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1968-08 Authorizing the Loan of $38K to the School Board AccountAN COMNINCE OF THE KODIAK ISLAND BOROUGH AUTHORIZING THE LOAN OF $38,093.00 FROM THE NATIONAL BANK OF ALASKA TO THE SCHOOL BOARD ACCOUNT TO BE REPAID WITHIN 90 DAYS; AND D®GLAR1NG AN EMERGENCY. WHEREAS, The Kodiak Island Borough School Board has advised the Borough Assembly that Federal Funds due and owing the Kodiak Island Borough have not been paid by the Federal Government and it is expected that said funds will not be available for (90) days; WHEREAS, the Kodiak Island Borough School Board is greatly in need of the sumo of $38,093.00 to meet current obligations; WHEREAS, the failure to promptly pay said monies would etibarrass and have a detrimental effect on the financial and professional reputation of the Camamity; WHEREAS, it is hereby found to be in the best interest of the Borough TO AUTHORIZE THE LOAN OF THE SUM OF $38,093.00 to the Kodiak Island Borough School Board account for the current fiscal year, to be repaid within nednety (90) days; NOW, ARE, BE IT ORDAINED by the Borough Assembly of the Kodiak Island Borough as follows: Section 1. Declaration of Etergency. An emergency is hereby declared to-exist affecting life, health, we1fc a and property of the Borough. Section 2. LOAN AUTHORIZATION. The Chairman and Clerk of the Kodiak Island Borough are hereby authorized and empowered to effect the loan of $38,093.00 from the National Bank of Alaska to the account of the Kodiak Island Borough School Board, to be repaid within ninety (90) days hereof. PASSED by the Borough Assembly of the Kodiak Island Borough, Alaska and approved by its Borough Chairman this J day of May, 1968. Attest: KODIAK ISLAND BOROUGH EMERGENCY ORM:NAM ; NO. 68 -8 -DO Section 3. PUBLICATION. 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 news- papers of general circulation in the Borough. A copy of the ordinance shall be posted in a public place at the Borough Seat. KODIAK ISLAND BOROUGH, ALASKA BY: BY: �IA.C�1..t.�J YC7 Presiding Officer