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FY2017-10 Issuing A 'General Obligation School Refunding Bond' To Refund Some Principal Installments Of A 'General ObligationCERTIFICATE OF CLERK I, NOVA JAVIER, Clerk of the Kodiak Island Borough (the "Borough"), HEREBY CERTIFY that the document attached hereto is an accurate and complete copy of Resolution FY2017-10 of the Borough adopted by the Borough Assembly at a meeting duly called and held September 15, 20165 and that Resolution No. FY2017-10 has not been modified, amended, repealed, or rescinded, but is in full force and effect on the date hereof. IN WITNESS WHEREOF, I have executed this certificate this day of al NOVA JAVIER, MMC Borough Clerk Kodiak Island Borough 51546706.1 0 1 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 53 Introduced by: Borough Manager Requested by: Finance Director Drafted by: Bond Counsel Introduced on: 09/15/2016 Adopted on: 09/15/2016 KODIAK ISLAND BOROUGH RESOLUTION NO. FY2017-10 A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY AUTHORIZING THE BOROUGH TO ISSUE A GENERAL OBLIGATION SCHOOL REFUNDING BOND 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 on 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 $5,620,000 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 Ili 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, 2017 (the "Refundable Principal Installments"); and Kodiak Island Borough, Alaska Resolution No. FY2017-10 Page 1 of 9 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. FY2017-10 of the Borough. Kodiak Island Borough, Alaska Resolution No. FY2017-10 Page 2 of 9 108 Section 2: Authorization of Bond and Purpose of Issuance. The Assembly hereby determines it 109 would be financially advantageous to refund all or a portion of the Refundable 110 Principal Installments by issuing the Bond (and a replacement 2008 Bond) on the 111 terms and conditions provided in this Resolution. For the purpose of providing the 112 funds required to refund all or a portion of the Refundable Principal Installments and 113 to pay all costs incidental thereto and to the issuance of the Bond, the Borough 114 hereby authorizes and determines to issue and sell the Bond in the principal amount 115 of not to exceed $6,000,000. The Bond shall be designated "Kodiak Island Borough 116 General Obligation School Refunding Bond," with such additional series and year 117 designation as the Borough Manager or the Borough Finance Director may fix and 118 determine. 119 120 The Borough Manager and/or the Borough Finance Director are hereby authorized to 121 fix and determine which of the Refundable Principal Installments are to be refunded 122 by issuing the Bond (and a replacement 2008 Bond) in exchange therefor. 123 124 Section 3: 125 126 127 128 129 130 131 132 Section 4: 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 Section 5: Obligation of Bond. The Bond shall be a direct and general obligation of the Borough, and the full faith and credit of the Borough are hereby pledged to the payment of the principal of and interest on the Bond. The Borough hereby irrevocably pledges and covenants that it will levy and collect taxes upon all taxable property within the Borough without limitation as to rate or amount, in amounts sufficient together with other funds legally available therefor, to pay the principal of and interest on the Bond as the same become due and payable. Designation, Maturities, Interest Rates, and Other Details of Bond. The Bond shall be designated "Kodiak Island Borough, Alaska, General Obligation School Refunding Bond." Each principal installment of the Bond shall be in the denomination of $5,000 or any integral multiple thereof, shall be numbered in the manner and with such additional designation as the Registrar deems necessary for purposes of identification, and may have endorsed thereon such legends or text as may be necessary or appropriate to conform to the rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. The Bond shall bear interest payable semi-annually on the dates and shall mature on the date and each principal installment shall be payable annually in the amount and on the dates, all as shall be set forth in the Amendatory Loan Agreement. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Subject to Section 2 and the remainder of this Section, the dated date, the principal installment and interest payment dates, the record dates for interest payments, the aggregate principal amount, the amount of each principal installment, and the interest rate on each principal installment shall be determined at the time of execution of the Amendatory Loan Agreement under Section 15, provided that (i) no rate of interest on any principal installment shall exceed the rate of interest on the corresponding maturity of the Bond Bank Refunding Bonds; and (ii) the net present value of the savings to the Borough effected by issuing the Bond (and a replacement 2008 Bond) and refunding the Refundable Principal Installments that are refunded shall be at least 3 percent of the aggregate principal amount of the Refundable Principal Installments that are refunded; and (iii) the Bond shall mature on or before six months after the date on which the last Refundable Principal Installment that is refunded is payable. Optional Prepay. 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 Kodiak Island Borough, Alaska Resolution No. FY2017-10 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 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 20 , and semiannually thereafter on ® 1, and ® 1, of each year, at the rates per annum as follows: Maturity Principal Interest nntA Amoi int RatA 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. This Bond is the General Obligation School Refunding Bond of the Kodiak Island Borough, Alaska, and is authorized for the purpose of refunding certain principal installments of an outstanding general obligation bond of the Borough under Resolution No. FY2017-10 of the Borough entitled: Kodiak Island Borough, Alaska Resolution No. FY2017-10 Page 4 of 9 218 219 A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY 220 AUTHORIZING THE BOROUGH TO ISSUE A GENERAL OBLIGATION 221 SCHOOL REFUNDING BOND TO REFUND CERTAIN PRINCIPAL 222 INSTALLMENTS OF AN OUTSTANDING GENERAL OBLIGATION 223 SCHOOL BOND OF THE BOROUGH AND TO PAY COSTS OF ISSUING 224 THE BOND, FIXING CERTAIN DETAILS OF SUCH BOND, AUTHORIZING 225 ITS SALE, AND PROVIDING FOR RELATED MATTERS 226 227 (the "Resolution"). 228 229 Installments of principal of this Bond maturing on and after 11 20 , 230 shall be subject to prepayment on and after 17 20 , at the option of the 231 Borough (subject to any applicable provisions of the Amended Loan Agreement), in 232 such principal amounts and from such maturities as the Borough may determine, and 233 by lot within a maturity, at a redemption price equal to the principal amount to be 234 prepaid, plus accrued interest to the date of prepayment. 235 236 This Bond is transferable as provided in the Bond Resolution, (i) only upon 237 the Bond Register of the Borough, and (ii) upon surrender of this Bond together with 238 a written instrument of transfer duly executed by the Registered Owner or the duly 239 authorized attorney of the Registered Owner, and thereupon a new fully registered 240 Bond in the same aggregate principal amount and maturity shall be issued to the 241 transferee in exchange therefor as provided in the Bond Resolution and upon the 242 payment of charges, if any, as therein prescribed. The Borough may treat and 243 consider the person in whose name this Bond is registered as the absolute owner 244 hereof for the purpose of receiving payment of, or on account of, the principal or 245 redemption price, if any, hereof and interest due hereon and for all other purposes 246 whatsoever. 247 248 This Bond is a general obligation of the Kodiak Island Borough, and the full 249 faith and credit of the Borough are pledged for the payment of the principal of and 250 interest on this Bond as the same shall become due. 251 252 IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or things 253 required by the constitution or statutes of the State of Alaska to exist, to have 254 happened or to have been performed precedent to or in the issuance of this Bond 255 exist, have happened and have been performed, and that this Bond, together with all 256 other indebtedness of the Borough, is within every debt and other limit prescribed by 257 such constitution or statutes. 258 259 IN WITNESS WHEREOF, THE KODIAK ISLAND BOROUGH, ALASKA, has 260 caused this Bond to be signed in its name and on its behalf by the manual or 261 facsimile signature of its Mayor and its corporate seal (or a facsimile thereof) to be 262 impressed or otherwise reproduced hereon and attested by the manual or facsimile 263 signature of its Clerk, all as of the day of , 264 265 KODIAK ISLAND BOROUGH 266 267 /specimen/ 268 Borough Mayor 269 270 ATTEST: 271 272 /specimen/ Kodiak Island Borough, Alaska Resolution No. FY2017-10 Page 5 of 9 273 Borough Clerk 274 275 Section 7: Execution. The Bond shall be executed in the name of the Borough by the manual or 276 facsimile signature of the Mayor, and its corporate seal (or a facsimile thereof) shall 277 be impressed or otherwise reproduced thereon and attested by the manual or 278 facsimile signature of the Borough Clerk. The execution of a Bond on behalf of the 279 Borough by persons who at the time of the execution are duly authorized to hold the 280 proper offices shall be valid and sufficient for all purposes, although any such person 281 shall have ceased to hold office at the time of delivery of the Bond or shall not have 282 held office on the date of the Bond. 283 284 Section 8: Payment of Principal Installments and Interest. The Bond shall be payable in lawful 285 money of the United States of America which at the time of payment is legal tender 286 for the payment of public and private debts. For so long as the Bond Bank is the 287 Registered Owner of the Bond, payment of principal installments of and interest on 288 the Bond shall be made as provided in the Loan Agreement, as amended by the 289 Amendatory Loan Agreement. When and if the Bond Bank is not the Registered 290 Owner of the Bond, installments of principal of and interest on the Bond shall be paid 291 by check mailed by first class mail to the Registered Owner as of the record date for 292 the installment payment at the address appearing on the Bond Register; provided, 293 that the final installment of principal and interest on the Bond shall be payable upon 294 presentation and surrender of the Bond by the Registered Owner at the office of the 295 Registrar. 296 297 Section 9: Registration. The Bond shall be issued only in registered form as to both principal 298 and interest. The Borough designates the Borough Finance Director as Registrar for 299 the Bond. The Registrar shall keep, or cause to be kept, the Bond Register at the 300 principal office of the Borough. The Borough covenants that, until the Bond has been 301 surrendered and canceled, it will maintain a system for recording the ownership of 302 the Bond that complies with the provisions of Section 149 of the Code. The Borough 303 and the Registrar may treat the person in whose name the Bond shall be registered 304 as the absolute owner of such Bond for all purposes, whether or not the Bond shall 305 be overdue, and all payments of principal of and interest on the Bond made to the 306 Registered Owner thereof or upon its order shall be valid and effectual to satisfy and 307 discharge the liability upon such Bond to the extent of the sum or sums so paid, and 308 neither the Borough nor the Registrar shall be affected by any notice to the contrary. 309 310 Section 10: Transfer and Exchange. The Bond shall be transferred only upon the Bond Register. 311 Upon surrender for transfer or exchange of the Bond at the office of the Registrar, 312 together with a written instrument of transfer or authorization for exchange in form 313 and with guaranty of signature satisfactory to the Registrar, duly executed by the 314 Registered Owner or the duly authorized attorney of the Registered Owner, the 315 Borough shall execute and deliver a Bond in equal aggregate principal amount, 316 subject to such reasonable regulations as the Borough may prescribe and upon 317 payment sufficient to reimburse it for any tax, fee or other governmental charge 318 required to be paid in connection with such transfer or exchange. If the Bond is 319 surrendered for transfer or exchange it shall be canceled by the Registrar. 320 321 Section 11: Bond Mutilated. Destroyed, Stolen, or Lost. Upon surrender to the Registrar of a 322 mutilated Bond, the Borough shall execute and deliver a new Bond of like maturity 323 and principal amount. Upon filing with the Registrar of evidence satisfactory to the 324 Borough that a Bond has been destroyed, stolen, or lost and of the ownership 325 thereof, and upon furnishing the Borough with indemnity satisfactory to it, the 326 Borough shall execute and deliver a new Bond of like maturity and principal amount. 327 The person requesting the execution and delivery of a new Bond under this Section Kodiak Island Borough, Alaska Resolution No. FY2017-10 Page 6of9 328 shall comply with such other reasonable regulations as the Borough may prescribe 329 and shall pay such expenses as the Borough may incur in connection therewith. 330 331 Section 12: Tax Covenants. The Borough covenants to comply with any and all applicable 332 requirements set forth in the Code in effect from time to time to the extent that such 333 compliance shall be necessary for the exclusion of the interest on the Bond from 334 gross income for federal income tax purposes. The Borough covenants that it will 335 make no use of the proceeds of the Bond which will cause the Bond to be an 336 "arbitrage bond" subject to federal income taxation by reason of Section 148 of the 337 Code. The Borough covenants that it will not take or permit any action that would 338 cause the Bond to be a "private activity bond" as defined in Section 141 of the Code. 339 340 Section 13: Amendatory and Supplemental Resolutions. 341 342 (a) The Assembly from time to time and at any time may adopt a resolution or 343 resolutions supplemental hereto, which resolution or resolutions thereafter shall 344 become a part of this Resolution, for any one or more of the following purposes: 345 346 (1) To add to the covenants and agreements of the Borough in this 347 Resolution, other covenants and agreements thereafter to be observed or to 348 surrender any right or power herein reserved to or conferred upon the 349 Borough. 350 351 (2) To make such provisions for the purpose of curing any ambiguities or 352 of curing, correcting or supplementing any defective provision contained in 353 this Resolution or in regard to matters or questions arising under this 354 Resolution as the Assembly may deem necessary or desirable and not 355 inconsistent with this Resolution and which shall not adversely affect the 356 interests of the Registered Owner of the Bond. 357 358 Any such supplemental resolution may be adopted without the consent of the 359 Registered Owner of the Bond at any time outstanding, notwithstanding any of the 360 provisions of subsection (b) of this Section. 361 362 (b) With the consent of the Registered Owner, the Assembly may adopt a 363 resolution or resolutions supplemental hereto for the purpose of adding any 364 provisions to or changing in any manner or eliminating any of the provisions of this 365 Resolution or of any supplemental resolution. 366 367 It shall not be necessary for the consent of the Registered Owner of the Bond under 368 this subsection to approve the particular form of any proposed supplemental 369 resolution, but it shall be sufficient if such consent approves the substance thereof. 370 371 (c) Upon the adoption of any supplemental resolution under this Section, this 372 Resolution shall be deemed to be modified and amended in accordance therewith, 373 and the respective rights, duties, and obligations under this Resolution of the 374 Borough and the Registered Owner shall thereafter be subject in all respects to such 375 modification and amendment, and all the terms and conditions of the supplemental 376 resolution shall be deemed to be part of the terms and conditions of this Resolution 377 for any and all purposes. 378 379 (d) Bonds executed and delivered after the adoption of any supplemental 380 resolution under this Section may bear a notation as to any matter provided for in 381 such supplemental resolution, and if such supplemental resolution shall so provide, a 382 new Bond modified so as to conform, in the opinion of the Borough, to any Kodiak Island Borough, Alaska Resolution No. FY2017-10 Page 7 of 9 383 modification of this Resolution contained in any such supplemental resolution may be 384 prepared by the Borough and delivered without cost to the Registered Owner of the 385 Bond, upon surrender for cancellation of such Bond in an equal aggregate principal 386 amount. 387 388 Section 14: Defeasance. In the event money and/or nor -callable Government Obligations 389 maturing at such times and bearing interest to be earned thereon in amounts 390 sufficient to redeem and retire the Bond in accordance with its terms are set aside in 391 a special trust account to effect such redemption or retirement and such moneys and 392 the principal of and interest on such Government Obligations are irrevocably set 393 aside and pledged for such purpose, then no further payments need be made to pay 394 or secure the payment of the principal of and interest on the Bond and the Bond shall 395 be deemed not to be outstanding. 396 397 Section 15: Exchange of the Bond; Amendatory Loan Agreement; Continuing Disclosure 398 Certificate. The exchange of the Bond for all the Refundable Principal Installments 399 that are refunded (and the issuance of a replacement 2008 Bond), as provided in the 400 Amendatory Loan Agreement and this Resolution, is hereby authorized and 401 approved. The Amendatory Loan Agreement and the Continuing Disclosure 402 Certificate in substantially the form filed with this Resolution are hereby approved. 403 The Mayor and the Borough Manager are each hereby authorized to execute and 404 deliver the Amendatory Loan Agreement and the Continuing Disclosure Certificate in 405 such forms, together with such changes not inconsistent herewith as may be 406 approved by the Mayor or the Borough Manager (such approval to be conclusively 407 evidenced by such official's execution and delivery of such document). 408 409 Section 16: Authority of Officers. The Mayor, the Borough Manager, the Borough Finance 410 Director, and the Borough Clerk each is authorized and directed to do and perform all 411 things and determine all matters not determined by this Resolution, to the end that 412 the Borough may carry out its obligations under the Bond and this Resolution. 413 414 Section 17: Ongoing Disclosure. The Borough acknowledges that under Rule 15c2-12 of the 415 Securities and Exchange Commission (the "Rule") the Borough may now or in the 416 future be an "obligated person." In accordance with the Rule, and as the Bond Bank 417 may require, the Borough shall undertake to provide certain annual financial 418 information and operating data as shall be set forth in the Amendatory Loan 419 Agreement. 420 421 Section 18: Miscellaneous. No recourse shall be had for the payment of the principal of or the 422 interest on the Bond or for any claim based thereon or on this Resolution against any 423 member of the Assembly or officer of the Borough or any person executing the Bond. 424 The Bond is not and shall not be in any way a debt or liability of the State of Alaska 425 or of any political subdivision thereof, except the Borough, and does not and shall not 426 create or constitute an indebtedness or obligation, either legal, moral, or otherwise, of 427 such state or of any political subdivision thereof, except the Borough. 428 429 Section 19: Severability. If any one or more of the provisions of this Resolution shall be declared 430 by any court of competent jurisdiction to be contrary to law, then such provision shall 431 be null and void and shall be deemed separable from the remaining provisions of this 432 Resolution and shall in no way affect the validity of the other provisions of this 433 Resolution or of the Bond. 434 435 Section 20: Effective Date. This Resolution shall become effective upon passage and approval. 436 Kodiak Island Borough, Alaska Resolution No. FY2017-10 Page 8 of 9 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 ADOPTED BY THE ASSEMBLY OF TH KODIAK ISLAND BOROUGH THIS 1'5DAY OF , 2016 ATTEST: NV V ova M. Javier, orough CI r KODIAK ISLAN77e OUGH / errol Frien�r B4ough Mayor Kodiak Island Borough, Alaska Resolution No. FY2017-10 Page 9 of 9