FY2010-04 Borough Facilities Bond1
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Section 1:
Section 2:
KODIAK ISLAND BOROUGH
ORDINANCE NO. FY2010 -04
Introduced by:
Requested by:
Drafted by:
Introduced:
Public Hearing:
Adopted:
KIB Manager
Borough Assembly
Finance Director
Short/ Bond Counsel
07/16/2009
08/06/2009
08/06/2009
AN ORDINANCE OF THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
AUTHORIZING THE BOROUGH TO ISSUE GENERAL OBLIGATION BONDS
IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $12,500,000 TO FINANCE
THE PLANNING, DESIGN, AND CONSTRUCTION OF RENEWALS AND
REPLACEMENTS OF BOROUGH FACILITIES; AND TO SUBMIT THE QUESTION
OF THE ISSUANCE OF SUCH BONDS TO THE QUALIFIED VOTERS OF THE
BOROUGH AT THE OCTOBER 6, 2009 REGULAR BOROUGH ELECTION
WHEREAS, various Kodiak Island Borough facilities have certain elements in need of renewal
and replacement over the next five year period, including without limitation the projects described
in Exhibit A hereto; and
WHEREAS, approximately 73% of these buildings
debt reimbursement from the State of Alaska; and
are school buildings which qualify for a 70%
WHEREAS, the Borough views the renewal and
necessary and beneficial to the community; and
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
replacement projects authorized herein as
This ordinance is not of a general and permanent nature and shall not become a
part of the Kodiak Island Borough Code of Ordinances.
It is hereby determined to be for a public purpose and in the public interest of the
Borough to incur general obligation bonded indebtedness in an amount not to
exceed Twelve Million Five Hundred Thousand Dollars ($12,500,000) for the
purpose of paying the cost of planning, designing, and constructing renewals and
replacements of Borough facilities, including without limitation the projects
described in Exhibit A hereto.
Section 3: The Borough is authorized to borrow the sum of Twelve Million Five Hundred
Thousand Dollars ($12,500,000) to finance the capital improvements described in
Section 2, and the borrowing shall be evidenced by the issuance of general
obligation bonds of the Borough. The full faith and credit of the Borough are
pledged for payment of the principal of and interest on the bonds, and ad valorem
taxes upon all taxable property in the Borough shall be levied without limitation as
to rate or amount to pay the principal of and interest on the bonds when due.
Section 4: The Borough shall submit the following proposition to the qualified voters of the
Borough at the October 6, 2009 regular Borough election. The proposition must
receive an affirmative vote from a majority of the qualified voters voting on the
question to be approved.
Kodiak Island Borough Ordinance No. FY2010 -04
Page 1 of 3
53 PROPOSITION NO. 1
54 GENERAL OBLIGATION BONDS FOR RENEWALS AND
55 REPLACEMENTS OF BOROUGH FACILITIES
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57 Shall the Kodiak Island Borough incur debt and issue general
58 obligation bonds in an amount not to exceed Twelve Million Five
59 Hundred Thousand Dollars ($12,500,000) to finance the planning,
60 design, and construction of renewals and replacements of Borough
61 buildings and other facilities. 73% of these projects are school related.
62
63 The school projects are expected to qualify for not less than 70% State
64 debt service reimbursement, funding for which is subject to annual
65 appropriation. The projects will be phased to limit disruption to the
66 education of students, and bonds will be sold only as needed to pay
67 project costs. 27% of these projects are for borough buildings and
68 other facilities.
69
70 If the State fully funds the debt service reimbursement program, the
71 average annual debt service payable by the Borough after State
72 reimbursement, is estimated to be $485,121. This amount of debt
73 service may require an additional annual property tax levy of $133 per
74 $250,000 of assessed value, or its equivalent. This example of a
75 property tax levy is provided for illustrative purposes only.
76
77 The bonds shall be secured by a pledge of the full faith and credit of
78 the Borough. (Ordinance No. FY2010 -04)
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80 Section 5: The proposition shall be printed on a ballot which may set forth other general
81 obligation bond propositions, and the following words shall be added as appropriate
82 next to an oval provided for marking the ballot for voting by hand or machine:
83 PROPOSITION NO. 1
84
85 Section 6: Sections 2 and 3 of this ordinance shall become effective only if the proposition
86 described in Section 4 is approved by a majority of the qualified voters voting on
87 the proposition at the October 6, 2009 regular Borough election. The remaining
88 sections of this ordinance shall become effective upon adoption by the Kodiak
89 Island Borough Assembly.
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94 KODIAK ISLAND BOROUGH
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ATT
ST:
Kodiak Island Borough
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS SIXTH DAY OF AUGUST, 2009
Nova M" Javier, MM ugh Clerk
O YES
o NO
Jerome M. Selby, Boro • • :yor
Ordinance No. FY2010 -04
Page 2 of 3
103
East Generator & Building
High School Replace Wooden Gym Floor
Larsen Bay Old HVAC Equip
Larsen Bay Old HVAC Controls
Karkik Remove UST
Chiniak Remove UST
East. Old Kitchen Piping
East Flooring
Old Harbor HVAC Controls
Peterson Flooring
East Old Case work
Old Harbor Flooring
Larsen Bay Exterior Paint
East Exterior Paint
Port Lions Remove UST
Main Remove UST
Karluk Exterior Paint
Akhiok Play Grounds
Larsen Bay Old Windows
Middle School HVAC Controls
Peterson HVAC Controls
Middle School Gym Floor Replacement
East Old Exterior Doors
East New Boilers & Building
High School Upgrade Generator
Peterson Boilers
Main Gym floor Replacement
Main Exterior Paint
Peterson Exterior Paint
Karluk Flooring
Karluk Interior Paint
Larsen Bay Old Elect Lighting
East Old Plumb Fixtures
Ouzinkie Old Elect Lighting
Port Lions Play Grounds
Ouzinkie Play Grounds
Old Harbor Play Grounds
High School 1972 Add. Exterior Doors
Old Harbor Remove UST
Total
Kodiak Island Borough
Appendix A
School Projects (elgible for DEED Reimbursement)
$ 780,196
447,237
399,848
146,639
89,370
82,620
47,656
490,290
345,922
275,566
231,386
163,268
148,826
111,195
85,266
78,826
62,539
44,800
24,589
1,302,645
490,577
353,206
47,724
502,519
451,135
300,510
210,711
198,811
196,113
166,166
146,551
134,931
129,107
117,280
72,000
72,000
72,000
45,763
43,692
$ 9,109,477
Boro. Build. New Roof
Boro. Build. Duct Cleaning
Boro. Build. Replace Air louvers
Boro Build. Boiler Combustion Air Fat
Boro Build.Vents at Roof Extensions
Auditorium Exterior Doors
Boro. Build. New Receptacles
Boro. Build. DDC Control system
Boro. Build Replace Boilers
Boro. Build. Asbestos Boiler Room
Auditorium Flooring foyer and hall
Boro. Build. New Flooring
Boro. Build. Move Gen Set
Boro. Build. Asbestos under Carpet
Boro. Build. Relocate Fuel Oil Piping
Total
Grand Total
Borough Projects
$ 1,190,020
108,184
21,637
21,637
2,163
73,725
65,444
429,563
290,493
154,930
103,151
320,544
280,476
280,476
48,082
$ 3,390,523
$12,500,000
Ordinance No. FY2010 -04
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