FY1965-1 Emergency Ordinance to Borrow FundsKODIAK ISLAND BOROUGH
EMERGENCY ORDINANCE NUMBER 65 -1
AN EMERGENCY ORDINANCE OF THE KODIAK ISLAND BOROUGH,
KODIAK, ALASKA, PROVIDING FOR THE BORROWING OF FUNDS TO MEET
CURRENT EXPENSES
BE IT ORDAINED RY THE BOROUGH ASSEMBLY OF THE KODIAK
ISLAND BOROUGH AS FOLLOWS:
WHEREAS, the Kodiak Island Borough assumed the
responsibility for the levying, assessment and collection of taxes
for the year 1965 and
WHEREAS, much of the initial work in the levying
assessment and assessment of taxes was done in the fiscal year
1964 during a period in which the Kodiak Island Borough received
no income from tax sources other than the last quarter of the
raw fish tax and
WHEREAS, the Kodiak Island Borough will not receive
any further income until approximately April of 1965 from raw
fish tax and until approximately August from real and personal
property taxes and
WHEREAS, the Kodiak Island Borough has no funds
with which to continue its operations.
NOW, THEREFORE, be it ordained by the Borough
Assembly of the Kodiak Island Borough that the Kodiak Island Bor-
ough be and the same is hereby authorized to borrow a sum not to
exceed FORT, THOUSAND AND No /100ths ($40,000.00) DOLLARS to be
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used for operating expenses of thOorough until such a time as the
Borough receives its next payment of raw fish tax receipts from
the State of Alaska, and that the Borough Chairman and presiding
officer be authorized to sign any and all necessary documents in
connection with said loan.
It is hereby declared by the Kodiak Island Borough
Assembly that an emergency exists which affects the welfare of the
residents of the Kodiak Island Borough in that the Borough is
unable to meet its current operating expenses without burrowing
these funds, therefore, this ordinance shall become effective upon
adoption by the affirmative vote of all assembly members present
or the affirmative vote of three- fourths (J/4) of those elected.
Adopted by the Kodiak Island Borough. Assembly of
Kodiak, Alaska, on January 5, 1965.
ATTEST:
PRESIDING 0 •ICER
ARLES A. POWELL
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