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KODIAK ISLAND BOROUGH <br />ORDINANCE NO. 2004 -04 <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 O THE - KODIAK ISLAND BOROUGH- ASSEMBLY <br />AUTHORIZING THE BOROUGH TO ISSUE GENERAL OBLIGATION BONDS IN <br />THE PRINCIPAL AMOUNT OF NOT TO EXCEED $7,185,000 TO FINANCE THE <br />PLANNING, DESIGN AND CONSTRUCTION OF SCHOOL AND RELATED <br />CAPITAL IMPROVEMENTS, INCLUDING WITHOUT LIMITATION KODIAK HIGH <br />SCHOOL HEATING AND VENTILATION UPGRADES; EAST SCHOOL HEATING <br />AND VENTILATION UPGRADES; KODIAK HIGH SCHOOL EXTERIOR <br />INSULATION AND WINDOW REPLACEMENT; KODIAK HIGH SCHOOL AND <br />MIDDLE SCHOOL ROOF REPAIRS; OLD HARBOR GYM/VOC -ED <br />RENOVATION; OUZINKIE GYM RENOVATION; AND LEARNING CENTER <br />RENOVATION; AND TO SUBMIT THE QUESTION OF THE ISSUANCE OF SUCH <br />BONDS TO THE QUALIFIED VOTERS OF THE BOROUGH AT THE APRIL 20, <br />2004 SPECIAL 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 seventy percent (70 %) of debt service on bonds issued by the Borough to pay <br />costs of the Old Harbor Gym /Voc -Ed renovation and Ouzinkie Gym renovation, and not less <br />than sixty percent (60 %) of debt service on the eligible portion of bonds issued by the Borough to <br />pay costs of other school construction, additions to schools, and major rehabilitation projects and <br />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 Seven Million One Hundred Eighty Five <br />Thousand Dollars ($7,185,000) 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 Seven Million One Hundred Eighty <br />Five Thousand Dollars ($7,185,000) 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 the Old <br />Harbor Gym /Voc -Ed renovation and Ouzinkie Gym renovation unless those <br />projects are eligible for debt service reimbursement of at least seventy percent (70 %) <br />by the State of Alaska, and bonds may not be issued for any other project unless the <br />Kodiak Island Borough, Alaska Ordinance No. 2004 -04 <br />Page 1 of 3 <br />