1968-10 Authorizing the Loan of $38K to School Board AccountAN ORDINANCE OF THE KODIAK ISLAND BOROUGH AUTHORIZING ZBE LOAN
OF $38,093.00 FROM THE NATIONAL BANK OF ALASKA TO THE SCHOOL BOARD ACCOUNT TO
BE REPAID WITHIN 90 DAYS.
4E.REAS, 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 Goverment and it is expected that said funds will
not be available for (90) days;
%B EMS, the Kodiak Island Borough School Board is greatly in need
of the sum of $38,093.00 to meet current obligations;
%HEMS, the failure to promptly pay said monies would embarrass
and have a detrimental effect on the financial and professional reputation of
the °xmunity;
WHEFE.AS, 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 ninety (90) days;
NOW, THEREFORE, BE IT ORDAINED by the Borough Assembly of the Kodiak
Island Borough as follows:
Section 1. 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.
Section 2. Pttar.rcATI(V, 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.
PASSED by the Borough Assembly f the Kodiak Island Borough, Alaska
(
and approved by its Borough Chairman this . day of .7une,1968.
Attest:
KODIAK ISLAND BOROUGH
ORDINANCE NUMBER 68 -10 -0
KODIAK ISLAND BOROUGH, ALASKA
r
BY: -� �. ,
Presiding OffioSt
BY:
Borough Chairmen