1993-48 Providing for the Submission to the Qualified Voters of the Kodiak Island Borough the Question of the Issuance of $9,700,000 of General Obligations BondsKodiak Island Borough, Alaska
6 )
Introduced by:
Requested by:
Drafted by:
Introduced:
Public Hearing:
Amended:
Adopted:
KODIAK ISLAND BOROUGH
ORDINANCE NO. 93 -48
AN ORDINANCE PROVIDING FOR THE SUBMISSION
TO THE QUALIFIED VOTERS OF THE KODIAK ISLAND BOROUGH
THE QUESTION OF THE ISSUANCE OF NINE MILLION SEVEN HUNDRED
THOUSAND DOLLARS ($9,700,000) OF GENERAL OBLIGATION
BONDS OF THE KODIAK ISLAND BOROUGH TO PAY THE COSTS
OF SCHOOL AND RELATED CAPITAL IMPROVEMENTS
IN THE KODIAK ISLAND BOROUGH AT AN ELECTION
IN AND FOR THE KODIAK ISLAND BOROUGH ON OCTOBER 5, 1993
WHEREAS, under the provisions of Alaska Statutes
incur general obligation debt only after a
approved by a majority of those voting
special election; and
Mayor Selby
Assembly
Bond Counsel
07/01/93
07/15/93
07/15/93
07/15/93
29.58.190, a municipality may
bond authorization ordinance is
on the question at a regular or
WHEREAS, the Kodiak Island Borough views the school and related capital
improvements described herein as necessary and beneficial to the
comr..Jnity.
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: It is hereby determined to be for a public purpose and in the public
interest of the Kodiak Island Borough to incur general obligation bonded
indebtedness in an amount not to exceed Nine Million Seven Hundred
Thousand Dollars ($9,700,0001, for the purpose of paying the costs of
planning, designing, acquiring, installing and constructing school and
related capital improvements in the Borough.
Section 2: The sum of Nine Miiii Seven Hundred Thousand shall be borrowed by, for and on behalf of, the Kodiak l Island Borough for and related capital improvements and shall be evidenced by the
issuance of general obligation bonds of the Borough. The bond proceeds
shall be used for capital improvements only. The full faith and credit of
the Borough is pledged for the payment of the principal of and interest
Ordinance No. 93 -48
Page 1 of 3
Section 3: An election is to be held on October 5, 1993, 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 rejection. The proposition must receive a majority vote of
those in the Kodiak Island Borough voting on the question to be
approved. The proposition shall be substantially in the following form:
on the bonds, and ad valorem taxes upon all 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.
Shall the Kodiak Island Borough incur debt and issue general
obligation bonds not to exceed Nine Million Seven Hundred Thousand
Dollars ($9,700,000) for planning, designing, acquiring, installing
and constructing school and related capital improvements within the
Borough, including but not limited to the following?
Proiect
DOE #52 -94 Kodiak North Star
Elementary School
DOE #74 -94 Ouzinkie School
Upgrade /Remodel
Current
Proiect Total State
52 -94 Kodiak
North Star
Elementary
School -0-
PROPOSITION NO. 1
SCHOOL AND RELATED IMPROVEMENT BONDS
Estimated
Total
Principal
and
Interest
$8,500,000
$1,200,000 $840,000
Boro
-0- -o-
Estimated
Debt
Service
Paid by
the State
$5,950,000
Estimated
Debt
Service
Paid by
the
Municipality
$2,550,000
$360,000
Actual current and projected post- construction annual operations
and maintenance costs for these facilities are as follows:
Post - Construction
Total State Boro
815,000 657,705 157,295
74 -94 Ouzinkie
School
Upgrade/
Remodel 386,000 311,502 74,498 386,000 311,502 74,498
The bonds shall be secured by a pledge of the full faith and credit
of the Kodiak Island Borough. The approximate amount of taxes on
$100,000 of assessed real and personal property value (based on
estimated total 1993 assessed valuation) to retire this proposal
debt is Thirty -two Dollars ($32) per year. (Ordinance No. 93 -48)
Kodiak Island Borough, Alaska Ordinance No 93 +-
Page 2 3t
ATTEST:
Kodiak Island Borough, Alaska
9
LJcrhrtv�7} ,a t1
Donna F. Smith, Borough Clerk
Pee
Section 4: The proposition, both for paper ballots and machine ballots, shall be
printed on a ballot which may set forth other general obligation bond
propositions, and the following words shall be added as appropriate and
next to a square provided for marking the ballot for voting by a machine:
PROPOSITION NO. 1
Yes
No
9 A
Section 5: Sections 1 and 2 of this Ordinance shall become effective only if the
proposition described in Section 3 is approved by a majority of the
qualified voters voting on the proposition at the regular election on
October 5, 1993. The remaining sections of this Ordinance shall
become effective upon passage and approval.
ADOPTED BY THE KODIAK ISLAND BOROUGH ASSEMBLY
THIS 15th DAY OF JULY, 1993
KODIAK ISLAND BOROUGH
Jac . McFarland, Presiding
1
i
Ordinance No 9..,,
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