1979-28 Providing for the Submission to the Voters of the K.I.B., the Question of the Issuance of $29,000,000 of General Obligation BondsKODIAK ISLAND BOROUGH
ORDINANCE NUMBER 79-28-0
AN ORDINANCE PROVIDING FOR THE SUBMISSION TO THE
QUALIFIED VOTERS OF THE KODIAK ISLAND BOROUGH, THE QUESTION OF
THE ISSUANCE OF $29,000,000 OF GENERAL OBLIGATION BONDS OF TILE
KODIAK ISLAND BOROUGH TO PAY THE COSTS OF SCHOOL I!'.PROVEME';TS
IN THE BOROUGH, AT THE ELECTION TO BE HELD FOR THAT PURPOSE ON
OCTOBLH 2, 1979.
NOW, THEREFORE BE IT ORDAINED, by the Borough Assembly
of the Kodiak Island Borough:
Section 1. It is hereby determined to be for a public
purpose and in the public interest of the Kodiak Island Borough
to incur indebtedness and to issue general obligation bonds of
the Borough in an amount not to exceed $ for the
purpose of paying the cost of acquiring property for, plannin ,
designing, equipping, improving and construction school and
related capital improvements in the Borough.
Section The sum of $29,000,000 shall be borrowed
by, for and on behalf of the Kodiak Island Borough, for the
aforesaid capital improvements and shall be evidenced by the
issuance of general obligation bonds of -.he Borough. The bond
proceeds shall be used for capital improvements only. The bons
shall mature within thirty (30) years from the date of issue and
bear interest at a rate not to exceed the maximum allowed by
law. The full faith and credit of the Borough is pledged for
the payment of principal and interest on the bonds, and ad
valorem taxes upon all the taxable Property in the Borough shall
be levied without limitation as to rate or amount to pay the
principal of and interest on the bonds when due.
Section 3. An election is to be held on October 2,
1 979, in and for the Kodiak Island Borough, for the purpose of
submitting a general obligation bond proposition to the qualified
voters of the Kodiak Island Borough for approval or rejection.
The proposition must receive a majority vote of those voting
on the question to be approved. The proposition shall be
substantially in the following form:
PROPOSITION N0.
Shall the Kodiak Island Borough incur
indebtedness and issue general obligation
bonds in an amount not to exceed $29,000,000
for the purpose of acquiring property for,
planning, designing, equipping, improving
and construction school and related capital
improvements in the Borough pursuant to
Ordinance No. 79-28-0. Said general ob-
ligation bonds are to mature within thirty
(30) years from the date of issue; bear
interest at a rate not to exceed the maximum
allowed by law; and be secured by a pledge
of the full faith and credit of the Kodiak
Island Borough.
or
Section 4. The proposition, either for paper ballots
machine ballots, shall be printed on a ballot which may be
set forth other general obligation bond propositions, and the
following words shall be added as appropriate and next to a
square provided for marking the ballot or voting by a machine.
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PROPOSITION ON.
PASSED AND APPROVED by the Kodiak Island Borough
;.sembly this 2nd day of Aug. , 1979.
TWO Ordinance Number 79 -28 -0
Yes ( )
No ( )
KODIAK ISLAND BOROUGH
Borough Mayor
Reading, Approval Date: July 10, 1979
econd Reading, Public Hearing, Approval Date: August 2, 1979
Effective Date: August 2, 1979
tiC tIAK' ISLAM? BC OU 88 SCHOOL DISTRICT
KODIAK, ALASKA 99615
TELEPHONE: (907) 486-3131
-1�
{C0 44
BOROUGH ASSEMBLY MEMBERS
MAYOR BETTY WALLIN t f ' � t H i
JOHN E. ANTTONEN, SUPERINTENDENT C%" "
"' e 0 2 _i�)..,›9
JUNE 26, 1979 MEMO #789 -73 S
4 :/)
MUNICIPAL BOND FUNDING PROGRAM 4 444,
regular meeting of June 25, 1979, the Kodiak Island Borough Board
-::ration took final action on the proposed Municipal Bond Funding
The motion reads as follows:
'ain Elementary
'mior High
Demolition of the old Main and Junior High
D enslow, Borough Manager
MOTION
:son moved that the Kodiak Island Borough School District recommend
••e 'adiak Island Borough Assembly a Municipal Bond Funding Program to
_12edon the Municipal election ballot for October 1979, for the
.Yng projects:
$ 7,275,000
6,637,000
570,
?erforming and Visual Arts Center 6,327,000
'!aintenance Shop & Storage Space 1,799,375
? .E. Space at East Elementary 1,
lew school at Akhiok 2,875,000
Village outside P.E. and playground facilities 1,250,000
"a jor Maintenance repair projects 8
(1 .e. , pool, High School roof)
TOTAL $29,000,000
-1.Ne seconded the motion and it carried unanimously on a roll
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ext Of this memo is to formally request that this item be placed
1 regular meeting agenda of the Kodiak Borough Assembly.