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FY2016-07 Authorizing General Obligation School Refunding Bond for $5,970,000 to Refund Certain Principal1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Introduced by: Borough Manager Requested by: Finance Director Drafted by: Bond Counsel Introduced on: 08/20/2015 Adopted on: 08/20/2015 KODIAK ISLAND BOROUGH RESOLUTION NO. FY2016-07 A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY AUTHORIZING THE BOROUGH TO ISSUE A GENERAL OBLIGATION SCHOOL REFUNDING BOND IN THE PRINCIPAL AMOUNT NOT TO EXCEED $52970,000 TO REFUND CERTAIN PRINCIPAL INSTALLMENTS OF AN OUTSTANDING GENERAL OBLIGATION SCHOOL BOND OF THE BOROUGH AND TO PAY COSTS OF ISSUING THE BOND, FIXING CERTAIN DETAILS OF SUCH BOND, AUTHORIZING ITS SALE, AND PROVIDING FOR RELATED MATTERS WHEREAS, pursuant to Ordinance No. FY2007-05 of the Kodiak Island Borough, Alaska (the "Borough"), adopted August 17, 2006, approved by a majority of the qualified voters voting on the proposition at the regular Borough election held on October 3, 2006, and Resolution No. FY2008- 12, adopted December 6, 2007 (the "Bond Resolution"), the Borough issued its General Obligation School Bond, 2008 Series A (the "2008 Bond") in the original principal amount of $8,000,000, of which $5,970,000 is now outstanding; and WHEREAS, under AS 29.47.300) if the Borough has outstanding general obligation bonds and the Assembly determines it would be financially advantageous to refund those bonds, the Borough may provide by resolution for the issuance of general obligation refunding bonds, and under AS 29.47.320, no election is required to authorize the issuance and sale of refunding bonds; and WHEREAS, under AS 29.47.340, refunding bonds may be exchanged for the bonds being refunded; and WHEREAS, the Borough sold the 2008 Bond to the Alaska Municipal Bond Bank Authority (the "Bond Bank"), as authorized by the Bond Resolution, on the terms and conditions set forth in the Bond Resolution and in the loan agreement between the Borough and the Bond Bank dated as of April 1, 2008 (the "2008 Loan Agreement"); and WHEREAS, the Bond Bank issued its General Obligation Bonds, 2008 Series One (the "2008 Bond Bank Bonds"), among other purposes to provide funds to purchase the 2008 Bond, as provided in the 2008 Loan Agreement; and WHEREAS, the Bond Bank has expressed its intent to issue refunding bonds (the "Bond Bank Refunding Bonds") for the purpose of refunding a portion of the 2008 Bond Bank Bonds and achieving a debt service savings; and WHEREAS, Section 6 of the 2008 Loan Agreement provides that payments of principal of and interest on the 2008 Bond may be adjusted to reduce debt service on the 2008 Bond if the Bond Bank is able to achieve debt service savings by refunding the 2008 Bond Bank Bonds; and WHEREAS, the Bond Bank has offered to enter into an Amendatory Loan Agreement (the "Amendatory Loan Agreement") to effect a reduction in debt service on all or a portion of the principal installments of the 2008 Bond payable on or after April 1, 2019 (the "Refundable Principal Installments"); and Kodiak Island Borough, Alaska Resolution No. FY2016-07 Page 1 of 9 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 WHEREAS, the Assembly wishes to effect a reduction in debt service on all or a portion of the Refundable principal Installments by entering into the Amendatory Loan Agreement, issuing the Bond (and a replacement 2008 Bond) in exchange for the 2008 Bond and participating in the refunding of a portion of the 2008 Bond Bank Bonds; and WHEREAS, the Assembly finds that it is necessary and appropriate to delegate to each of the Borough Manager and Borough Finance Director authority to determine the maturity amounts, interest rates, and other details of the bonds, and to determine other matters that are not provided for in this Resolution; NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THAT: Section 1: Definitions. In addition to terms which are defined in the recitals above, the following terms shall have the following meanings in this Resolution: (a) "Assembly" means the Assembly of the Kodiak Island Borough, as the general legislative authority of the Kodiak Island Borough, as the same shall be duly and regularly constituted from time to time. (b) "Bond" means the "General Obligation School Refunding Bond" of the Kodiak Island Borough, the issuance and sale of which are authorized herein. (c) "Bond Bank Bonds" means the series of general obligation bonds issued by the Bond Bank, all or part of the proceeds of which are used to purchase the Bond. (d) "Bond Register" means the registration books maintained by the Registrar, which include the names and addresses of the Registered Owners of the Bond or their nominees. (e) "Borough" means the Kodiak Island Borough, a municipal corporation of the State of Alaska, organized as a second class borough under Title 29 of the Alaska Statutes. (f) "Borough Manager" means the Manager or Administrative Official of the Borough. (g) "Code" means the Internal Revenue Code of 1986, as amended from time to time, together with all regulations applicable thereto. (h) "Government Obligations" means obligations that are either (i) direct obligations of the United States of America or (ii) obligations of an agency or instrumentality of the United States of America the timely payment of the principal of and interest on which are unconditionally guaranteed by the United States of America. (i) "Registered Owner" means the person named as the registered owner of a Bond in the Bond Register. 0) "Registrar" means the Borough Finance Director, or any successor that the Borough may appoint by resolution. (k) "Resolution" means this Resolution No. FY2016- of the Borough. Kodiak Island Borough, Alaska Resolution No. FY2016-07 Page 2of9 C 108 Section 2: Authorization of Bond and Purpose of Issuance. The Assembly hereby 109 determines it would be financially advantageous to refund all or a portion of the 110 Refundable Principal Installments by issuing the Bond (and a replacement 2008 111 Bond) on the terms and conditions provided in this Resolution. For the purpose 112 of providing the funds required to refund all or a portion of the Refundable 113 Principal Installments and to pay all costs incidental thereto and to the issuance 114 of the Bond, the Borough hereby authorizes and determines to issue and sell the 115 Bond in the principal amount of not to exceed $5,970,000. The Bond shall be 116 designated "Kodiak Island Borough General Obligation School Refunding Bond," 117 with such additional series and year designation as the Borough Manager or the 118 Borough Finance Director may fix and determine. 119 120 The Borough Manager and/or the Borough Finance Director are hereby 121 authorized to fix and determine which of the Refundable Principal Installments 122 are to be refunded by issuing the Bond (and a replacement 2008 Bond) in 123 exchange therefor. 124 125 Section 3: Obligation of Bond. The Bond shall be a direct and general obligation of the 126 Borough, and the full faith and credit of the Borough are hereby pledged to the 127 payment of the principal of and interest on the Bond. The Borough hereby 128 irrevocably pledges and covenants that it will levy and collect taxes upon all 129 taxable property within the Borough without limitation as to rate or amount, in 130 amounts sufficient together with other funds legally available therefor, to pay the 131 principal of and interest on the Bond as the same become due and payable. 132 133 Section 4: Designation, Maturities, Interest Rates, and Other Details of Bond. The Bond 134 shall be designated "Kodiak Island Borough, Alaska, General Obligation School 135 Refunding Bond." Each principal installment of the Bond shall be in the 136 denomination of $5,000 or any integral multiple thereof, shall be numbered in the 137 manner and with such additional designation as the Registrar deems necessary 138 for purposes of identification, and may have endorsed thereon such legends or 139 text as may be necessary or appropriate to conform to the rules and regulations 140 of any governmental authority or any usage or requirement of law with respect 141 thereto. 142 143 The Bond shall bear interest payable semi-annually on the dates and shall 144 mature on the r date and each principal installment shall be payable annually in 145 the amount and on the dates, all as shall be set forth in the Amendatory Loan 146 Agreement. Interest will be computed on the basis of a 360-day year consisting 147 of twelve 30-day months. 148 149 Subject to Section 2 and the remainder of this Section, the dated date, the 150 principal installment and interest payment dates, the record dates for interest 151 payments, the aggregate principal amount, the amount of each principal 152 installment, and the interest rate on each principal installment shall be 153 determined at the time of execution of the Amendatory Loan Agreement under 154 Section 15, provided that (i) no rate of interest on any principal installment shall 155 exceed the rate of interest on the corresponding maturity of the Bond Bank 156 Refunding Bonds; and (ii) the net present value of the savings to the Borough 157 effected by issuing the Bond (and a replacement 2008 Bond) and refunding the 158 Refundable Principal Installments that are refunded shall be at least 3 percent of 159 the aggregate principal amount of the Refundable Principal Installments that are 160 refunded; and (iii) the Bond shall mature on or before six months after the date 161 on which the last Refundable Principal Installment that is refunded is payable. 162 Kodiak Island Borough, Alaska Resolution No. FY2016-07 Page 3 of 9 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 Section 5: Optional Prepayment. The principal installments of the Bond shall be subject to prepayment, at the Borough's option, on the dates and at the prices to be set forth in the Amendatory Loan Agreement. If fewer than all of the principal installments of the Bond are to be prepaid, the principal installments to be prepaid shall be determined by the Borough. Notice of any such prepayment shall be sent by the Borough not less than 50 days prior to the date fixed for prepayment by first class mail to the Registered Owner at the Registered Owner's address as it then appears on the Bond Register. Notice of prepayment having been duly given and the prepayment having been duly effected, interest on the principal installments to be prepaid shall cease to accrue on the date fixed for prepayment. Section 6: Form of Bond. Each Bond shall be in substantially the following form, subject to the provisions of the Amendatory Loan Agreement and with such variations, omissions, and insertions as may be required or permitted by this Resolution: NO. UNITED STATES OF AMERICA KODIAK ISLAND BOROUGH, ALASKA GENERAL OBLIGATION SCHOOL REFUNDING BOND REGISTERED OWNER: ALASKA MUNICIPAL BOND BANK AUTHORITY PRINCIPAL AMOUNT: The Kodiak Island Borough (the "Borough"), a municipal corporation of the State of Alaska, hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or its registered assigns, the principal amount identified above in the following installments on each of the following years, and to pay interest on such installments from the date hereof, payable on 17 201 , and semiannually thereafter on 1, and 11 of each year, at the rates per annum as follows: Maturity Principal Interest Date Amount Rate For so long as the Alaska Municipal Bond Bank Authority (the "Bond Bank") is the Registered Owner, payment of principal and interest shall be made as provided in the Loan Agreement between the Bond Bank and the Borough, as amended (the "Amended Loan Agreement"). When and if this Bond is not owned by the Bond Bank, installments of principal of and interest on this Bond shall be paid by check or draft mailed by first class mail to the Registered Owner as of the close of business on the 15th day of the month before each installment payment date; provided, that the final installment of principal of and interest on this Bond shall be payable upon presentation and surrender of this Bond by the Registered Owner at the office of the Registrar. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Both principal of and interest on this Bond are payable in lawful money of the United States of America which, on the respective dates of payment thereof, shall be legal tender for the payment of public and private debts. Kodiak Island Borough, Alaska Resolution No. FY2016-07 Page 4of9 219 This Bond is the General Obligation School Refunding Bond of the 220 Kodiak Island Borough, Alaska, and is authorized for the purpose of refunding 221 certain principal installments of an outstanding general obligation bond of the 222 Borough under Resolution No. FY2016- of the Borough entitled: 223 224 A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY 225 AUTHORIZING THE BOROUGH TO ISSUE A GENERAL OBLIGATION 226 SCHOOL REFUNDING BOND IN THE PRINCIPAL AMOUNT NOT TO 227 EXCEED $529702000 TO REFUND CERTAIN PRINCIPAL 228 INSTALLMENTS OF AN OUTSTANDING GENERAL OBLIGATION 229 SCHOOL BOND OF THE BOROUGH AND TO PAY COSTS OF 230 ISSUING THE BOND, FIXING CERTAIN DETAILS OF SUCH BOND, 231 AUTHORIZING ITS SALE, AND PROVIDING FOR RELATED 232 MATTERS 233 234 (the "Resolution"). 235 236 Installments of principal of this Bond maturing on and after 1, 237 20 , shall be subject to prepayment on and after 11 20 , at the option of 238 the Borough (subject to any applicable provisions of the Amended Loan 239 Agreement), in such principal amounts and from such maturities as the Borough 240 may determine, and by lot within a maturity, at a redemption price equal to the 241 principal amount to be prepaid, plus accrued interest to the date of prepayment. 242 243 This Bond is transferable as provided in the Bond Resolution, (i) only 244 upon the Bond Register of the Borough, and (ii) upon surrender of this Bond 245 together with a written instrument of transfer duly executed by the Registered 246 Owner or the duly authorized attorney of the Registered Owner, and thereupon a 247 new fully registered Bond in the same aggregate principal amount and maturity 248 shall be issued to the transferee in exchange therefor as provided in the Bond 249 Resolution and upon the payment of charges, if any, as therein prescribed. The 250 Borough may treat and consider the person in whose name this Bond is 251 registered as the absolute owner hereof for the purpose of receiving payment of, 252 or on account of, the principal or redemption price, if any, hereof and interest due 253 hereon and for all other purposes whatsoever. 254 255 This Bond is a general obligation of the Kodiak Island Borough, and the 256 full faith and credit of the Borough are pledged for the payment of the principal of 257 and interest on this Bond as the same shall become due. 258 259 IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or 260 things required by the constitution or statutes of the State of Alaska to exist, to 261 have happened or to have been performed precedent to or in the issuance of this 262 Bond exist, have happened and have been performed, and that this Bond, 263 together with all other indebtedness of the Borough, is within every debt and 264 other limit prescribed by such constitution or statutes. 265 266 IN WITNESS WHEREOF, THE KODIAK ISLAND BOROUGH, ALASKA, 267 has caused this Bond to be signed in its name and on its behalf by the manual or 268 facsimile signature of its Mayor and its corporate seal (or a facsimile thereof) to 269 be impressed or otherwise reproduced hereon and attested by the manual or 270 facsimile signature of its Clerk, all as of the day of , 2015. 271 Kodiak Island Borough, Alaska Resolution No. FY2016-07 Page 5of9 272 KODIAK ISLAND BOROUGH 273 274 /specimen/ 275 Borough Mayor 276 277 ATTEST: 278 279 /specimen/ 280 Borough Clerk 281 282 Section 7: Execution. The Bond shall be executed in the name of the Borough by the 283 manual or facsimile signature of the Mayor, and its corporate seal (or a facsimile 284 thereof) shall be impressed or otherwise reproduced thereon and attested by the 285 manual or facsimile signature of the Borough Clerk. The execution of a Bond on 286 behalf of the Borough by persons who at the time of the execution are duly 287 authorized to hold the proper offices shall be valid and sufficient for all purposes, 288 although any such person shall have ceased to hold office at the time of delivery 289 of the Bond or shall not have held office on the date of the Bond. 290 291 Section 8: Payment of Principal Installments and Interest. The Bond shall be payable in 292 lawful money of the United States of America which at the time of payment is 293 legal tender for the payment of public and private debts. For so long as the Bond 294 Bank is the Registered Owner of the Bond, payment of principal installments of 295 and interest on the Bond shall be made as provided in the Loan Agreement, as 296 amended by the Amendatory Loan Agreement. When and if the Bond Bank is 297 not the Registered Owner of the Bond, installments of principal of and interest on 298 the Bond shall be paid by check mailed by first class mail to the Registered 299 Owner as of the record date for the installment payment at the address 300 appearing on the Bond Register; provided, that the final installment of principal 301 and interest on the Bond shall be payable upon presentation and surrender of the 302 Bond by the Registered Owner at the office of the Registrar. 303 i 304 Section 9: Registration. The Bond shall be issued only in registered form as to both 305 principal and interest. The Borough designates the Borough Finance Director as 306 Registrar for the Bond. The Registrar shall keep, or cause to be kept, the Bond 307 Register at the principal office of the Borough. The Borough covenants that, until 308 the Bond has been surrendered and canceled, it will maintain a system for 309 recording the ownership of the Bond that complies with the provisions of Section 310 149 of the Code. The Borough and the Registrar may treat the person in whose 311 name the Bond shall be registered as the absolute owner of such Bond for all 312 purposes, whether or not the Bond shall be overdue, and all payments of 313 principal of and interest on the Bond made to the Registered Owner thereof or 314 upon its order shall be valid and effectual to satisfy and discharge the liability 315 upon such Bond to the extent of the sum or sums so paid, and neither the 316 Borough nor the Registrar shall be affected by any notice to the contrary. 317 318 Section 10: Transfer and Exchange. The Bond shall be transferred only upon the Bond 319 Register. Upon surrender for transfer or exchange of the Bond at the office of 320 the Registrar, together with a written instrument of transfer or authorization for 321 exchange in form and with guaranty of signature satisfactory to the Registrar, 322 duly executed by the Registered Owner or the duly authorized attorney of the 323 Registered Owner, the Borough shall execute and deliver a Bond in equal 324 aggregate principal amount, subject to such reasonable regulations as the 325 Borough may prescribe and upon payment sufficient to reimburse it for any tax, 326 fee or other governmental charge required to be paid in connection with such Kodiak Island Borough, Alaska Resolution No. FY2016-07 Page 6of9 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 transfer or exchange. If the Bond is surrendered for transfer or exchange it shall be canceled by the Registrar. Section 11: Bond Mutilated. Destroyed, Stolen, or Lost. Upon surrender to the Registrar of a mutilated Bond, the Borough shall execute and deliver a new Bond of like maturity and principal amount. Upon filing with the Registrar of evidence satisfactory to the Borough that a Bond has been destroyed, stolen, or lost and of the ownership thereof, and upon furnishing the Borough with indemnity satisfactory to it, the Borough shall execute and deliver a new Bond of like maturity and principal amount. The person requesting the execution and delivery of a new Bond under this Section shall comply with such other reasonable regulations as the Borough may prescribe and shall pay such expenses as the Borough may incur in connection therewith. Section 12: Tax Covenants. The Borough covenants to comply with any and all applicable requirements set forth in the Code in effect from time to time to the extent that such compliance shall be necessary for the exclusion of the interest on the Bond from gross income for federal income tax purposes. The Borough covenants that it will make no use of the proceeds of the Bond which will cause the Bond to be an "arbitrage bond" subject to federal income taxation by reason of Section 148 of the Code. The Borough covenants that it will not take or permit any action that would cause the Bond to be a "private activity bond" as defined in Section 141 of the Code. Section 13: Amendatory and Supplemental Resolutions. (a) The Assembly from time to time and at any time may adopt a resolution or resolutions supplemental hereto, which resolution or resolutions thereafter shall become a part of this Resolution, for any one or more of the following purposes: (1) To add to the covenants and agreements of the Borough in this Resolution, other covenants and agreements thereafter to be observed or to surrender any right or power herein reserved to or conferred upon the Borough. (2) To make such provisions for the purpose of curing any ambiguities or of curing, correcting or supplementing any defective provision contained in this Resolution or in regard to matters or questions arising under this Resolution as the Assembly may deem necessary or desirable and not inconsistent with this Resolution and which shall not adversely affect: the interests of the Registered Owner of the Bond. Any such supplemental resolution may be adopted without the consent of the Registered Owner of the Bond at any time outstanding, notwithstanding any of the provisions of subsection (b) of this Section. (b) With the consent of the Registered Owner, the Assembly may adopt a resolution or resolutions supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Resolution or of any supplemental resolution. It shall not be necessary for the consent of the Registered Owner of the Bond under this subsection to approve the particular form of any proposed supplemental resolution, but it shall be sufficient if such consent approves the substance thereof. Kodiak Island Borough, Alaska Resolution No. FY2016-07 Page 7 of 9 383 384 (c) Upon the adoption of any supplemental resolution under this Section, 385 this Resolution shall be deemed to be modified and amended in accordance 386 therewith, and the respective rights, duties, and obligations under this Resolution 387 of the Borough and the Registered Owner shall thereafter be subject in all 388 respects to such modification and amendment, and all the terms and conditions 389 of the supplemental resolution shall be deemed to be part of the terms and 390 conditions of this Resolution for any and all purposes. 391 392 (d) Bonds executed and delivered after the adoption of any supplemental 393 resolution under this Section may bear a notation as to any matter provided for in 394 such supplemental resolution, and if such supplemental resolution shall so 395 provide, a new Bond modified so as to conform, in the opinion of the Borough, to 396 any modification of this Resolution contained in any such supplemental resolution 397 may be prepared by the Borough and delivered without cost to the Registered 398 Owner of the Bond, upon surrender for cancellation of such Bond in an equal 399 aggregate principal amount. 400 401 Section 14: Defeasance. In the event money and/or non -callable Government Obligations 402 maturing at such times and bearing interest to be earned thereon in amounts 403 sufficient to redeem and retire the Bond in accordance with its terms are set 404 aside in a special trust account to effect such redemption or retirement and such 405 moneys and the principal of and interest on such Government Obligations are 406 irrevocably set aside and pledged for such purpose, then no further payments 407 need be made to pay or secure the payment of the principal of and interest on 408 the Bond and the Bond shall be deemed not to be outstanding. 409 410 Section 15: Exchange of the Bond; Amendatory Loan Agreement; Continuing Disclosure 411 Certificate. The exchange of the Bond for all the Refundable Principal 412 Installments that are refunded (and the issuance of a replacement 2008 Bond), 413 as provided in the Amendatory Loan Agreement and this Resolution, is hereby 414 authorized and approved. The Amendatory Loan Agreement and the Continuing 415 Disclosure Certificate in substantially the form filed with this Resolution are 416 hereby approved. The Mayor and the Borough Manager are each hereby 417 authorized to execute and deliver the Amendatory Loan Agreement and the 418 Continuing Disclosure Certificate in such forms, together with such changes not 419 inconsistent herewith as may be approved by the Mayor or the Borough Manager 420 (such approval to be conclusively evidenced by such official's execution and 421 delivery of such document). 422 423 Section 16: Authority of Officers. The Mayor, the Borough Manager, the Borough Finance 424 Director, and the Borough Clerk each is authorized and directed to do and 425 perform all things and determine all matters not determined by this Resolution, to 426 the end that the Borough may carry out its obligations under the Bond and this 427 Resolution. 428 429 Section 17: Ongoing Disclosure. The Borough acknowledges that under Rule 15c2-12 of the 430 Securities and Exchange Commission (the "Rule") the Borough may now or in 431 the future be an "obligated person." In accordance with the Rule, and as the 432 Bond Bank may require, the Borough shall undertake to provide certain annual 433 financial information and operating data as shall be set forth in the Amendatory 434 Loan Agreement. 435 436 Section 18: Miscellaneous. No recourse shall be had for the payment of the principal of or 437 the interest on the Bond or for any claim based thereon or on this Resolution 438 against any member of the Assembly or officer of the Borough or any person Kodiak Island Borough, Alaska Resolution No. FY2016-07 Page 8 of 9 439 executing the Bond. The Bond is not and shall not be in any way a debt or 440 liability of the State of Alaska or of any political subdivision thereof, except the 441 Borough, and does not and shall not createp or constitute an indebtedness or 442 obligation, either legal, moral, or otherwise, of such state or of any political 443 subdivision thereof, except the Borough. 444 445 Section 19: Severability. If any one or more of the provisions of this Resolution shall be 446 declared by any court of competent jurisdiction to be contrary to law, then such 447 provision shall be null and void and shall be deemed separable from the 448 remaining provisions of this Resolution and shall in no way affect the validityof Bond. 449 the other provisions of this Resolution or of the 450 451 Section 20: Effective Date. This Resolution shall become effective upon passage and 452 g approval. 453 454 ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH 455 THIS TWENTIETH DAY OF AUGUST, 2015 456 457 KODIAK ISLAND BOROUGH 458 459 460 461 462 463 Jerrol Friend, Boroughy Mayor 464 ATTEST: 465 466 467 468 469 Nova M. Javier, Borough Clk Kodiak Island Borough, Alaska Resolution No. FY2016-07 Page 9 of 9