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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