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Introduced by: Manager Carlson <br />Requested by: Assembly <br />Drafted by: Bond Counsel <br />Introduced: 05/20/2004 <br />Public Hearing: 06/03/2004 <br />Adopted: 06/03/2004 <br />KODIAK ISLAND BOROUGH <br />ORDINANCE NO. 2004 -12 <br />AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY AUTHORIZING <br />THE BOROUGH TO ISSUE GENERAL OBLIGATION SCHOOL BONDS, 2004 <br />SERIES A IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $9,950,000 TO <br />PROVIDE FUNDS FOR SCHOOL AND RELATED CAPITAL IMPROVEMENTS IN THE <br />BOROUGH AND TO PAY COSTS OF ISSUING THE BONDS, FIXING CERTAIN <br />DETAILS OF SUCH BONDS, AUTHORIZING THEIR SALE, <br />AND PROVIDING FOR RELATED MATTERS <br />WHEREAS, pursuant to Ordinance No. 2004 -03 of the Kodiak Island Borough, Alaska (the "Borough"), <br />adopted March 18, 2004, a question whether the Borough should issue not to exceed $2,765,000 in <br />general obligation bonds for the purpose of financing the planning, design and construction of school <br />and related capital improvements in the Borough, referred to at the special Borough election held on <br />April 20, 2004 as Proposition No. 1 ( "Proposition 1 "), was passed and approved; and <br />WHEREAS, pursuant to Ordinance No. 2004 -04 of the Kodiak Island Borough, Alaska (the "Borough"), <br />adopted March 18, 2004, a question whether the Borough should issue not to exceed $7,185,000 in <br />general obligation bonds for the purpose of financing the planning, design and const <br />ruction of school and related capital improvements in the Borough, referred to at the special Borough <br />election held on April 20, 2004 as Proposition No. 2 ( "Proposition 2 "), was passed and approved; and <br />WHEREAS, said election has been duly canvassed and the results thereof certified and confirmed in <br />accordance with law, and $2,765,000 principal amount of general obligation bonds remains unissued <br />under Proposition 1 and $7,185,000 principal amount of general obligation bonds remains unissued <br />under Proposition 2; and <br />WHEREAS, the Assembly finds that it is in the best interest of the Borough to plan, design and <br />construct the school capital improvements described in Proposition 1 as the Kodiak Middle School <br />Concrete Repair; Larsen Bay School Floor Repair; Kodiak High School Asbestos Removal, Floor <br />Covering and Pool Space Reclamation; District Wide Floor Covering Replacement; and Evacuation <br />Center Earthquake Evaluation, and the school capital improvements described in Proposition 2 as the <br />Kodiak High School Heating and Ventilation Upgrades; East School Heating and Ventilation Upgrades; <br />Kodiak High School Exterior Insulation and Window Replacement; Kodiak High School and Middle <br />School Roof Repairs; Old Harbor GymNoc -Ed Renovation; Ouzinkie Gym Renovation; and Learning <br />Center Renovation, (collectively, the "Project "), and to issue not to exceed $2,765,000 principal amount <br />of general obligation bonds referred to in Proposition 1 and $7,185,000 principal amount of general <br />obligation bonds referred to in Proposition 2, to pay costs of the Project and costs of issuing the bonds; <br />and <br />riate to delegate <br />WHERE n _ Assembly finds it i narcacani anti apppgate to each of the Borough <br />AS, the /'1JJGIUViY u, wo .nu. it w n •� anti - -- -- � <br />Manager and Borough Finance Director authority to determine the maturity amounts, interest rates and <br />other details of the bonds, and to determine other matters that are not provided for in this ordinance; <br />and <br />WHEREAS, there has been presented to the Borough the form of a Loan Agreement between the <br />Alaska Municipal Bond Bank and the Borough, which provides for the Alaska Municipal Bond Bank to <br />purchase the bonds on the terms and conditions set forth therein and in this ordinance, and it is in the <br />Kodiak Island Borough, Alaska Ordinance No. 2004 -12 <br />Page 1 of 11 <br />