1970-12 Borowing Funds from NBA $102KKODIAK ISLAND BOROUGH
ORDINANCE NUMBER 70 -12-0
ORDINANCE OF THE KODIAK ISLAND
BOROUGH ASSEMBLY
OF THE SUM OF ONE HUNDRED AND TWO
AN
AUTHORIZING THE BORROWING NINETY -FIVE and 24 /100ths ($102,995.24)
THOUSAND NINE HUNDRED AND BANK OF ALASKA BY THE KODIAK ISLAND I
I
DOLLARS FROM THE NATIONAL
BOROUGH
the Kodiak Island Borough School Budget for
WHEREAS, or table
the fiscal year 1970-71 has provision for three (3) p
office unit, and
classroom units and one (1) d Borough Assembly has by
WHEREAS, the Koodiak island
ne (1)
0 authorized the purchase of o
Ordinance No. 70-10 lacement
additional portable classroom unit to be used as a rep
1 for the present.Chiniak
School and the funds for this additional
classroom unit to be transferred from School Reserve to the ,
School Account, and Kodiak Island j
WHEREAS, it is necessary for the
funds necessary to finance
these portable
Borough to borrow the
units on an interim basis until funds from taxatio a r ordered
available to repay these monies, the units having
and their arrival being imminent and payment for the same being
required, and believes it to be in
WHEREAS, the Borough Assembly
loan of the
to authorize a
the best interest of the Borough AND NINETY-FIVE
SUM of ONE HUNDRED AND TWO THOUSAND NINE HUNDRED Island Borough
and 24/100ths (5102 ►995.24) DOLLARS to the Kodiak
from the NATIONAL BANK OF ALASKA and such
borrowing being
Section 10 of the Constitution of
authorized under Article Sec
07.20.110 of the Alaska Statutes
the State of Alaska and Sec Borough
NOW, THEREFORE, BE IT ORDAINED by the
Assembly of the Kodiak Island Borough as follows
Page One, ORDINANCE NO. 70-12 -0
ki
r) n '1 !
Section 1 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 2 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.
PASSED by the Kodiak Island Borough Assembly of
the Kodiak Island Borough this 3rd lay of Decedwr, 1970.
KODIAK ISLAND BOROUGH
Byi. J
Presiding Officer
dicer
By
Borough chaPirman
ATTEST:
Borough Clerk
FIRST READING AND APPROVAL DATE : November 3, 1970
SECOND READING, PUBLIC HEARING AND PASSAGE DATE December 3, 1970
Page Two, ORDINANCE NO. 70 -12-0