ra rate n ot to l as
exceed six percent per annum, P n Y r
authorized by the statutes of the State of Alaska, and
Resolution BOROUGH,
,
P
INDEBTEDNESS YES /7
"`+ =:-' INDEBTEDNESS NO /7
be and the same is hereby in all respects ratified and confirmed.
Section 3. For the purpose of temporarily financing the
payment of the cost of constructing the elementary school building
and appurtenances and in anticipation of the sale of the bonds,
the Borough shall now issue and sell the Notes.
The Notes shall be dated August 1, 1966, shall bear interest
at the rte of five and one -half percent (5 -1/2 %) per annum payable
at 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
1 to 150 inclusive.
Both principal of and interest on the Notes shall be payable
to bearer in lawful money of the United States of America at the
ational Bank of Alaska, Kodiak, Alaska, or at the option of the
older at the Franklin National Bank, Hanover Square, New York,
ew York, and shall be a geneal obligation of the Borough.
Section 4. That there be and there is hereby created a special
and of the Borough to be known as the Elementary School Building
11 eneral Obligation Note Fund (hereinafter called the "Note Fund ")
hich Fund is to be drawn upon for the sole purpose of paying the
rincipal of and interest on the Notes.
The Borough hereby obligates and btids itself to set aside and
y into the Note Fund out of the proceeds of the sale of the Bonds
d out of any other moneys legally available therefore, moneys
ufficient in amount to pay such principal and interest when the
ame becomes due.
The Borough covenants and agrees that the Bonds shall be
ffered for sale by the Borough under the terms and conditions cus-
omary in connection with such an offering and sale of similar bond
d if at such offering a bid or bids for the Bonds complying with
age Three, ORDINANCE NO. 66 -19 -0
szch offer shall be received by the Borough, the Borough within
•
twentyour hours will accept such bid or the best of such bids ar4
sell the Bonds to the successful bidder as purchaser thereof, ana
as soon as reasonably possible after such acceptance and sale and
on or before February 1, 1967, will deliver the Bonds to such
Purchaser and collect the proceeds of the sale thereof.
The Borough further covenants that simultaneously with the
receipt of such proceeds of sale it will pay the same into the Note
Fund and will immediately apply them to the payment of the outstand
ing Notes in accordance with their terms.
Section 5. That there be and there is herebycreated another
special fund of the Borough'to be known as the Elementary School
uilding 1966 Construction Fund (hereinafter called the "Construct-
ion Fund ") into which shall be paid the full purchase price of the
otes other than accrued interest which shall be paid in the Note
Fund hereinbefore created. Said funds so paid into said Construc-
ion Fund shall be expended solely for paying the cost of construc-
ing the elemental school building with all necessary appurtenant
Facilities as hereinbefore provided and as more fully set forth .
resolution No. 65 -16 ofthe Borough Assembly, adopted September 2,
965.
Section 6. The notes shall be general obligations of the
orough. For the prompt payment of the principal thereof and inter
st thereon the Borough hereby pledges its full faith, credit, tax -
ng power and resources.
Section 7. The Notes shall be in substantially the following
orm:
No. $
ELEMENTARY SCHOOL BUILDING
GENERAL OBLIGATION BOND ANTICIPATION NOTE
age Four, ORDINANCE NO. 66 -19 -0
UNITED STATES OF AMERICA
STATE OF ALASKA
KODIAK ISLAND BOROUGH
The Kodiak Island Borough, a municipal corporation of the Stat
of Alaska, acknowledges itself to owe and for value received promi
es to pay to bearer on the 1st day of February, 1967, the principa
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 of payment.
Both principal of and interest on this note are payable in
lawfulnoney 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
School Building General Obligation Note Fund" created by Emergency
Ordinance No. 66 -18 -EO and Ordinance No. 66 -19 -0 of the Borough.
This Note is one of the issue of one hundred fifty notes of like
date, amount and tenor, except as to number, in the aggregate prin
cipal amount of $750,000 and is issued pursuant to the laws of the
State of Alaska and duly adopted resolutions and ordinances of
the Kodiak Island Borough for the purpose of temporarily financing
the payment of the cost of constructing an elementary school build
ing with all necessary appurtenances.
This note and the notes of this issue are payable out of the
proceeds of the sale of general obligation bonds of the Borough
to be entitled "Elementary School Building General Obligation Bond
authorized pursuant to Resolution No. 65 -16 of the Borough Assembl
and by vote of the qualified electors of the Borough at an elects
held therein on October 5, 1965, and are also payable out of such
other moneys of the Borough as are legally available for such pur
pose and as may be authorized by its Borough Assembly. For the
prompt payment of the principal hereof and interest hereon the
Page Five, ORDINANCE NO. 66 -19 -0
Borough has pledged its full faith, credit, taxing power and resou
ces.
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.
66 -18 -E0 and Ordinance No. 66 -19 -0 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 happerei, been
done and performed precedent to and in the issuance hreof have
happened, 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 1st day of August, 1966.
ATTEST:
BY:
Borough Clerk
KODIAK ISLAND BOROUGH, ALASKA
Borough Chairman
Section 8. The sale of the Notes to Franklin National Bank,
New York, New York, at par and accrued interest under the terms an
conditions of said Notes as set forth herein is hereby in all respe
ratified and confirmed.
The proper Borough officials are hereby authorized and directe
to do everything necessary for the prompt issuance, execution and
Page Six, ORDINANCE NO. 66 -19 -0
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
newspapers of general circulation in the Borough. A copy of the
ordinance shall be posted in a public place at the Borough seat.
PASSED by the Borough Assembly of the Kodiak Island Borough,
Alaska, and approved by its Borough Chairman this 18th day of
August, 1966.
Attest:
BY:
BY:
Page Seven, ORDINANCE NO. 66 -19 -0
KODIAK ISLAND BOROUGH, ALASKA
Bo ough Chairman +
Bo}'ough Clerk
7
e-iding Officer