1986-36 Authorizing the Sale of $9,930,000 Principal Amount of General Obligation Variable Rate Demand BondsKODIAK ISLAND BOROUGH
RESOLUTION NO. 86 -36 -R
A RESOLUTION OF THE KODIAK ISLAND BOROUGH, ALASKA, AUTHORIZING THE
SALE OF $9,930,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION VARIABLE RATE DEMAND
BONDS, 1986 SERIES A, TO PAY THE COST OF SCHOOL IMPROVEMENTS IN THE BOROUGH;
AUTHORIZING A PRELIMINARY OFFICIAL STATEMENT, AN OFFICIAL STATEMENT, AN
INDENTURE, A REIMBURSEMENT AGREEMENT, A REMARKETING AGREEMENT AND A CONTRACT
OF PURCHASE WITH RESPECT TO THE BONDS; AND DETERMINING RELATED MATTERS.
WHEREAS, Ordinance No. 86 -17 -0 of the Kodiak Island Borough (the
"Borough "), passed and approved on May 1, 1986, authorized the Borough to
issue its General Obligation Variable Rate Demand Bonds, 1986 Series A, in the
aggregate principal amount of $9,930,000 (the "Bonds "), for the purpose of
paying the cost of school improvements in the Borough; and
WHEREAS, necessary arrangements have been made for the sale of the
Bonds to John Nuveen S Co., Incorporated (the "Underwriter "); and
WHEREAS, pursuant to Ordinance 86 -17-0 there has been presented to
this meeting for approval by resolution the form of the following documents
concerning the Bonds:
(i) An Indenture Securing Kodiak Island Borough, Alaska, General
Obligation Variable Rate Demand bonds, 1986 Series A, dated as of May 1,
1986 (the "Indenture ") between the Authority and Seattle -First National
Bank as Trustee.
(ii) A Reimbursement Agreement dated as of May 1, 1986 between the
Borough and Barclays Bank, PLC, Seattle Branch (the "Reimbursement
Agreement ").
(iii) A Remarketing Agreement between the Borough and John Nuveen 6
Co., Incorporated (the "Remarketing Agreement ").
(iv) A Contract of Purchase between the Borough and the Underwriter
relating to the Bonds (the "Contract of Purchase ").
(v) A Preliminary Official Statement relating to the Bonds (the
"Preliminary Official Statement ").
NOW THEREFORE, THE KODIAK ISLAND BOROUGH ASSEMBLY HEREBY RESOLVES:
Section 1. The sale of the Bonds to the Underwriter pursuant to the
Contract of Purchase at the purchase price stated therein is hereby authorized
and approved, and the for and content of the Contract of Purchase hereby are
in all respects authorized and approved, and the Mayor hereby is authorized,
empowered and directed to execute and deliver the Contract of Purchase to the
Underwriter for and on behalf of the Borough, including necessary
counterparts. in substantially the form and content before this meeting but
with such changes, modifications, additions or deletions as to him shall seem
necessary, desirable or appropriate, his execution thereof to constitute
conclusive evidence of his approval of any and all changes, modifications,
additions or deletions from the form and content of said documents before this
meeting, and from and after the execution and delivery of the Contract of
Purchase the Mayor, the Finance Director and the Clerk are hereby authorized,
empowered and directed to do all such acts and things and to execute all such
documents as may be necessary to carry out and comply with the provisions of
the Contract of Purchase as executed.
Section 2. The form and content of the Indenture, the Reimbursement
Agreement and the Remarketing Agreement hereby are in all respects authorized
'and approved, and the Mayor hereby is authorized, empowered and directed to
execute and deliver said documents for and on behalf of the Borough, including
necessary counterparts, in substantially tbe form and content before this
meeting but with such changes, modifications, additions or deletions as to him
shall seem necessary, desirable or appropriate, his execution thereof to
constitute conclusive evidence of his approval of any and all changes,
modifications, additions or deletions form the form and content of said
documents before this meeting, and from and after the execution and delivery
of said documents the Mayor, the Finance Director and the Clerk are hereby
authorized, empowered and directed to do all such acts and things and to
execute all such documents as may be necessary to carry out and comply with
the provisions of said documents as executed.
Section 3. The form and content of the Preliminary Official
Statement hereby are in all respects authorized, approved and confirmed, and
the previous use of the Preliminary Official Statement by the Underwriters in
connection with the sale of the Bonds is hereby in all respects authorized,
approved and ratified, and the Mayor or the Finance Director hereby are
authorized, empowered and directed to execute a final Official Statement in
the name and on behalf of the Borough to be delivered to the Underwriter for
use in connection with the sale of the Bonds with such changes, modifications,
additions or deletions as to him shall seem necessary, desirable or
appropriate, his execution thereof to constitute conclusive evidence of his
approval of any and all changes, modifications, additions or deletions from
the form and content of the approved Preliminary Official Statement, and the
Mayor, the Finance Director and Clerk are hereby authorized, empowered and
directed to do all such acts and things necessary to carry out and comply with
the provisions of the Preliminary Official Statement and the final Official
Statement provided that this approval shall not extend to information
contained therein relating to the Bank (as defined in the Indenture) but such
information may nevertheless be included in the Preliminary Official Statement
and Official Statement.
Section 4. The Mayor, the Finance Director and the Clerk of the
Borough or any other person authorized by the Borough hereby are authorized to
execute and deliver for and on behalf of the Borough any and all additional
certificates, documents, opinions or other papers and perform all other acts
as they may deem necessary or appropriate in order to implement and carry out
the intent and purposes of this Resolution.
Section 5. This Resolution shall be effective upon passage and
approval.
PASSED AND APPROVED by the Kodiak Island Borough Assembly this 22nd
day of May, 1986.
1
ATTEST:
By
Borough ,
mugh Cl k, Deputy
KODIAK ISLAND BOROUGH
By WVk.L e ,(1.1 a.�
rough Mayor
By /
residing Officer