1993-49 Providing for the Submission to the Qualified Voters of the Kodiak Island Borough the Question of the Issuance of $9,500,000Introduced by:
Requested by:
Drafted by:
Introduced:
Public Hearing:
Adopted:
Adopted:
Mayor Selby
Assembly
Bond Counsel
07/01/93
07/15/93
07/15/93
07/15/93
KODIAK ISLAND BOROUGH
ORDINANCE NO. 93 -49
AN ORDINANCE PROVIDING FOR THE SUBMISSION TO THE
QUALIFIED VOTERS OF THE KODIAK ISLAND BOROUGH
THE QUESTION OF THE ISSUANCE OF
NINE MILLION FIVE HUNDRED THOUSAND DOLLARS (59,500,000)
OF GENERAL OBLIGATION BONDS OF THE KODIAK ISLAND BOROUGH
TO PAY THE COSTS OF HOSPITAL AND RELATED CAPITAL IMPROVEMENTS
IN THE BOROUGH AT AN ELECTION IN AND FOR THE BOROUGH
ON OCTOBER 5, 1993
WHEREAS, under the provisions of Alaska Statutes 19.47.190 a municipality may
incur general obligation debt only after a bond authorization ordinance is
approved by a majority of those voting on the question at a regular or
special election; and
WHEREAS, the Kodiak Island Borough views the hospital and related capital
improvements described herein as necessary and beneficial to the
community;
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 Five Hundred
Thousand Dollars ($9,500,000), for the purpose of paying the costs of
planning, designing, acquiring, installing and constructing hospital and
related capital improvements in the Kodiak Island Borough.
Section 2: The sum of Nine Million Fi Hundred Thousand
shall be borrowed by, for and on behalf of, the Kodiak Island Borough for hospital and related capital improvements and shall be evidenced by the
issuance of general obligation bonds of the Kodiak Island Borough. The
bond proceeds shall be used for capital improvements only. The full
faith and credit of the Kodiak Island Borough is pledged for the payment
Kodiak Island Borough. Alaska
Ordinance No. 9349
Page 1 of 3
of the principal of and interest 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.
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:
PROPOSITION NO. 2
HOSPITAL AND RELATED CAPITAL IMPROVEMENT BONDS
Shall the Kodiak Island Borough incur debt and issue general
obligation bonds not to exceed Nine Million Five Hundred Thousand
Dollars ($9,500,000) for planning, designing, acquiring, installing
and constructing hospital and related capital improvements within
the Kodiak Island Borough? The bonds shall be secured by a pledge
of the full faith and credit of the Kodiak Island Borough.
(Ordinance No. 93 -49)
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. 2
Yes
No
E
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
.. Iifi J .� L t the r egula r electoI o ..
qualified voters voting on the proposition a i
i the regular election on
October 5, 1993. The remaining sections of this Ordinance shall
become effective upon passage and approval.
Kodiak Island Borough, Alaska Ordinance No. 93 -49
Page 2 of 3
ATTEST:
ADOPTED BY THE KODIAK ISLAND BOROUGH ASSEMBLY
THIS 15th DAY OF JULY, 1993
D P - 7-li71 a dr,/
Donna F. Smith, Borough Clerk
Kodiak Island Borough. Alaska
/ Jack L.
KODIAK ISLAND BOROUGH
/j
1 4
l
Jerom M. Selby, Borough
cFarland, Pr @siding Officer
Ordinance No 93 -49
Page 3 m s