Laserfiche WebLink
Introduced by: Manager Carlson <br />Requested by: Assembly <br />Drafted by: Manager Carlson /Bond Attorney <br />Introduced: 03/09/2004 <br />Public Hearing: 03/18/2004 <br />Adopted: 03/18/2004 <br />KODIAK ISLAND BOROUGH <br />ORDINANCE NO. 2004 -05 <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 $13,730,000 TO FINANCE THE <br />PLANNING, DESIGN AND CONSTRUCTION OF SCHOOL AND RELATED <br />CAPITAL IMPROVEMENTS, INCLUDING WITHOUT LIMITATION THE KODIAK <br />HIGH SCHOOL VOCATION TECHNOLOGY CENTER RENOVATION; KODIAK <br />HIGH SCHOOL CLASSROOM ADDITION; AND NORTH STAR ELEMENTARY <br />SCHOOL CLASSROOM ADDITION; AND TO SUBMIT THE QUESTION OF THE <br />ISSUANCE OF SUCH BONDS TO THE QUALIFIED VOTERS OF THE BOROUGH <br />AT THE APRIL 20, 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 not less 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 Thirteen Million Seven Hundred Thirty <br />Thousand Dollars ($13,730,000) 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 Thirteen Million Seven Hundred <br />Thirty Thousand Dollars ($13,730,000) to finance the capital improvements <br />described in 'on 4, and the borrowing shall be evidenced by the issuance of <br />general obi' r I. ids of the Borough; provided that bonds may not be issued for <br />any projec unless th; project is eligible for debt service reimbursement of at least <br />sixty perc= t (60%) b, the State of Alaska. The full faith and credit of the Borough <br />are pledg=d for pa ent of the principal of and interest on the bonds, and ad <br />valorem to -s u. • all taxable property in the Borough shall be levied without <br />limitation as to e or amount to pay the principal of and interest on the bonds when <br />due. <br />Kodiak Island Borough, Alaska Ordinance No. 2004-05 <br />Page I of 3 <br />