1971-10 Borrowing Funds From NBA $102KKODIAK ISLAND BOROUGH
ORDINANCE NUMBER 71 -10 -0
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY
AUTHORIZING THE BORROWING OF THE SUM OF ONE HUNDRED AND TWO
THOUSAND NINE HUNDRED AND NIIEI'Y-FIVE AND 24/100ths ($102,995.24)
DOLLARS FROM THE NATIONAL BANK OF ALASKA BY THE KODIAK ISLAND
BOROUGH.
WHEREAS, the Kodiak Island Borough School Budget for
the Fiscal Year 1970 -71 has provision for four (4) portable class-
room units and one (1) office unit, and
WHEREAS, said portable classroom units and office unit
have been purchased, and
WHEREAS, it is necessary for the Kodiak Island Borough to
borrow the funds necessary to finance these portable units on an
interim basis until funds from State and Federal sources are avail-
able, or until the Time Certificates of Deposit, held for the School,
become redeemable, and
WHEREAS, the Borough Assembly believes it to be in the best
interest of the Borough to authorize a loan of the sum of ONE HUNDRED
AND TWO THOUSAND NINE HUNDRED AND NINE'M -FIvE AND 24 /100ths ($102,995.24)
DOLLARS to the Kodiak Island Borough from the National Bank of Alaska
and such borrowing being authorized under Article IX, Section 10 of the
Constitution of the State of Alaska and Section 07.20.110 of the Alaska
Statutes.
NOW, THEREFORE BE IT ORDAINED by the Borough Assembly of the
KODIAK ISLAND BOROUGH as follows:
Section 1. IRAN AUTHORIZATION:
The Chairman and Clerk of the Kodak Island Borough are hereby
authorized and empowered to effect a loan of ONE HUNDRED AND
TWO THOUSAND NINE HUNDRED AND NINETY -FIVE AND / 1
an
($102,995.24) DOLLARS from the National Bank of Alaska with be
interest rate of
repaid on or before 20 October or laneu unit and three
construction of the Chiniak portable classroom
(3) portable classroom units and one (1) office unit now
authorized.
Section 2. 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 this
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 AND APPROVED by the Kodiak Island rough Assembly of the
KODIAK ISLAND BOROUGH this day of Bo ' 1971.
KODIAK ISLAND BOROUGH I /
BY
Chairman
BY -
Presiding 01TIcer
ATTES:
'Borough Clerk
FIRST READING AND PASSAGE DATE: June 17th, 1971
SECOND READING AND PUBLIC FiEARIM, PASSAGE DATE:
EFFECTIVE DATE: f-/ - 9/
• PAGE TWO, ORDINANCE NO. 71 -10-0