1996-13 Amending Title 3 Facilities Fund•
Technology Center
Kodiak Island Borough, Alaska
Introduced by:
Requested by:
Drafted by:
Introduced:
Public Hearing:
Amended:
Adopted:
KODIAK ISLAND BOROUGH
ORDINANCE NO. 96 -13
AN ORDINANCE AMENDING TITLE 3 REVENUE AND FINANCE
OF THE KODIAK ISLAND BOROUGH CODE OF ORDINANCES
BY AMENDING SECTION 3.04.051 FACILITIES FUND
Assemblymember Burt
Assemblymember Burt
Assemblymember Burt
and Mayor Selby
10/03/96
10/17/96
10/17/96
10/17/96
WHEREAS, there is established a permanent fund for facilities in the Kodiak Island
Borough to provide revenue for future buildings; and
WHEREAS, revenue derived from this fund will be used to stabilize and reduce the
property taxes in the Kodiak Island Borough;
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: This ordinance is of a general and permanent nature and shall be a part
of the Kodiak Island Borough Code of Ordinances.
Section 2: Title 3, Chapter 3.04, Section 3.04.051 is amended as follows:
Section 3.04.051 Facilities fund.
A. The facilities fund is established as a separate investment fund which
is distinct from the general land sale fund > a'U a r> , The fund consists of
all proceeds received from the sale of Shuyak Island property to the Exxon Valdez Oil
Spill Trustee Council. All income from the fund shall be deposited to the fund. The
assembly may, by ordinance, make additional appropriations to the fund at any time.
B. The fund may be invested only as provided in section 3.04.020. The
fund may not be appropriated or spent, except as provided in this section. This
...........
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C. The assembly may, by ordinance, make a one time appropriation of
....... € 1 1 # 1alrs $6 # for the financing or construction
an addition to the Fishery Industrial
Ordinance No. 96 -13
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D. The excess income of the fund is defined as eighty -five percent
(85 %) of the annual investment income from the fund. The excess income of the
fund is available for appropriation by the assembly in the fiscal year following the year
in which the income is earned. The excess income of the fund may be appropriated
only for the following purposes:
1. maintenance and repair of existin facilities,
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2. brae. e pa » the bo - :> r ,o
3. upgrade and reconstruction of existing facilities,
4. debt service on " atio 'bonds issued for facilities
construction-- -
E. A portion of the fund may be appropriated for another purpose only
upon approval of an ordinance ratified by a two-thirds (2/3) majority of the qualified
voters at a regular or special election.
ATTEST:
onna F. Smith, CMC /AAE, Borough Clerk
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS SEVENTEENTH DAY OF OCTOBER, 1996
KODIAK ISLAND BOROUGH
y L.:fZ ns, Presiding Officer
Kodiak Island Borough, Alaska Ordinance No. 96 -13
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