1988-10 Exercising Call Privilege on General Obligation Bonds of August 1, 1974.Island Borough Assembly.
KODIAK ISLAND BOROUGH
ORDINANCE NO. 88 -10 -0
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH EXERCISING CALL PRIVILEGE ON
GENERAL OBLIGATIONS BONDS OF AUGUST 1, 1974.
WHEREAS, the Kodiak Island Borough did reserve its right to redeem any or
all of the outstanding bonds (page 3, Ordinance 74 -41 -0 dated September 26,
1974) of the 1974 general obligation refunding bonds; and
WHEREAS, the interest rate on the debt service now exceeds that which can
be earned on the investment of these funds.
WHEREAS, the funds for exercising this call are currently available in
the Debt Service Fund.
NOW THEREFORE, BE IT ORDAINED, by the Assembly of the Kodiak Island
Borough that the call privilege will be exercised on the next interest date of
August 1, 1988. Staff is hereby authorized and directed to effect the
following redemptions:
Bond Interest
Numbers Years Amounts Rates
91 -140 1988 250,000 7.25%
141 -194 1989 270,000 7.25
195 -252 1990 290,000 7.25
253 -314 1991 310,000 7.25
315 -380 1992 330,000 7.25
ATTEST:
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By /twl0 c<k�rku- «.Q iJ(� - a - '--'
:y: Mayor Selby
Drafted by: Finance Officer
Introduced: 04/07/88
Public Hearing: 05/05/88
Adopted: 05/05/88
PASSED AND APPROVED THIS 5 day of May ,1988 by the Kodiak
KODIAK ISLAND BOROUGH
g Borough Ma
residing Officer