1983-22 Authorizing John Nuveen & Company, Inc. To Prepare Financing Documents And Contracts For The $7,400,000 General Obligation School Bond Issue.1
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KODIAK ISLAND BOROUGH
RESOLUTION NO. 83 -22 -R
A NON- BINDING RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY
AUTHORIZING JOHN NUVEEN & COMPANY, INC. TO PREPARE FINANCING DOCUMENTS AND
CONTRACTS FOR THE $7,400,000 GENERAL OBLIGLATION SCHOOL BOND ISSUE.
WHEREAS, the electorate of the Kodiak Island Borough have authorized
the issuance of $29,000,000 General Obligation bonds for school construction
via Ordinance No. 79- 29 -0(A) on November 7, 1979, and
WHEREAS, the Assembly of the Kodiak Island Borough approved the
issuance of $12,100,000 against this authority via Ordinance No. 80 -17 -0 on
May 1, 1980, and
WHEREAS, the second increment of this debt has been approved by
Ordinance No. 83- 4 -0(A) on February 3, 1983, in the amount of $7,400,000, and
WHEREAS, at this time the Borough Assembly and staff wishes to explore;
alternative financing in lieu of the traditional long -term bond issue in view of
costs of borrowing which will be beneficial to the citizens of Kodiak
and the State of Alaska, and
WHEREAS, having heard a presentation on February 10, 1983 by Mr.
Sterling Gallagher, Vice President of John Nuveen & Company, Inc. on tax - exempt
variable rate demand notes and the potential benefits to be derived therefrom.
NOW, THEREFORE, BE IT RESOLVED, that the Assembly of the Kodiak Island)
Borough requests Mr. Gallagher, or other principals of John Nuveen & Company,
Inc. to proceed to put together the actual details and documents of this funding)
for the Kodiak Junior High renovation project at their awn risk and this
resolution in no way binds the Borough to any actual contract for these servicesj.
Actual binding contracts and detailed documents in this regard may be presented
for acceptance or rejection at the pleasure of the Assembly at a future date
anticipated to be in four to six weeks.
BE IT FURTHER RESOLVED that staff is also authorized &nd directed to
effect any necessary actions in this respect to allow the Assembly the data to
arrive at the most reasonable decision.
All resolutions or parts of resolutions found to be in conflict with
this resolution are hereby explicitly rescinded.
PASSED AND APPROVED this 3rd day of March
the Kodiak Island Borough Assembly.
ATTEST:
By- G1 % ./ G
Borough Cle
KODIAK I _ D BO
Borough Mayor
, 1983 by