1978-09 Authorizing the Forgiveness of Loans to the Grey Nuns of the Sacred Heart, Incorporated, Under the Terms of the Hospital Operating AgreementAN ORDINANCE OF THE KODIAK ISLAND BOROUGH AUTHORIZING THE
OORP FORGORATED, LOANS
GREY NUNS IN-
AGREEMENT
WHEREAS, the long standing contractual relationship between
the Kodiak Island Borough and the Grey Nuns of the Sacred Heart,
Incorporated, for the operation of Kodiak Island Hospital came to a
close on May 14th, 1978; and
WHEREAS,. during the period of years of operation under the
agreement the Borough did provide to the Grey Nuns of the Sacred
Heart, Incorporated, certain loan funds to off -set monies paid
out for operation of the Hospital; and
WHEREAS, the monies received by the Hospital from the Borough
through the operating agreement have been carried as a loan for
accounting and reimbursement purposes. The outgoing Governing
Board has requested an authorization for forgiveness of the loan
for the Grey Nuns of the Sacred Heart, Incorporated; and
NOW, THEREFORE, BE IT ORDAINED that the Kodiak Island Borough
Assembly does hereby authorize forgiveness of the operating agree-
ment loan to the Grey Nuns of the Sacred Heart, Incorporated, in
the amount of One Hundred Twenty -One Thousand Five Hundred Thirty -
Six Dollars and Fifty -Five Cents ($121,536.55) and directs the
Borough Clerk- Treasurer to make the appropriate adjustments in
the Borough Code of Accounts for Fiscal Year 1978 and to provide
a copy of this ordinance to the Governing Board of the Grey Nuns
of the Sacred Heart, Incorporated.
PASSED AND APPROVED by the Kodiak Island Borough Assembly
6th day of July , 1978.
KODIAK ISLAND BOROUGH
this
ATTEST:
% / v/
Borough Clerk' r asurer
Tuna 1. 1978
First Reading:
KODIAK ISLAND BOROUGH
ORDINANCE NUMBER 78 -9 -0
BY