1969-11 Authorizing Loan of $140,500 for School Board From NBAKODIAK ISLAND BOROUGH
EMERGENCY ORDINANCE 69 -11 -EO
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH AUTHORIZING THE LOAN OF
$ FROM THE NATIONAL, BANK OF ALASKA TO THE SCHOOL BOARD ACCAUNT TO
BE REPAID WITHIN 60 DAYS: AND DECLARING AN EMERGENCY.
WHEREAS, The Kodiak Island Borough School Board has advised the
Borough Assembly that Federal Funds due and
have not been paid by the State Government and owing the Kodiak Island Borough
funds will not be available for sixty (60) days;
is expected that said
WHEREAS, the Kodiak Island Borough School Board is greatly in need
of the some of $ 140,500.00 to meet current obligations;
WHEREAS, the failure
have a detrimental effect on
the Community;
WHEREAS, it is hereby
Borough to AUTHORIZE THE IRAN
Island Borough School Account
within sixty (60) days;
NON, THE EFOIiE, BE IT ORDAINED by the Borough Assembly of the
Kodiak Island Borough as follows:
Section 1 . Declaration of Emergency. An emergency is hereby declared
So t
Borexih . affecting the life, health, welfare and property of the
to promptly pay slid monies would embarrass and
the financial and professional reputation of
found to be in the best interest of the
OF THE SUMS OF $140,500.00 to the Kodiak
for the current fiscal year, to be repaid
Section 2. LOAN AUTHORIZATION. The Chairman and Clerk of the Kodiak
Island Borough are hereby authorized and empowered to effect the lean
of $140,500.00 fran the National Bank of Alaska to the account of
the Kodiak Island Borough School Board, to be repaid within sixty (60)
days hereof.
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 newspapers
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 its Borough Chailtman this 5th day of June, 1969.
KODIAK ISLAND BOROUGH