1969-06 Authorizing Loan of $80K From NBAECOIAK ISLAND BOROUGH
EMEEGENCY ORDINANCE NO. 69 -6 -EO
AN ORDINANCE OF THE KCDIAK ISLAND BOROUGH AUTHORIZING THE LOAN C
$80, 000.00 FROM THE NATIONAL BANK OF ALASKA TO THE KODIAK ISLAND BOROUGH
GENERAL ACCOUNT TD BE REPAID WITHIN 90 DAYS; AND DECLARING AN EMERGENCY.
WHEREAS, The Kodiak Island Borough has been advised by the State
Department of Health and Welfare that Federal Funda due and owing the
Kodiak Island Borough will not be available for ninety (90) days;
WHEREAS, the Kodiak Island Borough is greatly in need of the sum
of $80, 000.00 to net current obligations;
WHEREAS, the failure to promptly pay said monies would embarrass and
have a detrimental effect on the financial professional reputation of the
Community;
WHEREAS, it is hereby found to be in the best interest of the Borax .,3
TO AUTHORIZE THE LOAN OF THE SUM OF EIGHTY THOUSAND ($80,000.00) DOLLARS
to the Kodiak Island Borough General Account for the current fiscal year, to -
be repaid within ninety (90) days;
NOW, THEREFORE, BE IT ORDAIN by the Borough Assembly of the Kodiak
Island Borough as follows:
Section 1. Declaration of An emergency is hereby declared
to exist affecting the life o h7� welfare and property of the
Borough.
Section 2. LOAN A[T1HORIZATION. The Chairman and Clerk of the Kodiak
Island Borough are hereby authorized and empowered to effect the loan
of $80,000.00 from the National Bank of Alaska to the General Account
of the Kodiak Island Borough, to be repaid within ninety (90) days
thereof.
Sectiar 3. PUBLICATION. Publication of this ordinance shall be made
by publishing a summary thereof in a newspaper of general circulation
in the Borwgh and dies of the ordinance shall be mailed to all news-
papers of general circulation in the Borough. A copy of the ordinance
Shall be paMed 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 1st day of May, 1969.
BY: ' �BCnC 2 Ceai.4
KCDIAK ISLAND BOA
offi £3 --