2000-11 Construction of School and Related Capital Improvements - Borough ElectionKODIAK ISLAND BOROUGH
ORDINANCE NO. 2000 -11
Introduced by: Borough Manager
Requested by: Finance Director
Drafted by: Bond Attorney
Introduced: 08/03/2000
Public Hearing: 08/17/2000
Amended: 08/17/2000
Adopted: 08/19/2000
AN ORDINANCE AUTHORIZING THE KODIAK ISLAND BOROUGH TO ISSUE
GENERAL OBLIGATION BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED
$2,660,000 TO FINANCE THE ACQUISITION AND CONSTRUCTION OF SCHOOL
AND RELATED CAPITAL IMPROVEMENTS IN THE BOROUGH, AND TO SUBMIT
THE QUESTION OF THE ISSUANCE OF SUCH BONDS TO THE QUALIFIED VOTERS
OF THE BOROUGH AT THE OCTOBER 3, 2000 BOROUGH ELECTION.
WHEREAS, the Alaska legislature adopted a new plan for school debt reimbursement
during the 2000 legislative session; and
WHEREAS, this debt service reimbursement plan provides a reimbursement allocation
for projects in the Borough, provided that the projects are approved by the
Commissioner of Education before their approval by the voters of the Borough; and
WHEREAS, under the provisions of AS 29.47.190 a municipality may incur general
obligation debt only after a bond authorization ordinance is approved by a majority of
those voting on the question at a regular or special election; and
WHEREAS, the Borough views the school and related capital improvements authorized
herein as necessary and beneficial to the community.
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: This ordinance is not of a general and permanent nature and shall not
become a part of the Kodiak Island Borough Code of Ordinances.
Section 2: It is hereby determined to be for a public purpose and in the public
interest of the Kodiak Island Borough (the "Borough ") to incur general
obligation bonded indebtedness in an amount not to exceed Two Million
Six Hundred Sixty Thousand Dollars ($2,660,000) for the purpose of
paying the cost of planning, designing, acquiring property for, equipping
and constructing school and related capital improvements in the Borough,
including without limitation the Kodiak Island Borough High School Roof
Repair and Upgrade and Peterson Elementary Upgrades (the "Project ").
Kodiak Island Borough Ordinance No. 2000 -11
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Project
Estimated
Total
Principal
and Interest
Estimated
Debt Service
Paid by the
State
Estimated
Debt Service
Paid by the
Borough
Estimated
Annual
Operation &
Maintenance
Costs
High School
Roof
$1,918,074.17
$1,342,651.92
$ 575,422.25
$ 5,600.00
Peterson
Elementary
81,622,634.00
$ 1,135,843.80
$ 486,790.20
$ 4,400.00
Section 3: The Borough is authorized to borrow the sum of Two Million Six Hundred
Sixty Thousand Dollars ($2,660,000) 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;
provided that bonds may not be issued for a project unless the project
has been authorized for debt service reimbursement by the State of
Alaska. The full faith and credit of the Borough is 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 3, 2000 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
PROPOSITION NO. 1
SCHOOL AND RELATED CAPITAL IMPROVEMENT BONDS
Shall the Kodiak Island Borough incur debt and
issue general obligation bonds not to exceed
Two Million Six Hundred Sixty Thousand
Dollars ($2,660,000) to finance the planning,
designing, acquiring property for, equipping
and constructing of school and related capital
improvements in the Borough, including
without limitation the High School Roof Repair
and Upgrades and Peterson Elementary
Upgrades?
Ordinance No. 2000 -11
Page 2 of 3
Section 5: The proposition, both for paper ballots and machine ballots, shall be
printed on a ballot which may set forth other general obligation bond
propositions, and the following words shall be added as appropriate
and next to a square provided for marking the ballot for voting by hand
or machine:
Section 6: Section 2 and 3 of this ordinance shall become effective only if the
proposition described in Section 4 is approved by a majority of the
qualified voters voting on the proposition at the regular Borough
election on October 3, 2000. The remaining sections of this ordinance
shall become effective upon adoption by the Kodiak Island Borough
Assembly.
ATTEST:
PROPOSITION NO. 1 Yes ( )
No ( )
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS NINETEENTH DAY OF AUGUST, 2000
u dith A. Nielsen, CMC, Borough Clerk
Kodiak Island Borough
Bonds may not be issued to pay costs of a
project unless the project has been authorized
for debt service reimbursement by the State of
Alaska. The approximate amount of taxes on
$ 100,000 of assessed real and personal
property value (based on total 2000 assessed
valuation) to retire 100% of the proposed debt
for the projects above is $56.82 per year, and
to retire 30% of the proposed debt for the
projects is $17.04 per year.
The bonds shall be secured by a pledge of the
full faith and credit of the borough.
(Ordinance No. 2000 -1 1).
Ordinance No. 2000 -11
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