1972-12 Canceling The Authorization Of The KIB To Issue General Obligation Bonds In The Amount Of $3,338,027,000Page One, RESOLUTION NO. 72 -12 -R
KODIAK ISLAND BOROUGH
RESOLUTION NUMBER 72 -12 -R
CANCELING THE RESOLUTION THORIZATION OFETHE DKODI AK L ISLAND DR B B OROUGH TO ASSEMBLY
ISSUE GENERAL OBLIGATION BONDS IN THE AMOUNT OF THREE MILLION
THREE HUNDRED THIRTY -EIGHT THOUSAND TWENTY - SEVEN AND NO /100THS
($3,338,027.00) DOLLARS AS AUTHORIZED BY A REGULAR BOROUGH
ELECTION HELD ON OCTOBER 1, 1968
WHEREAS, at a Regular Election held in the Kodiak
Island Borough on October 1, 1968, the duly qualified electors
of the Borough authorized the Kodiak Island Borough to issue
obligation bonds in the amount of THREE MILLION THREE HUNDRED
THIRTY -EIGHT THOUSAND TWENTY -SEVEN and No /l0oths ($3,338,027.00)
DOLLARS with interest at a rate not to exceed six percent (68) per
annum, for the purpose of constructing basic educational high
school facilities at Kodiak; completion of the East Elementary
School Addition and construction of an elementary school building
and multi - purpose unit at Ouzinkie, Alaska, and
WHEREAS, due to an increase in interest on general
obligation bonds, said issue was never sold and thereafter at
a Special Election held on Thursday, May 6, 1971, the duly
qualified electors of the Borough authorized the Borough to
expend TWO HUNDRED FORTY THOUSAND and No /100ths ($240,000.00)
DOLLARS of Public Law 815 funds for the purpose of constructing
an elementary school building and multi - purpose unit at Ouzinkie,
and
WHEREAS, at a Special Election held in the Kodiak
Island Borough on Tuesday, the 15th day of February, 1972, the
duly qualified electors of the Borough authorized the Kodiak
Island Borough to issue general obligation bonds in the amount
of THREE MILLION FIVE HUNDRED THOUSAND and No /10oths ($3,500,000.0
DOLLARS for the purpose of constructing basic educational high
school facilities at Kodiak, and therefore there is no longer any
need for the previously authorized, but un issued, general obligat
I bond issue in the amount of THREE MILLION THREE HUNDRED THIRTY
THOUSAND TWENTY-SEVEN and No /100ths ($3,338,027.00) DOLLARS as
provided for in Resolution No. 68 -31 - R, and the same has a
tendency to cloud the actual financial condition of the Borough
when reference is made to general obligation bonds authorized but
unsold by the Kodiak Island Borough.
NOW, THEREFORE, BE IT RESOLVED by the Kodiak Island
Borough Assembly that the General Obligation Bond Issue in the
amount of THREE MILLION THREE HUNDRED THIRTY -EIGHT THOUSAND
it TWENTY-SEVEN and No /100ths ($3,338,027.00) DOLLARS authorized
by the duly qualified electors of the Borough at the Regular
'' Borough Election held on October 1, 1968, as referred to in
Resolution No. 68 -31 -R, be and the same are hereby canceled, as
it is no longer in the best interests of the Borough to carry
said Bond Issue as authorized but un- issued.
,
PASSED AND APPROVED this 2 nd day of ,=arch 1972. —
KODIAK ISLAND BOROUGH
ATTEST:
Boroug C er
•
By
Page Two, RESOLUTION NO. 72 -12 - R
Boroug Ch airman