1984-16 Authorizing John Nuveen & Company, Inc. To Prepare Financing Documents And Contracts For The $9,500,000 General Obligation School Bond Issue.1 3 1
ATTEST:
Byro •
Bo
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KODIAK ISLAND BOROUGH
RESOLUTION NO. 84 -16 -R
A OF AUTHORIZING JOHN BNUVEEN & E COMPANY, INC. TOKPREPARESFINANCIINGUDOCUMENTSLAND ND
CONTRACTS FOR THE $9,500,000 GENERAL OBLIGATION SCHOOL BOND ISSUE.
WHEREAS, the electorate of the Kodiak Island Borough have authorized
the issuance of $29,000,000 General Obligation bonds for school construction
via Ordinance No. 7 9- 20 -0(A) on November 7, 1979; and
WHEREAS, the Assembly of the Kodiak Island Borough approved the
issuance of $12,100,000 against this authority via Ordinance No. 80 -17 -0 on
May 1, 1980 and $7,400,000 via Ordinance No. 83 -26 -0 on May 12, 1983; and
WHEREAS, the remaining increment of this debt is needed for the
Kodiak Auditorium /Old Main Remodel project in the amount of $ and
WHEREAS, at this time the Borough Assembly and staff wishes to
explore alternative financing in lieu of the traditional long -term bond issue
in view of reduced costs of borrowing which will be beneficial to the citizens
of Kodiak and the State of Alaska; and
WHEREAS, having heard a presentation on February 9, 1984 by
Ms. Lorna Ferguson of John Nuveen & Company, Inc. on tax - exempt,
variable -rate, demand bonds and the potential benefits to be derived
therefrom.
NOW, THEREFORE, BE IT RESOLVED, that the Assembly of the Kodiak
Island Borough requests Ms. Ferguson, or other principals of John Nuveen &
Company, Inc., to proceed to put together the actual details and documents of
this funding for the Kodiak Auditorium /Old Main Remodel project at their own
risk, and this resolution in no way binds the Borough to any actual contract
for these services. Actual binding contracts and detailed documents in this
regard may be presented for acceptance or rejection at the pleasure of the
,Assembly at a future date anticipated to be in four to six weeks. The Borough
will, however, reimburse out -of- pocket expenses incurred by John Nuveen &
Company, Inc. as a result of this action.
BE IT FURTHER RESOLVED that staff is also authorized and directed to
effect any necessary action in this respect to allow the Assembly the data to
'arrive at the most reasonable decision.
All resolutions or parts of remAtions found to be in conflict with
this resolution are hereby explicitly rescinded.
PASSED AND APPROVED this loth
day of February
the Kodiak Island Borough Assembly,
—�_ 1984 by
KODIAK ISLAND BOROUGH