1982-15 Supporting An Amendment To Alaska Statute 18.56.095 For Mortgage Insurance To Insure Land Titles On Lands Conveyed By Tentative Title.1I el ) ? , 2 1 ! I
I KODIAK ISLAND BOROUGH
RESOLUTION NO. 82 -15 -R
A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY SUPPORTING AN
,AMENDMENT TO ALASKA SFATUTE 1 8.56.095 FOR MORTGAGE INSURANCE TO INSURE LAND
,' ON LANDS CONVEYED BY TENTATIVE TITLE.
!� WHEREAS, it is desirable for the State to insure its land title for
I
tate tentative approved lands used for residential purposes, and
H WHEREAS, financial institutions are withholding insured mortgage loans
j u ntil State patents are in order, and
WHEREAS, similar legislation was
proposed in 1980 which was codified
as AS 18 .56.097 but which inadvertently addresses a very narrow issue and is
I
limited to a very small proportion of those being denied insured moat a e
!I Where the federal patent will be many g g loans
Y years incoming.
rE
NOW, THEREFORE, BE IT RESOLVED by the Assembly of the Kodiak Island
,Borough that special legislation is requested to
amend AS 18.56.095 by adding
h subsection which reads as follows: "The mortgage insurance fund shall insure
a the land title for mortgage and construction loans on land conveyed by tentative
pproval from the Federal government to the State of Alaska and
subsequent
approved for municipal selection under AS 29.18 201 .213 or conveyed bly
by
interim conveyance to a native corporation organized under the Alaska Native
Claims Settlement Act ".
BE IT FURTHER RESOLVED by the Kodiak Island Borough Assembly that the
orough administration be directed to send this resolution to Senator Mulcahy
d Representatives Sutcliffe and Zharoff and implore their assistance in the
uccessful adoption of this legislation.
PASSED AND APPROVED this 4th day of Februar
he Borough Assembly.
TTEST:
r— /7
Borough Cle
KODIAK IS VD BOROUG
, 1982 by