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KODIAK ISLAND BOROUGH <br />ORDINANCE NO. 2004 -11 <br />AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY <br />AMENDING KODIAK ISLAND BOROUGH CODE OF ORDINANCES <br />TITLE 3 REVENUE AND FINANCE <br />CHAPTER 3.04 PUBLIC I 3 AE5 <br />FINANCE-MANAGEMENT <br />FUND <br />ACCOUN ING <br />WHEREAS, the Kodiak Island Borough Assembly is contemplating ra ing the mil levy on private <br />and personal property; and <br />WHEREAS, the Facilities Fund is an interest bearing <br />approximately $833,000 in 2004; and <br />WHEREAS, all but fifteen percent went to bonded indebt:.ness and insurance; and <br />WHEREAS, the Assembly is considering utilizing the r: aining fifteen percent, which is equal to <br />approximately $125,000; <br />NOW, THEREFORE, BE IT ORDAINED BY THE <br />THAT: <br />Section 1: <br />Section 2: <br />Kodiak Island Borough, Alaska <br />Title 3, Chapter 3.04, Se <br />Title 3 Revenue and Finance - C <br />Section 3.04.051 Facilities fund <br />A. The facilities fund is establi <br />land sale fund and all other <br />Shuyak Island property to t <br />be deposited to the fund. <br />fund at any time. Any <br />become part of the f <br />B. The fund may b <br />not be appropriate <br />no time run or s <br />C. The assem <br />dollars for t <br />Research C <br />D. The e <br />annual <br />appro <br />The <br />pu <br />Introduced by: <br />Requested by: <br />Drafted by: <br />Introduced: <br />Public Hearing: <br />Failed: <br />Assemblymember Abe <br />Assemblymember A•. I <br />Assemblymember • •ell <br />05/2. 004 <br />06/• /2004 <br />0: 03/2004 <br />c investment that generated <br />EMBLY OF THE KODIAK ISLAND BOROUGH <br />This ordinance is of a gener. . d permanent nature and shall become a part of the <br />Kodiak Island Borough C•d . Ordinances. <br />on 3.04.051 is hereby amended as follows: <br />apter 3.04 Public Finance Management and Accounting <br />ed as a separate investment fund which is distinct from the general <br />unds. The fund consists of all proceeds received from the sale of <br />Exxon Valdez Oil Spill Trustee Council. All income from the fund shall <br />he assembly may, by ordinance, make additional appropriations to the <br />dditional funds added to the fund, aside of Shuyak Island proceeds, shall <br />d as a whole and subject to the regulations of the facilities fund. <br />invested only as provided in section 3.04.020 of this chapter. The fund may <br />or spent, except as provided in this section. The earnings or principle shall at <br />.plement the running of government except as specified in this section. <br />y may, by ordinance, make a one (1) time appropriation of six million (6,000,000) <br />financing or construction of the Near Island Research Facility (Kodiak Fisheries <br />nter) as an addition to the Fishery Industrial Technology %cn comp��1cx _ <br />� an an � ••�-•• Near Island. <br />K cess income of the fund is defined as ei fvc185 one hundred (100) percent of the <br />�rtt vestment income from the fund. The excess income of the fund is available for <br />riation by the assembly in the fiscal year following the year in which the income is earned. <br />xcess income of the fund may be appropriated only for the following purposes: <br />1. maintenance and repair of existing borough facilities, <br />2. insurance paid by the borough for borough buildings, <br />Ordinance No. 2004 -11 <br />Page 1 of 2 <br />