03/12/2009 Special MeetingATTEST:
Kodiak Island Borough
March 12, 2009
KODIAK ISLAND BOROUGH
Assembly Special Meeting
March 12, 2009
A special meeting of the Kodiak Island Borough Assembly was held Thursday, March 12, 2009
in the Borough Conference Room of the Kodiak Island Borough Building, 710 Mill Bay Road.
The meeting was called to order at 7:30 p.m.
Present were Mayor Jerome Selby, Assembly members Jerrol Friend, Judy Fulp, Sue Jeffrey,
Dave Kaplan, and Chris Lynch. Staff members present were Manager Rick Gifford, Engineering
and Facilities Director Woody Koning, Finance Director Karl Short, Borough Clerk Nova Javier,
and Deputy Clerk Marylynn McFarland.
FRIEND moved to excuse Assembly members Branson and Stutes due to personal leave.
VOICE VOTE ON MOTION CARRIED UNANIMOUSLY.
CITIZENS' COMMENTS — None.
CONSIDERATION OF MATTERS IN THE CALL FOR THE SPECIAL MEETING.
A. Resolution No. FY2009 -24 Designating the General Obligation Refunding Bonds, 2009
Series A of the Borough, Plus the Portion of the Proceeds of the Alaska Municipal Bond
Bank's Reserve Fund Obligations That Are Used With Respect to the Borough, as Qualified
Tax Exempt Obligations Under Section 265(b)(3) of the Internal Revenue Code of 1986.
FRIEND moved to adopt Resolution No. FY2009 -24.
The resolution allows the Borough to take advantage of the American Recovery and
Reinvestment Act of 2009 which was signed into law on February 17, 2009. By adopting the
resolution, the Borough would be able to sell the 2009 series A bonds at a lower interest rate
saving the Borough money. Under the provisions of the Act and the IRS Tax Code, the Borough
must declare its intent by resolution of the Assembly that it would issue no more than
$30,000,000 of tax - exempt bonds in calendar year 2009. Governmental issuers that have made
this designation in 2009 have been able to lower the interest rates on their bond sales by
between 0.05% and 0.10 %.
ROLL CALL VOTE ON MOTION CARRIED UNANIMOUSLY: Friend, Fulp, Jeffrey, Kaplan, and
Lynch.
ADJOURNMENT
FRIEND moved to adjourn the meeting.
ROLL CALL VOTE ON MOTION CARRIED UNANIMOUSLY: Fulp, Jeffrey, Kaplan, Lynch, and
Friend.
The meeting adjourned at 7:35 p.m.
KODIAK ISLAND
BOROUGH
rome M. Selby,
Ma
Nova t iavier, CMC, orough Clerk Approved: April 2, 2009
Assembly Minutes
Page 657