1980-34 Authorizing The Issuance And Execution Of A Loan Agreement With The Alaska Municipal Bond Bank And The Issuance Of A Fully Registered Bond To The Alaska Municipal Bond Park.' 1 1 ! 7
KODIAK ISLAND BOROUGH
RESOLUTION NO. 80 -34 -R
A RESOLUTION AUTHORIZING THE ISSUANCE AND EXECUTION OF A LOAN AGREEMENT
WITH THE ALASKA MUNICIPAL BOND BANK AND THE ISSUANCE OF A FULLY REGISTERED BONO
TO THE ALASKA MUNICIPAL BOND BANK.
BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH AS FOLLOWS:
Section 1. Pursuant to Section 21 of Ordinance No. 80 -17 -0, the Borough
hereby determines to sell and issue its Kodiak Island Borough General Obliga-
tion School Construction Bonds, 1980 Series A (herein referred to as the "Bonds ")
to the Alaska Municpal Bond Bank (the "Bank ") on the terms and conditions fixed
in the Loan Agreement hereinafter mentioned in Section 2.
Section 2. The Mayor is hereby authorized to execute and cause to be
delivered on behalf of the Borough the Loan Agreement with the Bank in the form
attached to this Resolution and the Mayor, Manager, and Borough Clerk are hereby
authorized to do any and all things necessary to carry out the obligations of
the Borough pursuant to Ordinance No. 80 -17 -0 and the Loan Agreement.
Section 3. Pursuant to Section 21 of Ordinance No. 80 -17 -0, one fully
registered bond in substantially the form prescribed in Ordinance No. 80 -17 -0
shall be issued to the Bank. The fully registered bond shall bear interest
from its date. The bond shall bear interest at the rates per annum specified
pursuant to the Loan Agreement and shall be sold at a price equal to par.
Section 4. Pursuant to Section 23 of Ordinance No. 80 -17 -0, the Bonds
shall be dated as of the closing date and shall mature on August 1 of each
year as follows:
Maturity Year Amount
1982 $ 290,000
1983 315,000
1984 340,000
1985 370,000
1986 395,000
1987 430,000
1988 465,000
1989 500,000
1990 540,000
1991 585,000
1992 630,000
1993 680,000
1994 735,000
1995 795,000
1996 860,000
1997 925,000
1998 1,000,000
1999 1,080,000
2000 1,165,000
0 ) 1 1 I
Interest shall be payable on February 1 and August 1 in each year
beginning August 1, 1981. The Bonds maturing on or after August 1, 1991 shall
be subject to redemption on or after August 1, 1990.
PASSED AND APPROVED THIS /5/day of July, 1980.
Attest:
J mum
Borougl er
ii
' No. 80 -34 -R
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KODIAK ISLAND BOROUGH
By&C7 — \� � ‘c
Borough Mayor