1969-09 Authorizing Loan of $80K From NBAKODIAK ISLAND BOROUGH
ORDINANCE NUMBER 69 -9-0
AN ORDINANCE OF THE KODIAK ISLAND OF $80,000.00 FROM THE NATIONAL RANK OF ALASKA TO TI KODIAK ISLAND BOROUGH
GENERAL ACCOUNT TO BE REPAID WITHIN 90 DAYS.
WHEREAS, The Kodiak Island Borough has been advised by the State
Department of Health and Welfare that Federal Funs due and owing the
Kodiak Island Borough will not be available for ninety (90) days;
WHEREAS, the Kodiak Island Borough is
of $80,000.00 to net current obligations;
WHEREAS, the failure to promptly pay
and have a detrimental effect on the financial
the Community;
greatly in need of the sum
said monies would embarrass
professional reputation of
WHEREAS, it is hereby found to be in the best interest of the
Borough to AUTHORIZE THE LOAN OF THE St14 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 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 $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.
Section 2. 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 newspaper 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 the Borough Chairman this 5th. day of June,
1969.
First Reading: May 15th, 1969
Second Reading and Public Hearing: June 5th, 1969
Passage Date: June 5th, 1969
Effective date: July 5th, 1969
KODIAK ISLAND BOROUGH
/14 " /
residing Of icer
BY: Art - r � 0
Borough C gain