1970-11 Borrowing Funds from NBA and Declaring an Emergency0 0 9 1! n 2 2 1
KODIAK ISLAND BOROUGH
ORDINANCE NUMBER 70- 11 -E.O.
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY
AUTHORIZING THE BORROWING OF THE SUM OF ONE HUNDRED AND TWO
THOUSAND NINE HUNDRED AND NINETY -FIVE and 24 /100ths ($102,995.24)
DOLLARS FROM THE NATIONAL BANK OF ALASKA BY THE KODIAK ISLAND
BOROUGH AND DECLARING AN EMERGENCY
WHEREAS, the Kodiak Island Borough School Budget for
the fiscal year 1970 -71 has provision for three (3) portable
classroom units and one (1) office unit, and
WHEREAS, the Koodiak Island Borough Assembly has by
Ordinance No. 70 -10 -0 authorized the purchase of one (1)
additional portable classroom unit to be used as a replacement I
for the present Chiniak School and the funds for this additional
i
classroom unit to be transferred from School Reserve to the
School Account, and
WHEREAS, it is necessary for the Kodiak Island
Borough to borrow the funds necessary to finance these portable
units on an interim basis until funds from taxation are
available to repay these monies, the units having been ordered
and their arrival being imminent and payment for the same being
required, an emergency exists and the passage of this Ordinance
is necessary in order to meet that emergency, and
WHEREAS, the Borough Assembly believes it to be in
the best interest of the Borough to authorize a loan of the
sum of ONE HUNDRED AND TWO THOUSAND NINE HUNDRED AND NINETY -FIVE
and 24 /100ths ($102,995.24) DOLLARS to the Kodiak Island Borough
from the NATIONAL BANK OF ALASKA and such borrowing being
authorized under Article IX, Section 10 of the Constitution of
the State of Alaska and Section 07.20.110 of the Alaska Statutes
NOW, THEREFORE, BE IT ORDAINED by the Borough
Assembly of the Kodiak Island Borough as follows:
Page One, ORDINANCE NO. 70- 11 -E.O.
i
Section 1 Declaration of Emergency: The Kodiak
[sland Borough hereby declares that an emergency exists affecting
the welfare and property within the Kodiak Island Borough in
that provision has been made for three (3) portable classroom
units and one (1) office unit to supplement existing school
space which units have been ordered and their arrival is imminent
and it is now necessary to replace the present Chiniak School
with a portable classroom which has also been ordered and its
arrival is imminent and payment of these classrooms amounts to
ONE HUNDRED AND TWO THOUSAND NINE HUNDRED AND NINETY -FIVE and
24 /100ths ($102,995.24) DOLLARS and therefore it is necessary to
borrow this sum from a bank with payment to be made at the end
of the present fiscal year at an interest rate of not more than
five and one -half per cent (5- 1/2 %).
Section 2 Loan Authorization: The Chairman and
the Clerk of the Kodiak Island Borough are hereby authorized and
empowered to effect a loan of ONE HUNDRED AND TWO THOUSAND
NINE HUNDRED AND NINETY -FIVE and 24 /100ths ($102,995.24) DOLLARS
from the NATIONAL BANK OF ALASKA with an interest rate of
five and one -half per cent (5- 1/2 %), to be repaid on or before
June 30, 1971 for the financing and construction of the Chiniak
portable classroom unit and the three (3) portable classroom
units and one (1) office unit now authorized.
Section 3 Publication: Publication of this Ordinance
shall be made by publishing a summary thereof in a newspaper
of general circulation in the Borough and copies of this Ordinance
shall be mailed to all newspapers of general circulation in the
Borough. A copy of the Ordinance shall be posted in a public
place at the Borough Seat.
.Page Two, ORDINANCE NO. 70- 11 -E.O.
n1n
t
PASSED by the Kodiak Island Borough Assembly of
29th day of October, 1970.
he Kodiak Island Borough this
KODIAK ISLAND BOROUGH
By
Pri6Si ing OtLiceL
By t � \r l�'V `� �
Borough hairman
ATTEST:
T
Borough ler
Page Three, ORDINANCE NO. 70- 11 -E.0.