1980-32 Establishing a Policy Regulating the Use of Funds From the Sale of Borough Owned Lands)'1 1 1 4111 1 1 5
KODIAK ISLAND BOROUGH
ORDINANCE80 - 32 - 0 .
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ESTABLISHING A POLICY
REGULATING THE USE OF FUNDS FROM THE SALE OF BOROUGH OWNED LANDS.
WHEREAS, the Assembly wishes to establish a policy regulating the �
use of funds derived from the sale of Kodiak Island Borough owned lands.
BE IT ORDAINED by the Kodiak Island Borough that:
SECTION 1. It is the intent of this ordinance to the the use of funds
derived from the sale of lands
of Kodiak Island Borough owned lands for public disposal.
SECTION 2. The expenditure of funds derived from the sale of Kodiak
Island Borough owned lands shall be limited to the develop-
ment of other lands for public disposal including survey's
plat preparation, sewer, water and road construction and
related development and sale costs• authorize the use of
SECTION 3. The Borough Assembly by ordinance may
funds from the sale of land fund for other purposes in the
form of a loan to the general fund, service district, service
area or special project in the same manner as though the
funds had been obtained from a lending institution or bond
sale. The ordinance loaning the funds shall provide for the
length of time required for repayment, method of repayment
and percentage of interest to be charged for the loan.
SECTION 4. . This ordinance once adopted shall not be repealed or sub-
stantively amended so as to change the intent without approv
of the qualified voters of the Borough at either a general c
ATTEST
By
special election.
'PASSED AND APPROVED this
1
orougr C erc
day of —' 1980.
KODIAK ISLAND BOROUGH
By
FIRST READING AND APPROVAL DATE:
num'rr WFARING, ADOPTION DATE:
oroug Mayor