1966-23 Authorizing Inter-Fund Loan To School Board For Use In Replacing Funds For Costs Of Construction Of The Elementary School BuildingA RESOLUTION OF THE BOROUGH ASSEMBLY OF THE KODIAK
ISLAND BOROUGH AUTHORIZING INTER -FUND BORROWING NOT TO EXCEED
SEVENTY THOUSAND and No /100ths ($70,000.00) DOLLARS.
WHEREAS, at a regular election held on Tuesday, the
fifth day of October, 1965, the qualified electors of the KODIAK
ISLAND BOROUGH authorized the issuance of General Obligation Bonds
in the amount not to exceed SEVEN HUNDRED FIFTY THOUSAND and No/
l00ths ($750,000.00) DOLLARS for the purpose of constructing an
elemntary school building and pursuant thereto contracts have been
let for the construction of such elementary school building in •
order to have the same to be completed in time for the 1966 school
opening and,
WHEREAS, the SEVEN HUNDRED FIFTY THOUSAND and No /100ths
($750,0 DOLLAR bond issue has not yet been sold due to
conditions on the municipal bond market and payments are becoming
due on the first phase of the construction of said school 'building
NOW, THEREFORE, BE IT RESOLVED, that the Borough Chair-
man d he is hereby authorized to borrow from the General Fund,
of th 0 not to exceed SEVENTY THOUSAND and No /l00ths ($70,000.
00) DOLLARS, and to transfer the same to the account of the KODIAK
ISLAND BOROUGH School Account for use in the replacing funds used
from the General Account of the Kodiak Island Borough School System
for costs of construction of the elementary schoolbuthing and the
balance to be deposited in the Kodiak Island Borough School System
Construction Account to be used ih the interim until funds have
been secured through the sale of bond anticipation notes or from
the sale of bonds at which time such sums shall be repaid to the
General Fund of the KODIAK ISLAND BOROUGH.
KODIAK ISLAND BOROUGH
RESOLUTION NUMBER 66- "I3 /::
Page One, -,
RESOLUTION NUMBER 66- a 3 A
ATTEST:
1
PASSED AND APPROVED this 16th day of June, 1966.
EY: !rL -CIS- T L-c
ii C
Presidhg officer -
KODIAK ISLAND BOROUGH ASSEMBLY
Chairman
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