1970-07 EMERGENCY Authorizing the Loan of $150K to the School Board from NBAKODIAK ISLAND BOROUGH
3('Y oRDnWM 70 -7 -0
AN ORDIl
OF THE KODIAK ISLAND BOROUGH AUTHORIZING THE LOAN
ACCOUNT TO
$150,000.00 FRCM THE N%''TI BANK' THE SCIIOOL BOARD
BE REPAID WrnliN 60 DAYS: AND DECLARING AN 'y
_ WHEREAS, The Kodiak Island Borough School Board has advised the Borough
Borough Assembly that Federal Funds due and Owing is expected stand
that said
have not been paid by the State Govern
funds will not be available for sixty (60) days:
WHEREAS, the Kodiak Island Borough School Board is greatly in need
of the sun of $150,000.00 to meet current obligations.
Wes, the failure to pra'nptly Pay said monies would embarrass and
have a detrimental effect on the financial and professional reputation of
the CammuLitY%
WHEREAS, it Is hereby found to be in the best interest of the
Borough to AiTMRIZE THE IRAN OF THE SUM $150,0al year, to two be repaid
Island Borough School Account for the current fiscal ear.
within sixty (60) days;
NOW, TME M, BE IT ORMMzD by the Borough Assembly of the
Kodiak Island Borough as follows:
An emergency is hereby declared
Section 1. Declaration of •welfare and property of the
to exist affecting the of , It
Borough.
�. ,� Chan and Clerk of the Kodiia
Section 2. LOAN ptpRIZATI rized and enpvwered to effect the
I��rough are the National Bank of Alaska to the account of
of $150,000.00 from 1 Board, to be repaid within sixty (60)
the Kodiak Island Borough Schoo
Sys hereof .
ce shall be made
Publication a this ordinance maculation
Section 3. y thereof in a ..�:.' of g all news-
shall be mailed to
in the Borough and es of the ordinance h. A �Y of the ordinance
papers of general cz.rculation in the the�Borough Seat,
shall be posted in a public Place
PASSED by the Borough Assembly of the day island 970�h, Alaska June
and approved by its Borough Cjj anon this
u% • ti is '.* ,• r
BY: press icer
BY: ) 4rou n
ATTEST
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