1972-06 Creating New Account No. for Capital Improvement AreasN'.
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KODIAK ISLAND BOROUGH
ORDINANCE NUMBER 72 -6 -0
AN ORDINANCE OF THE ROVEMENT AREAS RAND HAUTHORIZING ISLAND
;W ACCOUNT NUMBER FOR CAPITAL IMPROVE
M TRANSFER OF APPROPRIATIONS FROM REVENUE,
CONTRIBUTIONS FROM
rATE OF ALASKA P.L. 207 FUNDS ACCOUNT NO. 230.2 TO EXPENSE
CCOUNT HIGHSCHOOL CONSTRUCTION D AND$8C UNTO O. 24LARSN THE AMOUNT OF
IGHTY TH
WHEREAS, the electors of the Kodiak Island Borough at
i Special Election held on the 15th day of February, 1972,
authorized the construction of new high school facilities in the
mount of THREE MILLION FIVE HUNDRED THOUSAND and No /100ths
($3,500,000.00) DOLLARS, and
WHEREAS, it is necessary that an expenditure of EIGHTY
THOUSAND and No /100ths ($80,000.00) DOLLARS be authorized for the
purpose of architectural fees to proceed with design development
plan, and
WHEREAS, the Kodiak island Borough is to receive from
the State of Alaska Public Law 207 funds for capital improvements.
NOW, THEREFORE, BV IT ORDAINED by the Kodiak Island
Borough Assembly as follows!
Sect_ ion 1: There is created a new account number for
rovement areas to be known as Revenue, Contributions
capital imp with
from State of Alaska P.L. 207 Funds Account / and No/100th
anticipated reve )
nues in the amount of EIGHTY THOUSAND
($80,000.00) DOLLARS-
Section ion 2: The sum of EIGHTY THOUSAND and No /100ths
($80,000.00) DOLLARS is hereby transferred from Revenue,
Contributions from State of Alaska P.L. 207 Funds Account No.
230.2 to expense account High School Construction Budget .243. and
Sect_ io_ n3_ Bud The Kodiak Island Borough g
ew source of revenue
the same is hereby amended to reflect this n
IIPage One, ORDINANCE NO. 72-6-0
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and thft transfer of this appropriation therefrom for the purposes
herein, provided.
KODIAK ISLAND BOROUGH
By r
Borough Chairman
a
By
Presiding OfTr
ATTE3
Borough C1er�—
FIRST READING AND APPROVAL DATE: April 6, 1972
SECOND READING AND PASSAGE DATE: ?day 4, 1972
EFFECTIVE DATE: June 4, 1972
IlPage Two, ORDINANCE NO. 72 -6 -0
ORDINANCE NO. % % - % -o
AN ORDINANCE of the Kodiak Island Borough, Alaska,
confirming the result of a special election held
on February 15, 1972, within the Borough for the
submisssion to the qualified voters of the
Borough of two propositions, one of whether or not
the Borough should issue its bonds for the purpose
of constructing a new high school and, two, of
whether or not the Borough should issue its bonds
for the purpose of constructing a swimming pool;
providing for the issuance and sale of $4,000,000
of said general obligation bonds approved at said
special election; fixing the date, form, terms,
maturities and covenants thereof; pledging the
levy of general taxes to pay the principal
thereof and interest thereon; authorizing the
borough to use other legally available moneys
for such payments; creating a special fund for
the payment of such principal and interest
and creating two construction funds.
MIEREAS, at a special election held in the Kodiak Island
Borough, Alaska (hereinafter called the "Borough ") on February 15, 1972
the qualified electors thereof authorized the issuance of general
obligation bonds of the Borough in the principal amount of $3,500,000
for the construction of a new high school at Kodiak, and further
authorized the issuance of general obligation bonds of the Borough
in the principal amount of $500,000 for the purpose of constructing
a new swimming pool at Kodiak; and
WHEREAS, it is necessary and in the best interests
of the Borough and its inhabitants that the issuance of said
$3,500,000 principal amount and said $500,000 principal amount
of bonds now be authorized, that all of said bonds be combined
and sold in a single issue, and that the date, form, terms, maturities
and covenants thereof now be fixed;
NOW, THEREFORE, BE IT ORDAINED by the Assembly of the
IKodiak Island Borough, Alaska, as follows:
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Section 1. That the adoption by the qualified electors
of the Borough at a special election held therein on February
15, 1972, of the following propositions:
PROPOSITION NO. 1
Shall the Kodiak Island Borough, State of Alaska,
incur an indebtedness in a sum not exceeding THREE
MILLION FIVE HUNDRED THOUSAND and no /100ths
($3,500,000) DOLLARS for the purpose of constructing
basic educational high school facilities at Kodiak,
together with appurtenances, auxiliary space and
site development necessary for said structure;
and pledge the full faith and credit of the Kodiak
Island Borough to the payment of any indebtedness
so incurred and issue General Obligation Bonds with
interest at a rate not to exceed eight percent (8 %) per
annum, payable semiannually all as is authorized
by the Statutes of the State of Alaska, and provided
by Resolution No. 71 -39 -R of the Kodiak Island
Borough passed and approved the 2nd day of December, 1972.
PROPOSITION NO. 2
Shall the Kodiak Island Borough, State of Alaska, incur
an indebtedness in a sum not exceeding FIVE HUNDRED THOUSAND
and No /100ths ($500,000.00 ) DOLLARS for the purpose
of constructing a swimming pool as part of the Borough
educational complex at Kodiak, together with appurtenances,
auxiliary space and site development necessary for such
swimming pool, and pledge the full faith and credit of the
Kodiak Island Borough for the payment of any indebtedness
so incurred and issue General Obligation Bonds with interest
at a rate not to exceed eight percent (8 %) per annum,
payable semiannually, all as is authorized by the Statutes of the
State of Alaska and provided for by Resolution No. 71 -39 -R
of the Kodiak Island Borough passed and approved the 2nd day of
December, 1971.
be and the same.is hereby in all respects ratified and confirmed.
Section 2. For the purpose of providing funds to pay
the cost of the acquisition, construction and installation of those
certain facilities authorized by Resolution No. 71 -39 -R of the
Borough Assembly, adopted December 2, 1971, and by the qualified
electors of the Borough at the above mentioned special election,
the Borough shall issue and sell the $3,500,000 principal amount
' and $500,000 principal amount of said bonds so authorized, and
all of said bonds shall be combined and sold in a single issue.
Said bonds shall be known as the Kodiak Island Borough
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General Obligation School Bonds, 1972, (hereinafter called the
"Bonds ") shall be dated
June 1, 1972, shall be numbered from
1 to 800, inclusive, shall
be,in the denomination of $5,000 each,
shall bear interest at
a rate or rates of not
to exceed 8% per
annum payable December
1, 1972, and semiannually
thereafter on the
first days of June and
December of each year
from date of issue as
to be attached thereto,
and shall be numbered and
evidenced by coupons
mature on June 1 in order of their number as
follows:
Bond Nos.
Maturity Year
Amount
1 -23
1974
$115,000
120,000
24 -47
1975
1976
130,000
48 -73
1977
140,000
74 -101
1978
150,000
102 -131
1979
160,000
132 -163
1980
170,000
164 -197
1981
180,000
198 -233
1982
190,000
234 -271
1983
200,000
272 -311
1984
210,000
312 -353
198 5
225,000
354 -398
1985
240,000
399 -445
1987
255,000
446 -497
1988
270,000
498 -551
1989
285,000
552 -608
1990
300,000
609 -668
1991
320,000
669 -
1992
340,000
733 -8800 00
Both principal
of and interest on
the Bonds shall be
payable in lawful money
of the United States
of America at the
office of the National Banx of Alaska,
Ancnorage, AlasKa,
main
the option or
tae holder, at the m8in o rrice of Seattle -
or, at
First National Banx,
Seattle, Washington.
Section s.
The Borougn nereby reserves the r-Lgnt to
redeem the outstanding Bonds of this issue
in wnole, or in part
in inverse numerical
oraer, on June 1, lvuz, or on any interest
payment date tnereafter,
at par plus accrued interest to tae
date of redemption.
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I n I 1 1 2 2 x 0
notice of any sucn intenaea reaemption shah oe given try
one publication in a financial journal of general circulation in
the City of New York, New York, with eacn such publication to be not
more than forty nor less than thirty days prior to said redemption
date and by mailing a like notice at the same time to the
purchaser of the Bonds at their sale by the Borough, or to
the business successor of sucn purchaser, if any.
In addition to sucn publication and mailing, the Borough
Clerk shall also mail notice of such intended redemption to Standard
and Poor's Corporation and Moody's Investors Service, Inc., New
York, New York, or to their successor's if any. The mailing of such
notice shall not, however, be a condition precedent to the call
of any Bonds for redemption and failure to give such notice shall
not affect the right of the Borougn to redeem Bonds called for
redemption in the method set forth in the preceding paragraph.
Interest on any Bond or Bonds so called for redemption
shall cease on such redemption date unless the same are not
redeemed upon presentation made pursuant to such call.
Section 4. There is hereby created a special fund of the
Borough to be known as the "Kodiak Island Borough General Obligation
School Bond Redemption Fund," (hereinafter called the "Bond Redemption
Fund ") which fund shall be drawn upon for the sole purpose of
paying the principal of and interest on the Bonds as the same
shall become due. All accrued interest received from the sale of
the Bonds shall be paid into the Bond Redemption Fund.
Section 5. From and after the date of issue of the Bonds
and for as long any of the same remain outstanding and unpaid, the
IBorough covenants and obligates itself to levy and collect annually
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ad valorem taxes upon all the taxable property within the Borough
without limitation as to rate or amount and in an amount or amounts
sufficient, together with other monies legally available therefor,
to pay the principal of and interest on the Bonds as the same
shall become due. All of said ad valorem taxes so collected shall
be paid promptly into said Bond Redemption Fund at least thirty
days prior to the dates on which any installment of interest on or
principal of and interest on the Bonds outstanding shall become
due and payable. For the levy and collection of such taxes and
for the prompt payment of such principal and interest the full
faith, credit and resources of the Borough are hereby irrevocably
pledged.
Section 6. There is hereby created a special fund of
the Borough to be known as the "Kodiak Island Borough High School
Construction Fund," (hereinafter called the "School Construction
Fund "). Out of the proceeds of the sale of the Bonds the sum
.4 of $3,500,000 shall be paid into such Fund and shall be used only
for the purpose of paying the cost of acquiring, constructing and
installing those certain high school facilities as provided in
Resolution No. 71 -39 -R of the Borough Assembly, (and in Proposition
No. 1 set forth therein) and for paying all costs incidental thereto.
Interest or profits received from the interim investment of such
monies shall not exceed the applicable limits provided by federal
statutes and regulations respecting arbitrage.
Section 7. There is also hereby created another special
fund of the Borough to be known as the "Kodiak Island Borough Swimminc
Pool Construction Fund," (hereinafter called the "Swimming Pool
Construction Fund "). Out of the proceeds of the sale of the Bonds thf
sum of $500,000 shall be paid into such Fund and shall be used
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only for the purpose of paying the cost of acquiring, constructing,
equipping and installing a swimming pool at the Borough educational
complex in Kodiak, as provided in Resolution No. 71 -39 -R of the
Borough Assembly, (and as provided in proposition No. 2 as set
forth therein), and for paying all costs incidental thereto.
Interest or profits received from the interim investment of such
monies shall not exceed the applicable limits provided by federal
statutes and regulations respecting arbitrage.
Section 8. If the funds available in the respective
construction funds will not permit the acquisition, construction and
installation of all of the improvements set forth in Resolution No.
71 -39 -R, or if any anticipated government grants for such purposes
are not obtained, or are reduced, then such portion thereof as may
be found most necessary under all the circumstances by the Borough
government shall be acquired, constructed and installed.
Section 9, The Bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
$5,000
NO.
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION SCHOOL BOND, 1972
The Kodiak Island Borough, a municipal corporation
of the State of Alaska, (herein called the "Borough ") for
value received hereby promises to pay to bearer on the first
day of June, 19 , the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of
8 per
annum payable December 1, 1972, and semiannually thereafter on the
first days of June and December of each year from date hereof,
as evidenced by and upon presentation and surrender of the
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attached interest coupons as they severally become due, or
until such sum shall have been paid or duly provided for. Both
principal and interest are payable in lawful money of the
United States of America at the National Bank of Alaska,
at its main office in Anchorage, Alaska, or at the option of
the holder, at the main office of the Seattle -First National
Bank, Seattle, Washington.
The Borough has reserved the right to redeem the outstanding
bonds of this issue in whole, or in part in inverse numerical
order, on June 1, 1972, or on any interest payment date
thereafter, at par plus accrued interest to the date of
redemption.
Notice of any such intended redemption shall be given
by one publication in a newspaper of general circulation in
the City of New York, New York, not more than forty nor less
than thirty days prior to said redemption date, and by
mailing a like notice at the same time to the purchaser
of the bonds at their sale by the Borough, or to the business
successor of such purchaser, if any. Interest on any Bond
or Bonds so called for redemption shall cease on such
redemption date unless the same are not redeemed upon
presentation made pursuant to such call.
This bond is one of an issue of eight hundred bonds
of like amount, date and tenor except as to number, rate of
interest and date of maturity aggregating the principal sum of
$4,000,000 and is issued pursuant to the Constitution and
laws of the State of Alaska, a vote of the qualified
electors of the Borough and duly adopted ordinances and
resolutions for the purpose of providing funds to pay the
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cost of acquiring, constructing and installing certain
capital improvements to the educational facilities of
the Borough.
_ This bond and the bonds of this issue are payable both
principal and interest out of the special fund of the Borough
entitled "Kodiak Island Borough General Obligation School
Bond Redemption Fund" created by Ordinance No.
of the Borough.
The Borough has obligated and bound itself to levy and
collect ad valorem taxes on all the taxable property within
the Borough without limitation as to rate or amount► in
amounts sufficient, together with all other funds available
therefor, to pay the principal of and interest on the bonds of
this issue as the same shall become due. For the levy
and collection of such taxes and the prompt payment of such
principal and interest, the full faith, credit and resources
of the Borough are hereby irrevocably pledged.
It is hereby certified that all acts, conditions and
things required by the Constitution and laws of the State of
Alaska, and the ordinances and resolutions of the Borough
to have been done precedent to and in the issuance of tnis bond
have happened, been cone and pertormed and u►at the total
indebtedness of the aorougn, including tnis uOnd and the
bonds of this issue, does not exceed any debt limitation
prescriped by law.
the Kodiak, tsorough► Alaska,
IN WITNESS WHEREOF,
has caused this bond to be signed by its Chairman, to be
attested by its clerk, the official seal or the Borough to
be impressed nereon and the interest coupons attacned
nereto to be signed with the facsimile signatures of
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said officials this 1st day of June, 1914.
&uoIAK ISLAND BOROUGH, ALASKA
By
Borough Chairman
ATTEST:
Borough Clerk
The interest coupons to be attached to said bonds shall be
in substantially the following form:
No. S
On the first day of , 19 the
Kodiak Island Borough, Alaska, will pay to bearer at the
main office of the National Bank of Alaska, Anchorage,
Alaska, or at the option of the holder, at the main office
of the Seattle -First National bank, Seattle, Wasnington, the
sum shown hereon in lawful money of the United States of
America, said sum being the semiannual interest due that date
on its General Obiigaton School Bond dated June 1, 1972, and
numbered
KODIAK ISLANU BOROUGH, ALASKA
By
Borough Chairman
ATTEST: /
g C e rk
Section 10. Said bonds shall be signed on behalf of the
Borough by its Chairman, shall be attested by its Clerk, and shall
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1 0 1 1! (1 2 2 1
have the official seal of the Borough impressed thereon. Each
of the interest coupons attached thereto shall be signed with the
facsimile signatures of said officials.
Section 11. The bonds shall be sold at public sale
and the Borough Clerk is authorized to fix such sale date and to
advertise the bonds for sale in such manner as is deemed necessary
including one publication in a financial journal of national
circulation, not less than ten days prior to the sale date. Upon
the sale of the bonds, the proper officials of the Borough are hereby
authorized and directed to execute the same and to do all things
necessary for the prompt issuance, execution and delivery thereof
and for the proper application and use of the proceeds of such
sale.
PASSED AND APPROVED by the Assembly of the Kodiak
Island Borough, Alaska, this 14th day of April
1972.
KODIAK ISLAND BOROUGH
By A t
Presiding Of is o e
Borough Assembl
�\ � i • F L U GC,t�3 �-
Borough airman
er '
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