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Introduced by: Manager Carlson <br />Requested by: Assembly <br />Drafted by: Borough Clerk /Bond Attorney <br />Introduced: 08/19/2004 <br />Public Hearing: 09/02/2004 <br />Amended: 09/20/2004 <br />Adapted: 09/20/2004 <br />KODIAK ISLAND BOROUGH <br />ORDINANCE NO. FY 2005 -05 <br />AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY <br />AUTHORIZING THE BOROUGH TO ISSUE GENERAL OBLIGATION BONDS IN <br />THE PRINCIPAL AMOUNT OF NOT TO EXCEED $4,190,000 TO FINANCE THE <br />PLANNING, DESIGN, AND CONSTRUCTION OF SCHOOL AND RELATED <br />CAPITAL IMPROVEMENTS, INCLUDING WITHOUT LIMITATION <br />THE KODIAK HIGH SCHOOL VOC ED /CLASSROOM RECLAMATION; AND TO SUBMIT THE <br />QUESTION OF THE ISSUANCE OF SUCH BONDS TO THE QUALIFIED VOTERS OF THE BOROUGH <br />AT THE OCTOBER 5, 2004 REGULAR BOROUGH ELECTION <br />WHEREAS, the Alaska legislature adopted a new plan for school debt reimbursement during the 2002 special <br />session; and <br />WHEREAS, this debt service reimbursement plan provides that the State of Alaska will reimburse the Borough <br />for not less than sixty percent (60 %) of debt service on the eligible portion of bonds authorized by the qualified <br />voters of the Borough on or after June 30, 1999, but before January 1, 2005, to pay costs of school <br />construction, additions to schools, and major rehabilitation projects and education - related facilities; and <br />WHEREAS, under the provisions of AS 29.47.190, a municipality may incur general obligation debt only after a <br />bond authorization ordinance is approved by a majority of those voting on the question at a regular or special <br />election; and <br />WHEREAS, the Borough views the school and related capital improvements authorized herein as necessary <br />and beneficial to the community, <br />NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THAT: <br />Section 1: This ordinance is not of a general and permanent nature and shall not become a part of the <br />Kodiak Island Borough Code of Ordinances. <br />Section 2: It is hereby determined to be for a public purpose and in the public interest of the Kodiak Island <br />Borough (the "Borough") to incur general obligation bonded indebtedness in an amount not to <br />exceed Four Million One Hundred Ninety Thousand Dollars ($4,190,000) for the purpose of <br />paying the cost of planning, designing, and constructing school and related capital <br />improvements in the Borough. <br />Section 3: The Borough is authorized to borrow the sum of Four Million One Hundred Ninety Thousand <br />Dollars ($4,190,000) to finance the capital improvements described in Section 4, and the <br />borrowing shall be evidenced by the issuance of general obligation bonds of the Borough; <br />provided that bonds may not be issued for any project unless the project is eligible for debt <br />service reimbursement of at least sixty percent (60%) by the State of Alaska. The full faith and <br />credit of the Borough are pledged for payment of the principal of and int on the bonds, _. are ,_ _ _ � for � ., ... . ., ,., �� �..�,.,.., .,, and interest wr vl r the our wo, al lu <br />ad valorem taxes upon all taxable property in the Borough shall be levied without limitation as to <br />rate or amount to pay the principal of and interest on the bonds when due. <br />Section 4: The Borough shall submit the following proposition to the qualified voters of the Borough at the <br />October 5, 2004 regular Borough election. The proposition must receive an affirmative vote <br />from a majority of the qualified voters voting on the question to be approved. <br />Kodiak Island Borough, Alaska Ordinance No. FY2005.05 <br />Page 1 of 2 <br />