1970-03 EMERGENCY - Authorizing Loan for School District $55K from NBAKODIAK ISLAND BOROUGH
n URGENCY
ORDINANCE NUMBER 70 -3 -BO
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH AUTHORIZING THE LOAN
OF $55,000.00 FROM THE First National Bank TO THE SCHOOL'S ORAL ACCOUNT
TO BE REPAID WITHIN SIXTY (60) DAYS: AND DECLARING AN EMERGENCY.
WHEREAS, The Kodiak Island Borough School Board has advised the
Borough Assembly that Federal Funds due and awing the Kodiak Island Borough
School District have not been paid and it is expected that said funds will
not be available for sixty (60) days;
WHEREAS, the Kodiak Island Borough School Board is greatly in need
of the scan of $55,000.00 to meet current obligations;
WHEREAS, the failure to prrnptly pay said monies would embarrass and
have a detrimental effect on the financial and professional reputation of the
CCMMZ ity;
WHEREAS, it is hereby found to be in the best interest of the
Borough to AUTHORIZE THE LOAN OF THE SUM OF $55,000.00 to the Kodiak Island
Borough School Board Account for the current fiscal year, to be repaid within
sixty (60) days;
NOW, TEEPZFORE, BE IT ORDAINED by the Borough Assembly of the Iftdak
Island Borough as follows:
Section 1. Declaration of Emergency. An emergency is hereby
declared to exist affecting the life, health, welfare and property
of the Borough.
Section 2. Loan Authorization. The Chairman and Clerk of the Kodiak
Island Borough are hereby authorized and empowered to effect the loan
of $55,000.00 from the to the account of
the Kodiak Island Borough School Board, to be repaid within sixty
(60) days hereof.
Section 3. Publication. Publication of this ordinance shall be made
by publishing a summary thereof in a newspaper of general circulation
in the Borough and copies of the ordinance shall be mailed to all
newspapers of general circulation in the Borough. A copy of the
ordinance shall be posted in a public place at the Borough Seat.
PASSED by the Borough Assembly of the Kodiak Island Borough, and
approved by its Borough Chairman this 27th day of February, 1970.
KODIAK 2SWZ BOROUGH
by:
Press O icer
by: i t�— V�L36`i
Borough rman
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