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KODIAK ISLAND. BOROUGH <br />ORDINANCE NO. FY2005 -08 <br />Introduced by Manager Carlson <br />Requested by: Assembly <br />Drafted by: Bond Counsel <br />Introduced: 10/21/2004 <br />Public Hearing: 10/21/2004 <br />Adopted: <br />AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY <br />AUTHORIZING THE BOROUGH TO ISSUE GENERAL OBLIGATION SCHOOL <br />BONDS, 2004 SERIES B IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED <br />$11,050,000 TO PROVIDE FUNDS FOR SCHOOL AND RELATED CAPITAL <br />IMPROVEMENTS IN THE BOROUGH AND TO PAY COSTS OF ISSUING THE <br />BONDS, FIXING CERTAIN DETAILS OF SUCH BONDS, AUTHORIZING THEIR <br />SALE, AND PROVIDING FOR RELATED MATTERS <br />WHEREAS, pursuant to Ordinance No. 2004 -03 of the Kodiak Island Borough, Alaska (the <br />"Borough "), adopted March 18, 2004, a question whether the Borough should issue not to exceed <br />$2,765,000 in general obligation bonds for the purpose of financing the planning, design and <br />construction of school and related capital improvements in the Borough, referred to at the special <br />Borough election held on April 20, 2004 as Proposition No. 1 ( "April Proposition 1"), was passed and <br />approved; and <br />WHEREAS, pursuant to Ordinance No. FY2005 -04 of the Borough, adopted September 2, 2004, a <br />question whether the Borough should issue not to exceed $6,210,000 in general obligation bonds <br />for the purpose of financing the planning, design and construction of school and related capital <br />improvements in the Borough, referred to at the regular Borough election held on October 5, 2004 <br />as Proposition No. 1 ("October Proposition 1 "), was passed and approved; and <br />WHEREAS, pursuant to Ordinance No. FY2005 -05 of the Borough, adopted September 2, 2004, a <br />question whether the Borough should issue not to exceed $4,190,000 in general obligation bonds <br />for the purpose of financing the planning, design and construction of school and related capital <br />improvements in the Borough, referred to at the regular Borough election held on October 5, 2004 <br />as Proposition No. 2 ("October Proposition 2 "), was passed and approved; and <br />WHEREAS, said elections have been duly canvassed and the results thereof certified and <br />confirmed in accordance with law, and $650,000 principal amount of general obligation bonds <br />remains unissued under April Proposition 1, $6,210,000 principal amount of general obligation <br />bonds remains unissued under October Proposition 1, and $4,190,000 principal amount of general <br />obligation bonds remains unissued under October Proposition 2; and <br />WHEREAS, the Assembly finds that it is in the best interest of the Borough to plan, design and <br />construct the school capital improvements described in April Proposition 1 as the Kodiak High <br />School Pool Space Reclamation; in October Proposition 1 as the New School Pool, 6-Lane, 1 Diving <br />Board; and in October Proposition 2 as the Kodiak High Voc Ed /Classroom Reclamation <br />(collectively, the "Project "); and to issue not to exceed $650,000 principal amount of general <br />obligation bonds referred to in April Proposition 1, not to exceed $6,210,000 principal amount of <br />general obligation bonds referred to in October Proposition 1. and not to exceed $4,190,000 <br />principal amount of general obligation bonds referred to in October Proposition 2, to pay costs of the <br />Project and costs of issuing the bonds; and <br />Kodiak Island Borough, Alaska Ordinance No. FY 2005 -08 <br />Page 1 of 11 <br />