1996-14 Amending Title Adding Education FundKODIAK ISLAND BOROUGH
ORDINANCE NO. 96 -14
Introduced by: Mayor Selby
Requested by: Assembly
Drafted by: Mayor Selby
Introduced: 10/03/96
Amended: 10/17/96
Public Hearing: 10/17/96
Adopted: 10/17/96
AN ORDINANCE ESTABLISHING AN EDUCATION FUND
BY AMENDING TITLE 3 REVENUE AND FINANCE
OF THE KODIAK ISLAND BOROUGH CODE OF ORDINANCES
BY ADDING SECTION 3.04.052 EDUCATION FUND
WHEREAS, there will be proceeds from the Exxon Valdez oil spill litigation punitive
damages; and
WHEREAS, the establishment of a permanent fund for all education programs in the
Kodiak Island Borough would provide revenue for future education programs operating
expenses; and
WHEREAS, education is the best solution to prevent future oil spills and the great
destruction of resources and community infrastructure that results from such
disasters; and
WHEREAS, assuring quality education for Kodiak Island is the best restoration
possible to result from the Exxon Valdez disaster; and
WHEREAS, an education fund would be a major factor in controlling and establishing
the property tax rates in the Kodiak Island Borough for many years;
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 is amended by adding Section 3.04.052 as
follows:
Section 3.04.052 Education fund.
A. The education fund is established as a separate investment fund which is
distinct from all other funds. The fund consists of the net proceeds received from the
Kodiak Island Borough, Alaska Ordinance No. 96 -14
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Exxon Valdez oil spill litigation punitive damages after all expenses of litigation and
oil spill clean -up. All income from the fund shall be deposited to the fund. The
assembly will make an appropriation of up to five hundred thousand dollars
($500,000) in fiscal year 1997 and may make additional appropriations to the fund
at any time by ordinance.
B. The fund may be invested only as provided in section 3.04.020 of this chapter.
The fund may not be appropriated or spent, except as provided in subsections C and
D of this section.
C. 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. an endowed chair for the director position at the University of Alaska
Fisheries Industrial Technology Center on Near Island;
2. an annual contribution toward the operating cost of the Kodiak College;
3. an annual contribution toward the operating cost of schools K - 12 in the
Kodiak Island Borough.
D. 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.
and
ATTEST:
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS SEVENTEENTH DAY OF OCTOBER, 1996
KODIAK ISLAND BOROUGH
(
/7)1111 gat)
o nna F. Smith, CMC /AAE, Borough Clerk
Kodiak Island Borough, Alaska
Jerre M. Selby, Borough lb 17
Gar " L. Ste - s, Presiding Officer
Ordinance No. 96 -14
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