FY1967-26 Issuance and Sale of General Obligation Bonds66-24,-6
ORDINANCE NO.
AN ORDINANCE of Kodiak Island Borough, Alaska,
f
providing for issuance
bliation bondsoof the
$750,000 of general o g funds
Borough for the purpose of providing
to pay the principal of the Bond nticp a,
tion Notes of the Borough, dated August a1,
1966; providing the date, a fund for
maturities of said bonds, creating
the payment of the principal thereofmitdd
interest thereon; providing for
tax levies to pay such principal and inter-
est; and declaring an emerg
WHEREAS, at the regular general election held in Kodiak
Island Borough, Alaska (hereinafter referred to as the "Borough "),
pursuant to Resolution No. 65 - 16 and other
on October 5, 1965• P ualified electors
resolutions and ordinances of the Borough, the q
of the Borough authorized the issuance of general oli$at0o000
bonds of the Borough in the total principal
f the purpose of providing funds to pay the cost of certain
capital improvements to the school facilities of the e Borough;
of Augus
:
WWHEREAS, the Borough has issued, under d a
1966, pursuant to Ordinance No. 66 - and Emergency Ordinance
No. 66- 18 -E0, its Notes in the principal amount of $750,00
anticipation of the issuance of said general obligation bonds; and
WHEREAS, it is necessary and to the best interests of the
Borough and its inhabitants that the issuance and sale of said
5750,000 of general obligation bonds be now authorized
the date, form,terms, maturities and covenants thereof now be fixed;
NOW, THEREFORE, BE IT ORDAINED by the Borough Assembly
of Kodiak Island Borough as follows: is hereby de-
Declaration of merenc. An emergency
clared to exist affecting the life, health,
welfare and property
h. The Bond Anticipation Notes
of the inhabitants of the Boroug and it is necessary that
described herein mature February 1, 1967, provided for
the Borough sell its general obligation In in order obtain the
herein, not later than January 5,
funds necessary to redeem said Notes at the proper time.
1
Section 1. As used in this ordinance, the following
words shall have the following meanings:
a. The word "Borough" shall mean the Kodiak Island
Borough, A',aska, a municipal corporation duly organized and exist-
ing under the laws of the State of Alaska.
b. The word "Bonds" shall mean the Elementary School
Building General Obligation Bonds of the Borough in the principal
amount of $750,000 provided for herein.
c. The word "Notes" shall mean the Elementary School
Building General Obligation Bond Anticipation Notes of the Borough
in the principal amount of $750,000 dated August 1, 1966,. and issued
pursuant to Ordinance No. 66 -19 -0 and Emergency Ordinance No.
66 -18 -EO of the Borough Assembly.
Section 2. That for the purpose of providing funds to
pay the principal of the Notes (issued to pay the cost of construct-
ing an elementary school building and all necessary appurtenances)
when the same becomes due, and as authorized by Resolution No.
65 -16 of the Borough Assembly and by the qualified electors
of the Borough at the above - mentioned election, the Borough shall
issue and sell all of the $750,000 of Bonds so authorized in one
issue.
The Bonds shall be dated January 1, 1967, shall be num-
bered from 1 to 150 inclusive, shall be in the denomination of
$5,000 each, shall bear interest at a rate or rates of not more
than 6% per annum payable on September 1, 1967, and semiannually
on the first days of March and September of each year thereafter
as evidenced by coupons to be attached thereto, and shall be
numbered and mature in order of their number as follows:
2.
Maturity Date
Amount
Bond Nos.
1 -5 September 1, 1968 $25,000
6 -10 September 1, 1969 25,000
11 -15 September 1, 1970 25,000
_ September 1, 1971 25,000
21 -25 September 1, 1972 25,000
26 -30 September 1, 1973 25,000
31 -35 September 1, 1974 25,000
36 -40 September 1, 1975 25,000
41 -45 September 1, 1976 ,000
46 -50 September 1, 1977 25 25,000
51 -60 September 1, 1978 50,000
61 -70 September 1, 1979 50,000
71 -80 September 1, 1980 50,000
81 -90 September 1, 1981 50,000
91 -100 September 1, 1982 50,000
101 -110 September 1, 1983 50,000
111 -120 September 1, 1984 50,000
121 -130 September 1, 1985 50,000
131 -140 September 1, 1986 50,000
141 -150 September 1, 1987
Both principal of and interest on the bonds shall be
payable in lawful money of the United States of America at the
National Bank of Alaska, Anchorage; Alaska, or, at the option of
the holder, at Chemical Bank New York Trust Co., City and State
of New York.
Sect. Borough hereby reserves the right to
redeem Bonds numbered 61 -150 on the following interest payment nt
dates in whole, or in part and in inverse numerical order,
the following rates expressed as a percentage of the principal
amount plus.. accrued interest to the date of redemption:•
At 102 i
September 2% r
if edeemed March 1, 1979, or
At 102% if redeemed March 1, 1980, or September 1,
1980;
At 101 1/2% if redeemed March 1, 1981, or
September 1, 1981;
At 101% if redeemed March 1, 1982, or September 1,
1982;
At 100 1 if /2% r e m
redeemed 1, 1983, or
At 100% if redeemed March 1, 1984, or any interest
payment date thereafter.
3.
Notice of any such intended redemption shall be given
by one publication in a financial Journal printed in the English
language and of general circulation in the City of New York,
New York, such publication to be not more than 45 nor less than
30 days prior to said redemption date.
Section 4. There is hereby created a special fund of
the Borough to be known as the "Kodiak Island Borough 1967 Ele-
mentary School Building General Obligation 3ond Redemption Fund"
(hereinafter called the "Bond Redemption Fund "), which fund shall
be drawn upon for the sole purpose of paying the principal of and
interest on the Bonds as the'same shall become due.
From and after the date of issue of said Bonds and for
as long as any of the same renain outstanding and unpaid, the
Borough covenants and obligates itself to levy and collect ad
valorem taxes upon all of the taxable property within the Borough
without limitation as to rate or amount, in amounts which will be
sufficient to pay the principal of and interest on the Bonds as
the same shall become due. All of said ad valorem taxes as so
collected shall be paid promptly into said Bond Redemption Fund
at least thirty days prior to the dates on which any installment
of interest on or principal of and interest on said Bonds out-
standing shall become due and payable. The full faith and credit
of the Borough are hereby irrevocably pledged for the annual levy
and collection of such taxes and the prompt' payment of such prin-
cipal and interest.
Section 5. All of the proceeds of the sale of the
Bonds (except for accrued interest, which shall be paid into the
Bond Redemption Fund hereinbefore created) shall be paid into
the Elementary School Building General Obligation Note Fund
created by Ordinance No. 66 -19 -0 and Emergency Ordinance No.
66 - - of the Borough Assembly and shall be used only for the
purpose of paying the principal of the Elementary School Building
4.
General Obligation Bond Anticipation Notes of the 3orough, dated
August 1, 1966, in the principal amount of $750,000, when the
same shall become due.
Section 6. The Bonds shall be in substantially the
following form:
i
UNITED STATES OF AMERICA
NO. $5,000
STATE OF ALASKA
KODIAK ISLAND BOROUGH
ELEMENTARY SCHOOL BUILDING
GENERAL OBLIGATION BOND, 1967
KNOW ALL MEN BY THESE PRESENTS:
That Kodiak Island 3orough, a municipal corporation
of the State of Alaska (hereinafter called the "Borough "),
for value received, hereby promises to pay to bearer on
the 1st day of September, 19 the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of % per
annum payable on the 1st day of September, 1967, and semi—
annually on the 1st days of March and September of each
year thereafter as evidenced by and upon presentation
and surrender of the attached interest coupons as they
severally become due. Both principal'of and interest on
this Bond are payable in lawful money of the United
States of America at the National Bank of Alaska,
Anchorage, Alaska, or, at the option of the holder,
at Chemical Bank New York Trust Co., in the City and
State of New York.
This 3ond is one of an issue of 150 Bonds of like
amount, date and tenor except as to number, rate of
interest and date of maturity, aggregating the principal
sum of $750,000 and is issued pursuant to an election
authorizing the same ,older and in accordance with the
5.
laws of the State of Alaska, and duly adopted ordinances
and resolutions of Kodiak Island Borough Assembly for
the purpose of redeeming Bond Anticipation Notes of the
Borough issued to pay
the cost of acquiring, constructing,
equipping, making and installing certain additions and
improvements to the school facilities of the Borough. able,
This bond and the bonds of this issue are pay
out of the special fund of
both principal and interest, 1967 Elementary
the Borough entitled "Ko:diak Island Borough
School Building General Obligation Bond Redemption Fund,"
created by Ordinance No.
and Emergency Ordinance
No. of the Borough Assembly. The Borough has irrevocably
covenanted and agreed to levy and collet valorem taxes Borough
annually upon all of the taxable property
without limitation as to rate or amount, and in amounts
sufficient to pay the principal of and interest on such bonds
as the same shall become due. For the annual levy of such
taxes and the prompt payment of such principal and interest,
the full faith, credit and resources of the Borough are hereby
irrevocably pledged.
The Borough has reserved the right to redeem bonds
numbered 61 -150 on the following
interest payment dates
in whole, or in part and in inverse numerical order, at
the following rates expressed as a percentage of the
principal amount plus accrued interest to the date of
redemption:
At 102 1 /2% if redeemed March 1, 1979,
or September 1, 1979;
At 102% if redeemed March 1 1980, or
September 1, 1980;
6
ATTEST:
At 101 1/2% if redeemed March 1, 1981,
or September 1, 1981;
At 101% if redeemed March 1, 1982, or
September 1, 1982;
At 100 1/2% if redeemed March 1, 1983,
or September 1, 1983;
At 100% if redeemed March 1, 1984, or
any interest payment date thereafter.
It is hereby certified that all acts, conditions and
things required by the Constitution and laws of the State
of Alaska and resolutions.and ordinances of the Borough
have happened, been done and performed precedent to and in
the issuance of this bond and that the total indebtedness
of the Borough, including this bond and the bonds of this
issue, does not exceed any debt limitation provided by such
Constitution, laws, resolutions or ordinances.
IN WITNESS WHEREOF, Kodiak Island Borough, Alaska,
has caused this Bond to be signed by its Chairman, to 'be
attested by its Clerk, the seal of the Borough to be impressed
hereon and the interest coupons attached 'hereto to be signed
with the facsimile signatures of said officials this 1st day
of January, 1967.
KODIAK ISLAND BOROUGH, ALASKA
By
Borough Clerk
The interest coupons to be attached to the bonds shall
be in substantially the following form:
NO.
On the first day of , 19 - -'
Kodiak Island Borough, Alaska, will pay to bearer
at the National Bank of Alaska
7
Borough Chairman
ATTEST:
Anchorage, Alaska, or, at the option of the holder,
at Chemical Bank New York Trust Co., New York, New York,
the amount shown hereon in :awful money of the United
States of America, said sum being the semiannual interest
due that date on its Elementary School Building General
Obligation Bond dated January 1, 1967, and numbered
KODIAK ISLAND BOROUGH, ALASKA
By
Borough Clerk
Section 7. The Bonds shall be signed on behalf of the
Borough by its Chairman, attes:ed by its Clerk and shall have the
official seal of the Borough impressed thereon. Each of the
interest coupons attached thereto shall be signed with the fac—
simile signatures of said officials.
Section 3. The Bonds shall be sold at public sale,
and the Clerk of the Borough is hereby authorized to advertise
the Bonds for sale under the terms thereof as hereinbefore set
forth by publication of the notice of sale once in a financial
newspaper of. national circulation not less than ten days prior
to the date of such public sale and by such other publication as
may be deemed necessary. upon the sale of the Bonds, the proper
officials of the Borough are hereby authorized and directed to
execute the same and to do all things necessary for the prompt
issuance, execution and delivery thereof and for the proper
application and use of the proceeds of such sale.
Section. 9. Publication of this ordinance shall be made
by publishing a summary thereof in a newspaper of general cir-
bulation in the Borough and copies of the ordinance shall be
8.
Borough Chairman
ATTEST:
/ � 1erk
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.
?ASSED AND APPROVED by the rough Assembly of the
Kodiak Island Borough, Alaska, this . day of I)C C C 0„ Ll`
Approved this 4_ /1a day of
CL�iL1.c, , 1966:
Borough Chairman
9.
z
Presiding Officer
I, Donklas G. Preston
Borough, Alaska, DO HEREBY CERTIFY that
ordinance is a true and correct copy of
said Borough, duly adopted at a meeting
on the 15th, d ay of December
1
, Clerk of Kodiak Island
the within and foregoing
Ordinance No.66- 26 -EOof
of its Assembly held
, 1966.
erk