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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />48 <br />49 <br />-- 50 <br />51 <br />52 <br />Section 1: <br />Section 2: <br />KODIAK ISLAND BOROUGH <br />ORDINANCE NO. FY2010 -04 <br />Introduced by: <br />Requested by: <br />Drafted by: <br />Introduced: <br />Public Hearing: <br />Adopted: <br />KIB Manager <br />Borough Assembly <br />Finance Director <br />Short/ Bond Counsel <br />07/16/2009 <br />08/06/2009 <br />08/06/2009 <br />AN ORDINANCE OF THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH <br />AUTHORIZING THE BOROUGH TO ISSUE GENERAL OBLIGATION BONDS <br />IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $12,500,000 TO FINANCE <br />THE PLANNING, DESIGN, AND CONSTRUCTION OF RENEWALS AND <br />REPLACEMENTS OF BOROUGH FACILITIES; AND TO SUBMIT THE QUESTION <br />OF THE ISSUANCE OF SUCH BONDS TO THE QUALIFIED VOTERS OF THE <br />BOROUGH AT THE OCTOBER 6, 2009 REGULAR BOROUGH ELECTION <br />WHEREAS, various Kodiak Island Borough facilities have certain elements in need of renewal <br />and replacement over the next five year period, including without limitation the projects described <br />in Exhibit A hereto; and <br />WHEREAS, approximately 73% of these buildings <br />debt reimbursement from the State of Alaska; and <br />are school buildings which qualify for a 70% <br />WHEREAS, the Borough views the renewal and <br />necessary and beneficial to the community; and <br />NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND <br />BOROUGH THAT: <br />replacement projects authorized herein as <br />This ordinance is not of a general and permanent nature and shall not become a <br />part of the Kodiak Island Borough Code of Ordinances. <br />It is hereby determined to be for a public purpose and in the public interest of the <br />Borough to incur general obligation bonded indebtedness in an amount not to <br />exceed Twelve Million Five Hundred Thousand Dollars ($12,500,000) for the <br />purpose of paying the cost of planning, designing, and constructing renewals and <br />replacements of Borough facilities, including without limitation the projects <br />described in Exhibit A hereto. <br />Section 3: The Borough is authorized to borrow the sum of Twelve Million Five Hundred <br />Thousand Dollars ($12,500,000) to finance the capital improvements described in <br />Section 2, and the borrowing shall be evidenced by the issuance of general <br />obligation bonds of the Borough. The full faith and credit of the Borough are <br />pledged for payment of the principal of and interest on the bonds, and ad valorem <br />taxes upon all taxable property in the Borough shall be levied without limitation as <br />to 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 <br />Borough at the October 6, 2009 regular Borough election. The proposition must <br />receive an affirmative vote from a majority of the qualified voters voting on the <br />question to be approved. <br />Kodiak Island Borough Ordinance No. FY2010 -04 <br />Page 1 of 3 <br />