1984-69 Amending the KIB Code Section 8.04.030 Increasing the Level of Hospital Reserve Funds That Draw No Interest�) 1 1 1 1 6 1
WHEREAS, the Lutheran Hospital and Homes Society has requested the
Kodiak Island Borough Assembly reconsider the $250,000 threshhold for interest
accrual, and
WHEREAS, the Kodiak Island Borough Assembly has reviewed the materials
provided LHHS and concurs with increasing the threshhold to $250,000.
NOW, THEREFORE, BE IT ORDAINED that the Kodiak Island Borough Code
KODIAK ISLAND BOROUGH
ORDINANCE NO. 84 -69 -0
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY AMENDING KODIAK
ISLAND BOROUGH CODE SECTION 8.04.030 INCREASING THE LEVEL OF HOSPITAL RESERVE
FUNDS THAT DRAW NO INTEREST.
Section 8.04.030, Subsection F.2. be amended to read as follows:
2. The Hospital Board will establish an operating capital account with
a minimum balance of $250,000. This will serve for the purpose of main-
taining sufficient resources to insure adequate, cash flow. The management
shall pay interest to the account on any balance above $250,000. Invest-
ments of these balances shall be in accordance with Borough investment
policy.
ATTEST:
By
PASSED AND APPROVED this
day ,of
KODIAK ISLAND BOROUGH
By
Borough Mayor
, 1984.
Borough Clerk
First Reading and Approval Date:
Second Reading, Public Hearing and Approval Date:
Effective Date:
Recommended By: Lutheran Hospital and Homes Society