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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