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KODIAK ISLAND BOROUGH <br />ORDINANCE NO. 2004 -03 <br />Introduced by: <br />Requested by: <br />Drafted by: Manager <br />Introduced: <br />Public Hearing: <br />Adopted: <br />Manager Carlson <br />Assembly <br />Carlson /Bond Attorney <br />03/09/2004 <br />03/18/2004 <br />03/18/2004 <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 $2,765,000 TO FINANCE THE <br />PLANNING, DESIGN AND CONSTRUCTION OF SCHOOL AND RELATED <br />CAPITAL IMPROVEMENTS, INCLUDING WITHOUT LIMITATION KODIAK <br />MIDDLE SCHOOL CONCRETE REPAIR; LARSEN BAY SCHOOL FLOOR <br />REPAIR; KODIAK HIGH SCHOOL ASBESTOS REMOVAL, FLOOR COVERING <br />AND POOL SPACE RECLAMATION; DISTRICT WIDE FLOOR COVERING <br />REPLACEMENT; AND EVACUATION CENTER EARTHQUAKE EVALUATION; <br />AND TO SUBMIT THE QUESTION OF THE ISSUANCE OF SUCH BONDS TO <br />THE QUALIFIED VOTERS OF THE BOROUGH AT THE APRIL 20, 2004 SPECIAL <br />BOROUGH ELECTION <br />WHEREAS, the Alaska legislature adopted a new plan for school debt reimbursement during the <br />2002 special session; and <br />WHEREAS, this debt service reimbursement plan provides that the State of Alaska will reimburse <br />the Borough for not Tess than sixty percent (60 %) of debt service on the eligible portion of bonds <br />issued by the Borough to pay costs of school construction, additions to schools, and major <br />rehabilitation projects and education - related facilities; and <br />WHEREAS, under the provisions of AS 29.47.190 a municipality may incur general obligation debt <br />only after a bond authorization ordinance is approved by a majority of those voting on the question <br />at a regular or special election; and <br />WHEREAS, The Borough views the school and related capital improvements authorized herein as <br />necessary and beneficial to the community. <br />NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND <br />BOROUGH THAT: <br />Section 1: This ordinance is not of a general and permanent nature and shall not become a part <br />of the 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 <br />Kodiak Island Borough (the "Borough ") to incur general obligation bonded <br />indebtedness in an amount not to exceed Two Million Seven Hundred Sixty Five <br />Thousand Dollars ($2,765,000) for the purpose of paying the cost of planning, <br />designing and constructing school and related capital improvements in the Borough. <br />Section 3: The Borough is authorized to borrow the sum of Two Million Seven Hundred Sixty <br />Five Thousand Dollars ($2,765,000) to finance the capital improvements described in <br />Section 4, and the borrowing shall be evidenced by the issuance of general <br />obligation bonds of the Borough; provided that bonds may not be issued for a <br />project, other than the Evacuation Center earthquake evaluation, unless the project <br />is eligible for debt service reimbursement of at least sixty percent (60 %) by the State <br />of Alaska. The full faith and credit of the Borough are pledged for payment of the <br />principal of and interest on the bonds, and ad valorem taxes upon all taxable <br />property in the Borough shall be levied without limitation as to rate or amount to pay <br />the principal of and interest on the bonds when due. <br />Kodiak Island Borough, Alaska Ordinance No. 2004 -03 <br />Page 1 of 3 <br />