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2004-05 Special Election General Obligation Bonds $13,730,000Introduced by: Manager Carlson Requested by: Assembly Drafted by: Manager Carlson /Bond Attorney Introduced: 03/09/2004 Public Hearing: 03/18/2004 Adopted: 03/18/2004 KODIAK ISLAND BOROUGH ORDINANCE NO. 2004 -05 AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY AUTHORIZING THE BOROUGH TO ISSUE GENERAL OBLIGATION BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $13,730,000 TO FINANCE THE PLANNING, DESIGN AND CONSTRUCTION OF SCHOOL AND RELATED CAPITAL IMPROVEMENTS, INCLUDING WITHOUT LIMITATION THE KODIAK HIGH SCHOOL VOCATION TECHNOLOGY CENTER RENOVATION; KODIAK HIGH SCHOOL CLASSROOM ADDITION; AND NORTH STAR ELEMENTARY SCHOOL CLASSROOM ADDITION; AND TO SUBMIT THE QUESTION OF THE ISSUANCE OF SUCH BONDS TO THE QUALIFIED VOTERS OF THE BOROUGH AT THE APRIL 20, 2004 SPECIAL BOROUGH ELECTION WHEREAS, the Alaska legislature adopted a new plan for school debt reimbursement during the 2002 special session; and WHEREAS, this debt service reimbursement plan provides that the State of Alaska will reimburse the Borough for not less than sixty percent (60 %) of debt service on the eligible portion of bonds issued by the Borough to pay costs of school construction, additions to schools, and major rehabilitation projects and education - related facilities; 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 Thirteen Million Seven Hundred Thirty Thousand Dollars ($13,730,000) for the purpose of paying the cost of planning, designing and constructing school and related capital improvements in the Borough. Section 3: The Borough is authorized to borrow the sum of Thirteen Million Seven Hundred Thirty Thousand Dollars ($13,730,000) to finance the capital improvements described in 'on 4, and the borrowing shall be evidenced by the issuance of general obi' r I. ids of the Borough; provided that bonds may not be issued for any projec unless th; project is eligible for debt service reimbursement of at least sixty perc= t (60%) b, the State of Alaska. The full faith and credit of the Borough are pledg=d for pa ent of the principal of and interest on the bonds, and ad valorem to -s u. • all taxable property in the Borough shall be levied without limitation as to e or amount to pay the principal of and interest on the bonds when due. Kodiak Island Borough, Alaska Ordinance No. 2004-05 Page I of 3 Section 4: The Borough shall submit the following proposition to the qualified voters of the Borough at the April 20, 2004 special Borough election. The proposition must receive an affirmative vote from a majority of the qualified voters voting on the question to be approved. PROPOSITION NO. 3 GENERAL OBLIGATION BONDS FOR NEW CONSTRUCTION PROJECTS Shall the Kodiak Island Borough incur debt and issue general obligation bonds in an amount not to exceed Thirteen Million Seven Hundred Thirty Thousand Dollars ($13,730,000) to finance the planning, design and construction of school and related capital improvements in the Borough, including without limitation the projects described below? Section 5: Section 6: Project Estimated Cost Kodiak High School Vocational Technology Center renovation $4,759,546 Kodiak High School classroom addition $5,338,387 North Star Elementary School classroom addition $3,630,051 Bonds may not be issued to pay costs of a project unless the project is eligible 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 2004 assessed valuation) required to pay 100% of the debt service for the projects above is $153.19 per year, and to pay the Borough share of debt service for the projects with full State debt service reimbursement is $61.27 per year. The bonds shall be secured by a pledge of the full faith and credit of the Borough. (Ordinance No. 2004 -05) 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 making the ballot for voting by hand or machine: PROPOSITION NO. 3 YES 0 NO 0 Sections 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 April 20, 2004 special Borough election. The remaining sections of this ordinance shall become effective upon adoption by the Kodiak Island Borough Assembly. Kodiak Island Borough, Alaska Ordinance No, 2004 -05 Page 2 of 3 ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THIS EIGHTEENTH DAY OF MARCH, 2004 ATTEST: Ga•rielle LeDou , Borough 4 Mayor 9 ied dith � fL orLY dith A. Nielsen, MC, Borough Clerk KODIAK ISLAND BOROUGH Kodiak Island Borough, Alaska Ordinance No. 2004 -05 Page 3 of 3