1989-67 Urging the Legislature to Pass a Supplemental Appropriation for Full Funding of the School Debt Reimbursement.WHEREAS, under the provision of AS 14.11.100 the Kodiak Island
Borough annually receives a significant amount of funds from the State of
Alaska for school construction debt payments; and
WHEREAS, the Kodiak Island Borough did on June 20, 1989 sell a
General Obligation School Refunding Bond issue for $10,000,000 to refund
the balance of the 1980 school bond issue; and
WHEREAS, the State of Alaska was continually kept apprised on the
anticipated and eventual sale and did in fact approve of such sale, in
writing, since the refunding would be economically beneficial to both the State
of Alaska and the Kodiak Island Borough; and
WHEREAS, the borough made the first required payment on
August 1, 1989 of $863,140 and will make another payment in February, 1990
(this fiscal year) of $322,922.50; and
WHEREAS, the State of Alaska failed to budget for this additional
expenditure of $1,200,000 for reimbursement in the fiscal year 1990 budget;
and
WHEREAS, the state legislature did not appropriate a sufficient
amount to return the true amount due; and
WHEREAS, the North Slope Borough and Municipalities of Sitka and
i Juneau are in a similar situation;
NOW, THEREFORE, BE IT RESOLVED that the Kodiak Island
Borough Assembly urges the legislature to pass a supplemental appropriation
to fully fund the school construction debt reimbursement program and
promptly remit the balance due the Kodiak Island Borough and all other
municipalities due.
ATTEST:
ii roua Alertt
Resolution No. 89 -67 -R
By:
Introduced:
Adopted:
KODIAK ISLAND BOROUGH
RESOLUTION NO. 89 -67 -R
A RESOLUTION URGING THE LEGISLATURE TO PASS
A SUPPLEMENTAL APPROPRIATION FOR FULL FUNDING OF
THE SCHOOL DEBT REIMBURSEMENT
Mayor Selby
9/21/89
9/21/89
PASSED AND APPROVED THIS 21st DAY OF SEPTEMBER, 1989.
KODIAK ISLAND BOROUGH
,/P iding Officer