1983-04 Providing for the Issuance of $7,400,000 General Obligation School Construction Bonds of the Borough and Fixing Details of Said BondsKODIAK ISLAND BOROUGH
ORDINANCE NO. 83- 4 -0(A)
AN THE THE ISSUANCE OF ORDINANCE 0,000FGENERALODOBLIGATION SCHOOLGCONSTRUCTIONRBONDSNOFFTR
BOROUGH AND FIXING DETAILS OF SAID BONDS. THE
WHEREAS, pursuant to Ordinance No. 79 -28 -OA of the Borough passed
and approved on November 7, 1979, the following question:
PROPOSITION NO. 1
Shall
general the
obligation sbonds 8 in o an h amount not to exceed
indebtedness and
$29,OOO,000
for the purpose of acquiring property for planning, designing,
equipping, improving, and constructing the following school and
related capital improvements in the Borough pursuant to Ordinance
No. 79- 28 -OA:
Main Elementary- new or renovate;
Junior High- renovate;
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 interest at a rate not to ex-
ceed the maximum allowed by law; and be secured by a pledge of the
full faith and credit of the Kodiak Island Borough.
(herein called the "Proposition ") was passed and approved by a vote of 626 for
and 532 against Proposition No. 1, at the special election held in the Borough
on December 11, 1979, and said election has been duly canvassed and the results
thereof certified and confirmed in accordance with law; and
WHEREAS, the Borough Assembly of the Kodiak Island Borough has
determined and does hereby determine that it is necessary to proceed to acquire
property for planning, designing, equipping, improving, and constructing
capital improvements to the school system of the Kodiak Island Borough (all
hereinafter collectively referred to as the "Project "); and
WHEREAS, by Ordinance No. 80 -17 -0 the Kodiak Island Borough
Assembly did, on May 1, 1980, authorize the first sale of bonds for this
purpose and such bonds in the amount of $12,100,000 were sold on August 1, 1980
'to the Alaska Municipal Bond Bank; and
WHEREAS, it is now deemed necessary and advisable and in the best
interests of the Borough and its inhabitants that $7,40,000 principal amount
of the general obligation bonds, referred to in the Proposition, be issued at
this time in a single series, as hereinafter fixed and determined, for the
Ord. No. 83 -4 -0
Page 1
purpose of raising funds to pay the cost of constructing and acquiring the
Project;
NOW, THEREFORE BE IT ORDAINED BY THE BOROUGH ASSEMBLY OF THE KODI,..
ISLAND BOROUGH, as follows:
Section 1. Definitions. The following terms shall have the
following meanings in the Ordinance:
(a) "Bonds" shall mean any of the Kodiak Island Borough General
Obligation School Construction Bonds, 1983 Series A, issued pursuant to the
Ordinance as the evidence of the indebtedness referred to in the Proposition.
(b) "Borough" shall mean the Kodiak Island Borough, a municipal
corporation of the State of Alaska, organized as a second class borough
pursuant to Title 29 of the Alaska Statutes.
(c) "Cost" shall mean the cost of acquiring and developing the
Project, including interest on the Bonds prior to and during the period of
acquiring and developing the Project, and reasonable fees of the Paying Agents
for the payment of such interest, the cost whether incurred by the Borough or
others for field surveys and advance planning undertaken in connection with the
Project properly allocable to the Project and the cost of acquisition of any
land or interest therein required as the site of the Project or for use in
connection therewith, the cost of preparation of the site of the Project and of
any land to be used in connection therewith, the cost of any indemnity and
surety bonds and premiums incurred in connection with the Project prior to or
during construction thereof and all related direct administrative and
inspection expenses whether incurred by it or by another in connection with the
Project prior to or during construction thereof and allocable portions of
direct costs of the Borough, legal fees, fees and expenses of the Paying
Agents, cost of issuance of the Bonds by the Borough and financing charges and
fees and expenses of bond counsel, financial advisors and consultants in
connection therewith, cost of audits, the cost of all machinery, apparatus and
equipment, cost of engineering, architectural services, design, plans,
specifications and surveys, estimates of cost, the reimbursement of all moneys
advanced from whatever source, for the payment of any item or items of cost of
the Project, and all other expenses necessary of incident to determining the
feasibility or practicability of the Project, and such other expenses not
specified herein as may be necessary or incident to the acquisition and
Ord. No. 83 -4 -0
Page 2
01;00
development of the Project, the financing thereof and the placing of the same
in use and operation.
(d) "Ordinance" shall mean this Ordinance of the Borough.
(e) "Paying Agent" and "Principal Paying Agent" shall mean the
banks, trust companies, or national banking association appointed by the
Borough pursuant to Section 18 hereof.
Section 2. Authority for Ordinance. The Borough has ascertained
and hereby determines that each and every matter and thing as to which
provision is made in this Ordinance is necessary in order to carry out and
effectuate the purposes of the Borough in accordance with the Constitution and
statutes of the State of Alaska, and to incur the indebtedness and issue the
Bonds as referred to in the Proposition.
Section 3. Purpose and Authorization of Bonds. For the purpose of
raising funds to pay the cost of acquiring and developing the Project as
authorized by the Proposition, which, in accordance with the Proposition is
hereby determined to be necessary, general obligation bonds of the Borough
referred to in the Proposition, each to be designated "Kodiak Island Borough
General Obligation School Construction Bond, 1983 Series A ", shall be issued in
the aggregate principal amount of SEVEN MILLION FOUR HUNDRED THOUSAND DOLLARS
($7,400,000) as a single issue and sold at public sale or at private negotiated
sale including sale to the Alaska Municipal Bond Bank or a private bank on a
date to be set by resolution of the Assembly passed prior to the sale. This
authorization includes the authority to issue a bond anticipation note pursuant
to AS 29.58.070.-140.
Section 4. Date and Maturities of Bonds. The Bonds shall mature
on March 1 in the following amounts in the years set opposite such amounts:
Section 5. Pa ent Dates, Form and Numbering of Bonds. Each Bond
shall bear interest from its date payable on the first day of March and
Ord. No. 83 -4 -0
Page 3
Amounts Year
September in each year beginning in 1983 at such rate or rates per annum as may
be fixed and determined by resolution adopted prior to the delivery thereof.
The Bonds shall be coupon in form and payable to bearer and
registrable as to principal alone as herein provided, or, in the case of sale
to the Alaska Municipal Bond Bank, in the form of one fully registered bond
without coupons and payable to the Alaska Municipal Bond Bank. If sold by
negotiated sale to a private bank, the Bonds may be in either coupon or fully
registered form. The Bonds coupon in form (herein called "coupon Bonds ") shall
each be of the denomination of Five Thousand Dollars ($5,000). The coupon
Bonds and the registered Bond shall be, respectively, substantially in the
forms of such Bonds hereinafter set forth with such appropriate variations,
omissions or insertions as are permitted or required by this Ordinance or any
resolution of the Borough adopted pursuant to the provisions of this Ordinance
and may have endorsed thereon such legends or text as may be necessary or
appropriate to conform to the rules and regulations of any governmental
authority, or any usage or requirement of law with respect thereto. The coupon
Bonds shall be numbered from one upwards in order of maturity.
Section 6. Details of Bonds. The Coupon Bonds shall be dated am
bear interest from March 1, 1983. The fully registered Bond shall bear
interest from its date, and shall be dated as of the date of its issuance, or
as of March 1, 1983 at the election of the Borough.
Each of the Bonds shall be signed by the manual or facsimile
signature of the Mayor, and the official seal of the Borough (or a facsimile
thereof) shall be affixed, imprinted or otherwise reproduced on the Bonds, and
attested by the manual or facsimile signature of the Borough Clerk. The
coupons attached to the coupon Bonds shall be executed with the facsimile
signature of the Borough Clerk. In case any officer whose signature or
facsimile of whose signature shall appear on any Bond or coupon shall cease to
be such officer before the delivery of such Bonds, such signature or such
facsimile shall nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery.
In the event both the signature of the Mayor and the signature of
the Clerk are in facsimile form, the Bonds shall contain a certificate of a
Paying Agent certifying the authentication of such signatures in the following
form:
Ord. No. 83 -4 -0
Page 4
Ord. No. 83 -4 -0
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PAYING AGENT'S CERTIFICATE
OF AUTHENTICATION
This is one of the Bonds described in the
mentioned Ordinance and the signatures imprinted
thereon are the authentic signatures in facsim-
ile of the Mayor and the Clerk of the Borough.
By
ut or ze t cer
Both the principal and redemption price of and the interest on the
Bonds shall be payable in any coin or currency of the United States of America
which, at the respective dates of payment thereof, is legal tender for the
payment of public and private debts.
The principal and the interest on all coupon Bonds shall be payable
at the principal office of the Paying Agents. Payment of the interest on the
coupon Bonds shall be made only upon presentation and surrender of the coupons,
if any, representing such interest as the same respectively fall due. The
interest on the registered Bond shall be paid on each interest payment date to
the Alaska Municipal Bond Bank or its registered assigns.
Section 7. Exchange of Registered Bond. The registered Bond, upon
surrender thereof at the principal office of the Borough, together with an
assignment duly executed by the registered owner or his attorney in such form
as shall be satisfactory to the Borough, may at the option of the registered
owner thereof, be exchanged for an equal aggregate principal amount of coupon
Bonds with coupons attached representing all unpaid interest due or to become
due thereon.
Section 8. Negotiability of Bonds. Title to any coupon Bond,
unless such Bond is registered as to principal in the manner hereinafter
provided, and to any interest coupon, shall pass by delivery in the same manner
as a negotiable instrument payable to bearer. At the option of the bearer,
any coupon Bond may be registered as to principal alone on books for the
registration and transfer of Bonds, kept by the Principal Paying Agent as Bond
Registrar, upon presentation thereof to the Principal Paying Agent, which shall
make notation of such registration thereon. Any such Bond registered as to
principal alone may thereafter be transferred only upon an assignment duly
executed by the registered owner or his attorney in such form as shall be
satisfactory to the Principal Paying Agent such transfer to be made on such
Name
aying gent
books and endorsed on the Bond by the Principal Paying Agent. Such transfer
may be to bearer and thereby transferability by delivery shall be restored
subject, however, to successive registration and transfers as before.
Registration of any coupon Bond as to principal, however, shall not affect the
negotiability by delivery of the coupons appertaining to such Bond, but every
such coupon shall continue to pass by delivery merely and shall remain payable
to bearer.
Section 9. Transfer of Registered Bond, Delivery of New Bonds and
Fees of Borough and Principal Paying Agent. The registered Bond may be
transferred only upon books of the Borough kept for the registration and
transfer of the Bond, upon presentation thereof at the office of the Borough,
together with an assignment duly executed by the registered owner or his
attorney is such form as shall be satisfactory to the Borough. Upon the
transfer of the registered Bond, the Borough shall make notation of such
transfer thereon.
In the case in which the registered Bond shall be exchanged, there
shall be executed, and the Borough shall authenticate and deliver, coupon Bonds
in accordance with the provisions of this Ordinance. The Bond surrendered in
any such exchange shall forthwith be cancelled by the Borough. The Borough e
the Principal Paying Agent may make a charge for every registration, exchange
or transfer of Bonds sufficient to reimburse them for any tax, fee or other
governmental charge required to be paid with respect to such registration,
exchange, or transfer, or any other charges of the Borough incurred in
connection therewith, and such charge or charges shall be paid before any such
new Bond shall be delivered. Neither the Borough nor the Principal Paying
H i Agent shall be required to make any such registration, exchange, or transfer of
a Bond during the ten (10) days next preceding an interest payment date on such
Bond.
Section 10. Ownership of Registered Bonds. As to the registered
;!Bond or any coupon Bond registered as to principal other than bearer, the
;person in whose name the same shall be registered shall be deemed and regarded
as the absolute owner thereof for all purposes, and payment of or on account of
j the principal on such Bond and the interest on the registered Bond shall be
made only to or upon the order of the registered owner thereof or his legal
representative, but such registration may be changed as hereinabove provided,
All such payment shall be valid and effectual to satisfy and discharge the
Ord. No. 83 -4-0
Page 6
liability upon such Bond, including the interest thereon to the extent of the
sum or sums so paid. The Borough and the Paying Agents may deem and treat the
bearer of any coupon Bond registered to bearer or not registered as to
principal, and the bearer of any coupon appertaining to any coupon Bonds,
whether or not such coupon Bond shall be registered as to principal, as the
absolute owner of such Bond or coupon, as the case may be, for the purpose of
receiving payment thereof and for all other purposes whatsoever, and neither
the Borough nor the Paying Agent shall be affected by any notice to the
contrary.
Section 11. Mutilated Destro ed Stolen or Lost Bonds. In case
any Bond shall become mutilated or be destroyed, stolen, or lost, the Borough
may cause to be executed, and delivered, a new Bond of like interest rate,
principal amount and maturity in exchange and substitution for and upon
cancellation of such mutilated Bond and its interest coupons, if any, in lieu
of and in substitution for such Bond destroyed, stolen or lost, and its
coupons, if any, upon the holder paying the reasonable expenses and charges of
the Borough in connection therewith and, in the case of a Bond destroyed,
stolen or lost, his filing with the Borough evidence satisfactory to it that
such Bond or coupons, if any, were destroyed, stolen or lost, and of his
ownership thereof, and furnishing the Borough with indemnity satisfactory to
it. Any new Bond so delivered may bear a number differing from the number on
the Bond it replaces.
Section 12. Exchange of Bonds. The Borough shall make provision
for the exchange of Bonds at the principal office of the Principal Paying
Agent, and shall cause books to be kept by the Principal Paying Agent, as Bond
Registrar, for the registration and transfer of Bonds as provided in this
Ordinance, except that the books for the registered Bond, if sold to the Alaska
Municipal Bond Bank, shall be kept at the office of the Borough.
Section 13. Redemption of Bonds. The Bonds maturing on or after
;March 1, 1993 shall be subject to redemption by or on behalf of the Borough
;prior to maturity, and upon notice as hereinafter provided, as a whole or in
part in inverse order of maturity on any interest payment date on or after
September 1, 1992, at a redemption price equal to the principal amount of e h
Bond to be redeemed, together with interest accrued thereon to the redemption
date.
Ord. No. 83 -4 -0
o.„e 7
n 0 1
Ord. No. 83 -4 -0
Page 8
If less than all of the Bonds of like maturity are to be redeemed,
the particular Bonds to be redeemed shall be selected in inverse numerical
order.
Section 14. Notice of Redemption. When the Borough determines to
redeem any Bonds, it shall give notice of such redemption, which notice shall
state the redemption date and identify the Bonds to be redeemed by reference to
their numbers and further state that on such redemption date there shall
become due and payable upon each such Bond the principal amount thereof
(hereinafter in this Ordinance referred to as the "Redemption Price ") together
with interest accrued to the redemption date, and that from and after such date
interest thereon shall cease to accrue. Such notice shall be given by mailing
notice to the registered owner of each Bond at the address kept on the books of
the Borough and by publication at least once not less than sixty days prior to
the redemption date in a newspaper which is customarily published at least once
a day for at least five days (other than legal holidays) in each calendar week,
printed in the English language, and published in one newspaper of general
circulation in the Borough of Manhattan, City and State of New York, or the
City of Seattle, Washington. In the event all Bonds are registered, no
publication shall be required.
Section 15. Payment of Redeemed Bonds. Notice of redemption
having been given in the manner provided in Section 14, the Bonds so called for
redemption shall become due and payable on the redemption date stated in said
notice at the applicable Redemptive Price on said date plus interest accrued
and unpaid to.the redemption date, and, upon presentation and surrender
thereof, at the principal office of the Paying Agent or in the case of the
registered Bond, at the office of the Borough, together with, in the case of
Bonds registered otherwise than to bearer, a written instrument of transfer
duly executed by the registered owner or his duly authorized attorney and, in
the case of Bonds not registered as to interest, all appurtenant coupons
!maturing subsequent to the redemption date, such Bonds shall be paid at the
said Redemption Price plus interest accrued and unpaid to the redemption date
not represented by coupons for matured interest installments. All interest
installments represented by coupons which shall have matured on or prior to the
redemption date shall continue to be payable to the bearers of such coupons.
,'If, on the redemption date, moneys for the redemption of all the Bonds to be
redeemed, together with interest accrued and unpaid to the redemption date,
) 1 I
shall be held on behalf of the Borough at the principal office of the Paying
Agents so as to be available therefor on said date and if notice of redemption
shall have been published as aforesaid, then from and after the redemption date
the Bonds so called for redemption shall cease to bear interest and the coupons
for interest appertaining thereto maturing subsequent to the redemption date
shall be void and said Bonds and coupons shall no longer be considered as
outstanding hereunder.
Section 16. Form of Coupon Bond. Each coupon Bond, the coupons to
be attached thereto and the provisions for registration to be endorsed thereon,
if any, shall be, respectively, in substantially the form following with such
variations, omissions and insertions as may be required or permitted by this
Ordinance and as may be required by any resolution or resolutions adopted by
the Borough.
Ord. No. 83 -4 -0
Page 9
7 r)
No. $5,000
r
J
UNITED STATES OF AMERICA
STATE OF ALASKA
KODIAK ISLAND BOROUGH
General Obligation School Construction Bond
1983 Series A
The Kodiak Island Borough, a municipal corporation of the State of
Alaska, for value received, acknowledges itself indebted and hereby promises to
pay to the bearer or, if this bond be registered as herein provided, the
registered owner hereof, on the first day of March, 19 , upon presentation and
surrender hereof, the principal sum of Five Thousand Dollars ($5,000), and to
pay interest on such principal sum from the date hereof until the Borough's
obligation with respect to the payment of such principal sum shall be
discharged, at the rate of per centum ( %) per annum,
payable on September 1, 1983, and semi - annually thereafter in each year on the
first day of March and September, but only, in case of interest due at or
before maturity of this bond, according to the tenor of the respective coupons
therefor annexed hereto and upon presentation and surrender of said coupons as
they severally become due. The principal of, and interest on this bond, when
due, will be payable at the principal office in the
(hereinafter called the "Principal Paying Agent "), or at the option of the
holder, at the principal office in the
(hereinafter collectively, together with the Principal Paying Agent, called the
"Paying Agents "), in any coin or currency of the United States of America which
at the time of payment is legal tender for the payment of public and private
debts.
The bond is one of the General Obligation School Construction
Bonds, 1983 Series A, of the Kodiak Island Borough, Alaska, of like tenor and
effect except as to interest rates, serial number and maturity, is one of a
'series of the Bonds aggregating $7,400,000 in principal amount and is part of
$29,000,000 aggregate principal amount of Bonds authorized to pay the cost of
'acquiring property for planning, designing, equipping, constructing school and
related capital improvements in the Borough with the question of their issuance
for such purpose approved and ratified by a majority vote of the qualified
voters of the Borough who voted on a Proposition authorizing the Bonds at the
Ord. No. 83 -4 -0
Page 10
,0; 0 1 ,
special election held on December 11, 1979, and is issued pursuant to Ordinance
No. 80 -17 -0 of the Borough (herein collectively called the "Ordinance ").
The Bonds are numbered from one consecutively upwards in order
of maturity.
The Bonds maturing on or after March 1, 1993, are subject to
redemption by or on behalf of the Borough prior to maturity and upon notice as
set forth in the Ordinance, as a whole or in part in inverse order of maturity
on any interest payment date on or after March 1, 1992, at the principal amount
of each Bond to be redeemed, together with interest accrued thereon to the
redemption date.
If less than all of the Bonds of like maturity are to be redeemed,
the particular Bonds to be redeemed shall be redeemed in inverse numerical
order as provided in the Ordinance.
This bond in transferable by delivery, unless registered as to
principal other than to bearer. It may be registered as to principal in the
name of the bearer on the books of the Borough kept for the purpose at the
principal office of the Principal Paying Agent, such registration to be noted
hereon, after which no transfer hereof shall be valid unless made on said books
by the registered owner hereof in person or by his attorney duly authorized in
writing, and similarly noted hereon; but this bond may be discharged from
registration by being in like manner transferred to bearer, after which it
shall again become transferable by delivery. This bond may again, from time to
time, be registered or discharged from registration in the same manner. Such
registration, however, shall not affect the negotiability by delivery of the
1 coupons appertaining hereto, which shall continue to pass by delivery merely
and shall remain payable to bearer. The Borough and the Paying Agents of the
Borough may treat and consider the bearer of this bond or, if it be registered
as herein provided, the person in whose name it is registered, as the holder
and absolute owner of this bond for the purpose of receiving payment of, or on
account of, the principal hereof and for all other purposes whatever except for
the purpose of receiving payment of coupons, and may treat and consider the
bearer of any coupon appertaining hereto as the holder and absolute owner
thereof for the purpose of receiving payment thereof and for all other purposes
whatsoever.
The Bonds are issuable in the form of coupon Bonds in the
denomination of $5,000.
Ord. No. 83 -4 -0
Page 11
;
This bond is a general obligation of the Kodiak Island Borough,
Alaska, and the full faith and credit of the Borough are pledged for the
payment of the principal of and interest this bond as the same shall become
due.
IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or
things required by the Constitution and laws of the State of Alaska to exist,
to have happened or to have been performed precedent to or in the issuance of
this bond, exist, have happened and have been performed, and that the issue of
Bonds of which this is one, together with all other indebtedness of the
Borough, is within every debt and other limit prescribed by said Constitution
and statutes.
IT WITNESS WHEREOF, THE KODIAK ISLAND BOROUGH has caused this bond
to be signed in its name and on its behalf by the manual or facsimile signature
of the Mayor and its corporate seal (or a facsimile thereof) to be hereunto
affixed, imprinted or otherwise reproduced, and attested by the manual or
facsimile signature of the Borough Clerk, and coupons for interest, bearing and
signed by the facsimile signature of the Clerk, to be attached hereto, all as
of this first day January, 1983.
(SEAL)
ATTEST:
Borough Clerk
Ord. No. 83 -4 -0
Page 12
Mayor
�) r
.................
Ord. No. 83 -4 -0
Page 13
7 ' .3
FORM OF PROVISIONS FOR REGISTRATION
Notice: No Writing Below Except by the
Paying Agent as Registrar
Date of Name of
Registration
Reg istered Owner
Authorized
Signature of
Re istrar
FORM OF COUPONS
; .................
On the first day of
Borough will
pay , 1 9 . the Kodiak Island
p y to the bearer at the principal office in the
a Paying Agent of the Borough, or at the option of the holder,
at the principal office in the
a Paying Agent of the Borough, upon surrender of this coupon,
Dollars ($
)
United States of America which at the time of payment yis coin legal or currercfor the
e
payment of public and private debts, being six months interest then due its
Kodiak Island Borough General Obligation School Construction Bond, 1983
Series A.
No. ..............
u orough C er
Kodiak Island Borough
1 1 1
Section 17. Form of Fully Registered Bond. The fully registered
Bond shall be in substantially the form of the coupon Bonds hereinabove set
forth with such insertions or variations as may be required or permitted by
Ordinance, except that there shall be no coupons to be attached thereto and
that the first, second, third, fourth, and tenth paragraphs thereof shall be in
substantially the following forms respectively:
FIRST PARAGRAPH
The Kodiak Island Borough, a municipal corporation of the State of Alaska,
acknowledges itself indebted and for value received hereby promises to pay to
Alaska Municipal Bond Bank or registered assigns, the principal sum of Seven
Million Four Hundred Thousand Dollars ($7,400,000) in the following
installments on March 1 of each of the following years, and to pay to the
registered owner hereof until the Borough's obligation with respect to the
payment of such installment shall be discharged, on the first days of March and
September of each year, beginning September 1, 1983, as follows:
Interest
Year Amount Rate
This Bond, as to principal and interest when due, will be payable at the office
of the Borough in any coin or currency of the United States of America which at
the time of payment.is legal tender for the payment of public and private
debts.
Ord. No. 83 -4 -0
Page 14
1 r) 'l I Z '' ' n r
SECOND PARAGRAPH
This Bond is the single registered Bond of the series of Bonds entitled General
Obligation School Construction Bond, 1983 Series A, of the Kodiak Island
Borough, Alaska, aggregating $7,400,000 in principal amount and is part of
$29,000,000 aggregate principal amount of bonds authorized for the purpose of
providing funds to pay the costs of acquiring property for planning, designing,
equipping and constructing schools and related capital improvements in the
Borough, with the question of their issuance for such purposes approved and
ratified by majority vote of the qualified voters of the Borough who voted on a
Proposition authorizing the Bonds at the special election held on
December 11, 1979, and is issued pursuant to Ordinance No. 80 -17 -0 of the
Borough (herein called the "Ordinance ").
THIRD PARAGRAPH
The installments of this Bond becoming due on or after March 1, 1993, are
subject to redemption by or on behalf of the Borough prior to maturity and upon
notice as set forth n the Ordinance as a whole or in part in inverse order of
maturity on any interest payment date on or after March 1, 1992 at a redemption
price calculated with respect to each installment or portion thereof to be
redeemed equal to the amount thereof, plus accrued interest to the date of
redemption.
FOURTH PARAGRAPH
This Bond is transferable, as provided in the Ordinance, only upon the books of
the Borough dept for that purpose at the principal office of the Borough by the
registered owner hereof in person or by his attorney duly authorized in writing
upon surrender hereof together with a written instrument of transfer
satisfactory to the Borough duly executed by the registered owner, the Borough
; shall issue coupon bonds with appropriate coupons attached, of the same
aggregate principal amount as the surrendered Bond as provided in the Ordinance
and upon the payment of the charges therein prescribed. The Borough may treat
and consider the person in whose name this Bond is registered as the holder and
absolute owner hereof for the purpose of receiving payment of, or on account
of, the principal hereof and interest due hereon and for all other purposes
whatsoever.
TENTH PARAGRAPH
IN WITNESS WHEREOF, THE KODIAK ISLAND BOROUGH has caused this bond
to be signed in its name and on its behalf by the manual signature of the Mayor
Ord. No. 83 -4 -0
Page 15
19
(S E A L)
ATTEST:
Ord. No. 83 -4-0
Page 16
and the official seal of the Borough (or a facsimile thereof) to be affixed,
imprinted, or otherwise reproduced hereon, and attested by the manual or
facsimile signature of the Borough Clerk, all as of the _ day of
l4ayor
Borough Clerk
Section 18. Paying Agents. One or more Paying Agents shall be
appointed by a resolution adopted by the Borough prior to the time of sale of
the Bonds, unless the Bonds are sold at private sale in the form of a single
registered bond to the Alaska Municipal Bond Bank, in which case no Paying
Agents need be appointed by the Borough until such time as the Alaska Muni'
Bond Bank shall elect to exchange the single registered Bond for coupon t.
The Borough shall indemnify and save harmless the Paying Agents against any
liabilities which they may incur in the exercise and performance of their
powers and duties as Paying Agents which are not due to their negligence or
default, and shall pay their reasonable charges for their services as Paying
Agents. The Paying Agents may become the owners of or may deal in Bonds, as
fully and with the same rights as if they were not Paying Agents.
Section 19. Authority of Officers. The Mayor, Manager, Finance
Officer and the Borough Clerk, are, and each of them hereby is authorized and
directed to do and perform all things and determine all matters not determined
by this Ordinance or to be determined by a subsequent ordinance or resolution
of the Borough, to the end that the Borough may carry out its obligations under
the Bonds and this Ordinance.
Section 20. Miscellaneous.
(a) All payments made by the borough of, or on account of, the
;principal of or interest on the Bonds shall be made on the several Bonds
ratably and in proportion to the amount due thereon respectively for principal
or interest as the case may be.
(b) No recourse shall be had for the payment of the principal of
or the interest on the Bonds or for any claim based thereon or on this