1979-28-A Providing for the Submission to the Voters of the K.I.B., the Question of the Issuance of $29,000,000 of General Obligation Bonds• ? 1
KODIAK ISLAND BOROUGH
ORDINANCE NO. 79 -28 -OA
AN ORDINANCE PROVIDING FOR THE SUBMISSION TO THE
�pLIFIED VOTERS OF THE KODIAK ISLAND BOROUGH, THE QUESTION OF
KE ISSUANCE OF $29,000,000 OF GENERAL OBLIGATION BONDS OF THE
rODIAK ISLAND BOROUGH TO PAY THE COSTS OF SCHOOL IMPROVEMENTS
THE BOROUGH, AT A SPECIAL ELECTION TO BE HELD FOR THAT PURPOSE
•J DECEMBER 11, 1979.
NOW, THEREFORE, BE IT ORDAINED, by the Borough Assembly
,f the Kodiak Island Borough:
Section 1. It is hereby determined to be for a public
pu rpose 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 $29,000,000, for the pur -'
Dose of paying the cost of acquiring property for, planning,
"designing equipping, improving and constructing the following
school and related capital improvements in the Borough:
Main Elementary - New or Renovation;
Junior High - Renovation;
Multi- Purpose Auditorium;
Maintenance Shop and Storage Space;
Physical Education Space at East Elementary;
New School at Akhiok;
Outside Physical Education and Playground Facilities
for Villages; and
Major Maintenance Repair Projects.
Section 2. The sum of $29,000,000 shall be borrowed by,
for and on behalf of the Kodiak Island Borough, for the aforesaid
:apital improvements and shall be evidenced by the issuance cf
general obligation bonds of the Borough. The bond proceeds shall
5e used for capital improvements only. The bonds 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. A Special election is to be held on
December 11, 1979, 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
r ejection. The proposition must receive a majority vote of those)
voting on the question to be approved. The proposition shall be
sub stantially in the following form:
PROPOSITION NO.
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 constructing the following school and
related capital improvements in the Borough pursu-
and to Ordinance No. 79- 28 -OA:
New Main Elementary;
Junior High - Either renovation or new;
Multi- Purpose Auditorium;
Maintenance Shop and Storage Space;
physical Education Space at East Elementary;
New School at Akhiok;
Outside Physical Education and playground
facilities for Villages; and
Major Maintenance repair projects.
Said general obligation bonds are to mature within
thirty (30) years from the date of issue; bear in-
terest at a rate not to exceed the
e max
by law; and be secured by P e
faith and credit of the Kodiak Island Borough.
_ The prop ballots
Section 4. proposition, either for paper set
machine ballots, shall be printed on a ballot which may
general obligation bond propositions, and the follow
:J words shall g appropriate and next to a square
.,..,wiled words ra added
the ballot or voting by a machine:
,wiled foor marking
PROPOSITION NO. YES L:7 NO Q
Sect ibn 5. Ordinance No. 79 -28 -0 is hereby repealed.
PASSED AND APPROVED EDvby the Island Borough
Kodi
this
:;;embly �--
day of
KODIAK ISLAND BOROUGH
By
Boroug
:orough C i rk
":RST READING, APPROVAL DATE: October 9, 1979
: 1979 ECOND READING, PUBLIC HEARING, APPROVAL DATE: November 7,
?FFECTIVE DATE: November 7 1979