1989-24 Amending 80-17-0 Entitled “An Ordinance of the KIB, AK Providing for the Issuance of $12,100,000 General Obligation School Construction Bonds of the Borough and Fixing Details of Said BondsBy:
Recommended
Prepared by:
Introduced:
Public Hearing:
Adopted:
KODIAK ISLAND BOROUGH
ORDINANCE NO. 89 -24 -0
Mayor Selby
by:
Finance Director
Eric E. Wohlforth,
Bond Counsel
9/03/89
10/05/89
10/05/89
AN ORDINANCE AMENDING ORDINANCE NO. 80 -17 -0 ENTITLED
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH, ALASKA,
PROVIDING FOR THE ISSUANCE OF $12,100,000 GENERAL OBLIGATION
SCHOOL CONSTRUCTION BONDS OF THE BOROUGH AND
FIXING DETAILS OF SAID BONDS
WHEREAS, the outstanding issue of $12,100,000 General Obligation
School Construction Bonds of the Borough 1980, Series A previously owned
by the Alaska Municipal Bond Bank has been sold by the Bank; and
WHEREAS, the sale transaction requires that a separate Bond be
delivered for each maturity of the Bonds sold rather than the one registered
Bond for the entire issue held by the Bank:
NOW, THEREFORE, BE IT ORDAINED by the Assembly of the
Kodiak Island Borough, as follows:
Section 1. Section 7 of Ordinance No. 80 -17 -0 of the Kodiak Island
Borough entitled; "An Ordinance of the Kodiak Island Borough, Alaska,
Providing for the Issuance of $12,100,000 General Obligation School
Construction Bonds of the Borough and Fixing Details of Said Bonds ", is
amended to read as follows:
"The registered Bond, upon surrender thereof at the office of the
Paying Agent or the principal office of the Borough, together with an
assignment duly executed by the registered owner or his attorney in such
form as shall be satisfactory to the Borough, may, at the option of the
registered owner thereof, be exchanged for an equal aggregate principal
amount of coupon Bonds with coupons attached representing all unpaid
interest due or to become due thereon or for an equal aggregate principal
amount of registered Bonds representing Bonds for each maturity of the
issue ".
Section 2. Section 17 of the Ordinance is amended by adding the
following t ereto:
"The fully registered Bonds shall be in substantially the form of
the coupon Bonds hereinabove set forth with such insertions or variations as
may be required or permitted by the Ordinance, except there shall be no
coupons to be attached thereto and that the first, second, third, fourth and
tenth paragraphs thereof shall be in substantially the following forms
respectively:
First paragraph. The Kodiak Island Borough, a municipal
corporation of the State of Alaska, acknowledges itself indebted and for value
received hereby promises to pay to Cede & Co. or registered assigns, on the
first day of August 1, 19_, upon presentation and surrender hereof the
principal sum of and to pay interest on such principal sum until
its obligation wit respect to the payment of such principal sum shall be
discharged, at the rate of percent ( per annum payable on the
first days of February and August of each year. The principal, interest and
redenptlon price of this Bond shll be payable in any coin or currency of the
United States of America, which at the time of payment is legal tender for the
payment of public and private debts. Principal shall be paid to the
registered owner or assigns upon presentation and surrender of this Bond at
the principal office of the Borough.
Second paragraph. This Bond is one of the registered Bonds of
the series of Bonds entitled General Obligation School Construction Bonds
authorized for the purpose of providing funds to pay the costs of acquirinr
property for, planning designing, equipping and constructing schools ant
related capital improvements in the Borough, with the question of their
issuance for such purposes approved ratified by majority vote of the qualified
voters of the Borough who voted on a Proposition authorizing the Bonds at
the special election held on December 11, 1979, and is issued pursuant to
Ordinance No. 80 -17 -0 of the Borough (herein called the "Ordinance ").
Third paragraph. The Bonds maturing on or after August 1, 1991,
are subject to redemption by and on behalf of the Borough prior to maturity
and upon notice set forth in the ordinance as a whole or in part in inverse
order of maturity on any interest payment date on or after August 1, 1990,
at a redemption price equal to the principal amount of each Bond to be
redemed, plus accrued interest to the date of redemption.
Fourth paragraph. This Bond is transferable, as provided In the
Ordinance, only upon the books of the Borough kept for that purpose at the
principal office of the Borough by the registered owner hereof in person or
by his attorney duly authorized in writing upon surrender hereof together
with a written instrument of transfer satlsfacotry to the Borough duly
executed by the registered owner or his attorney duly authorized in writing,
and thereupon a new fully registered Bond or Bonds in the same aggregate
principal amount and maturity shall be issued to the transferee in exchange
therefor as provided in the Ordinance and upon the payment of charges, if
any, as therein prescribed. The Borough and the Paying Agent may treat
and consider the person in whose name this Bond is registered as the
absolute owner hereof for the purpose of receiving payment of, or on account
of, the principal or Redemption Price, if any, hereof and interest due hereon
and for all other purposes whatsoever.
Tenth paragraph. IN WITNESS WHEREOF, THE KODIAK ISLAND
BOROUGH has caused this bond to be signed in its name and on its behalf by
the manual signature of the Mayor and the official seal of the Borough (or r
facsimile thereof) to be affixed, imprinted, or otherwise reproduced hereor
and attested by the manual or facsimile signature of the Borough Clerk, as as
•of the _ day of , 19
ATTEST:
ATTEST:
Of
or Cler
Borough Mayor
Borough Clerk
Section 3. Effective date. This ordinance shall take effect
immediately.
PASSED AND APPROVED THIS 5th DAY OF OCTOBER, 1989.
Kodiak Island Borough
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