93-14 Advance Agreement And Promissory Note For The City Of Akhiok Generator Replacement Purchase$10,000.00
,/7- 43-/5"
Akhiok, Alaska
April I',' , 1993
FOR VALUE RECEIVED, the undersigned promises to pay to
the order of the KODIAK ISLAND BOROUGH, 710 Upper Mill Bay Road,
Kodiak, Alaska 99615 the principal sum of Ten Thousand Dollars
($10,000.00), with interest thereon from
num odate
abal the
rarema ning often
and one half percent (10.5%) per
from time to time unpaid.
This Note, including principal and interest, shall be
payable at the usual place of business of the payee above named, or
at such other place as the holder hereof may in writing designate,
in Kodiak, Alaska on or before August 31, 1993.
If any suit or action is instituted to collect this note,
or any part hereof, the undersigned promises and agrees to pay, in
addition sements
reasonable tothe
costs and
fees in provided
in such suitorstatute, a
action.
The undersigned, whether principal, surety, guarantor,
endorser or other party hereto, agrees to be jointly and severally
bound, waives demand, protest and notice of demand, protest
nonpayment; and expressly agrees that this note or any payment
hereunder may be extended from time to time and consent may be
given to the acceptance of further security, including other types
of security, all without in any way affecting the liability of such
parties.
This Note, and the execution, delivery and performance
hereof, are governed by the laws of the State of Alaska.
CITY OF AKHIOK
By: i�uv �in1
Marvin Agn Mayor
1702\389D.002
EXXON FUNDS ADVANCE AGREEMENT
WHEREAS, both the Kodiak Island Borough (KIB) and the
City of Akhiok (Akhiok) have asserted claims against Exxon
Corporation and Alyeska Pipeline Company in connection with the oil
spill from the M/V Exxon Valdez (the Exxon litigation);
WHEREAS, Akhiok is in need of funds in the amount of
$10,000 to pay for the costs of replacement of equipment damaged or
deteriorated as a result of the spill response;
WHEREAS, a united and coordinated assessment of damages
for all local municipalities will promote recovery on KIB's damage
claims; and
WHEREAS, RIB desires to support claims asserted by local
municipalities, including Akhiok, for the common benefit.
NOW THEREFORE, the parties agree as follows:
1. RIB will advance funds in the amount of $10,000 on
behalf of Akhiok to match local funds for the purchase of a Perkins
generator.
2. Akhiok will execute the enclosed Promissory Note to
secure repayment of the funds advanced upon demand.
3. Akhiok agrees to repay all funds advanced upon
receipt of any funds from any judgment, settlement or other
recovery in the Exxon litigation.
DATED this .'� day of April, 1993.
CITY OF AKHIOK
By:
Marvin Agn , Mayor
ATTEST:
i42
1 >.ty df Akhiok Clerk
KODIAK ISLAND BOROUGH
By: ti��>�, �.
Je ome Selby, May_
ATTEST:
�07 2��rr T
Donna Smith, Borough Clerk
1702\3890.001
EXXON FUNDS ADVANCE AGREEMENT - 2
ITEM NO. 12.D.4
Kodiak Island Borough
AGENDA STATEMENT
Meeting of: May 6, 1993
ITEM TITLE: Contract No. 93-14
APPROVAL OF ADVANCE AGREEMENT AND PROMISSORY NOTE FOR THE
CITY OF AKHIOK TO PURCHASE A REPLACEMENT GENERATOR.
SUMMARY STATEMENT
The City of Akhiok's main generator recently self-destructed
even though being maintained at the time by Alaska Power
Systems, Inc. The generator was an older model and the city
claims it had excessive wear during 1989 due to oil spill
activities. The new generator will cost $20,000 and the
city has $10,.000 available but needs help for a short time
period. The new generator uses considerably less fuel per
hour and the savings will allow a rapid pay back to the
Borough of the loaned Exxon funds. This is the same
agreement we have used with Port Lions and Ouzinkie using
Exxon funds.
FISCAL NOTES
(XI N/A
Acct # 274-280-430-140
Expenditure Amount
Required $10,000 Budgeted $41,000
APPROVAL FOR AGENDA:
Mayo
RECOMMENDED ACTION: Move to .approve the Advance
Agreement and Promissory Note for the City of Akhiok to
purchase a replacement generator.
JAMIN, EBELL, BOLGER & GENTRY
April 20, 1993
The Honorable Jerome Selby, Mayor
Kodiak Island Borough
710 Mill Bay Road
Kodiak, AK 99615
Re: Akhiok Generator Funding
Our File No. 4702-389
Dear Jerome:
ANCHORAGE OFFICE:
1200 1 STREET, SUITE 10.
ANCHORAGE, ALASKA 99501
TELEPHONE AND FAX
(A)CO 276-8100
SEATTLE OFFICE:
300 MUTUAL LIFE BUILDING
805 FIRST AVENUE
SEATTLE, WASHINGTON 98109
TELEPHONE: (206) 622-7634
FACSIMILE: (206) 623-7521
MR 2193
Enclosed is an Advance Agreement and Promissory Note with respect to the
request for a funds advance to the City of Akhiok for purchase of a generator for
replacement of equipment damaged during the Exxon Valdez spill response. Please
let me know if these documents require any modification.
Feel free to call if you have any questions.
Sincerely yours,
JAMIN, EBELL, BOLGER & GENTRY
Alan L. Schmitt
ALS: lab
Enclosures
cc: Mr. Jack McFarland, Presiding Officer
Kodiak Island Borough Assembly
4702\389L.001
A PROFESSIONAL CORPORATION
JOEL F. BOLGER'
ATTORNEYS AT LAW
C. WALTER EBELL'
323 CAROLYN STREET
DUNCAN S. FIELDS
DIANNA R. GENTRY
KODIAK, ALASKA 99615
MATTHEW D. JAMIN
WALTER W. MASON'
TELEPHONE: (907) 486'6024
ALAN L. SCHMITT
FACSIMILE: (907) 466-6112
IAOMITTEOTOALASAA
AND WAS WASHINGTON AR$
OTHERS
REPLY TO KODIAK OFFICE
ADMITTED TO
ALASIA BAR
April 20, 1993
The Honorable Jerome Selby, Mayor
Kodiak Island Borough
710 Mill Bay Road
Kodiak, AK 99615
Re: Akhiok Generator Funding
Our File No. 4702-389
Dear Jerome:
ANCHORAGE OFFICE:
1200 1 STREET, SUITE 10.
ANCHORAGE, ALASKA 99501
TELEPHONE AND FAX
(A)CO 276-8100
SEATTLE OFFICE:
300 MUTUAL LIFE BUILDING
805 FIRST AVENUE
SEATTLE, WASHINGTON 98109
TELEPHONE: (206) 622-7634
FACSIMILE: (206) 623-7521
MR 2193
Enclosed is an Advance Agreement and Promissory Note with respect to the
request for a funds advance to the City of Akhiok for purchase of a generator for
replacement of equipment damaged during the Exxon Valdez spill response. Please
let me know if these documents require any modification.
Feel free to call if you have any questions.
Sincerely yours,
JAMIN, EBELL, BOLGER & GENTRY
Alan L. Schmitt
ALS: lab
Enclosures
cc: Mr. Jack McFarland, Presiding Officer
Kodiak Island Borough Assembly
4702\389L.001