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KODIAK ISLAND BOROUGH <br />ORDINANCE NO. 2004 -06 <br />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 />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 $8,630,000 TO FINANCE THE <br />PLANNING, DESIGN AND CONSTRUCTION OF SCHOOL AND RELATED <br />CAPITAL IMPROVEMENTS, INCLUDING WITHOUT LIMITATION A NEW <br />SCHOOL AQUATIC FACILITY; 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 Eight Million Six Hundred Thirty Thousand <br />Dollars ($8,630,000) for the purpose of paying the cost of planning, designing and <br />constructing school and related capital improvements in the Borough. <br />Section 3: The Borough is authorized to borrow the sum of Eight Million Six Hundred Thirty <br />Thousand Dollars ($8,630,000) to finance the capital improvements described in <br />Section 4 - • . the borrowing shall be evidenced by the issuance of general <br />obligati.,• .onds .f the Borough; provided that bonds may not be issued for any <br />projec nless the •roject is eligible for debt service reimbursement of at least thirty <br />perce t (30 %) by e State of Alaska. The full faith and credit of the Borough are <br />pledg for paym nt of the principal of and interest on the bonds, and ad valorem <br />taxes on all t able property in the Borough shall be levied without limitation as to <br />rate or a to pay the principal of and interest on the bonds when due. <br />Section 4: The Borough shall submit the following proposition to the qualified voters of the <br />Borough at the April 20, 2004 special Borough election. The proposition must <br />receive an affirmative vote from a majority of the qualified voters voting on the <br />question to be approved. <br />Kodiak Island Borough, Alaska Ordinance No. 2004 -06 <br />Page 1 of 2 <br />