1972-18 Borrowing Funds $300K for Construction of High School and Declaring an EmergencyKODIAK ISLAND BOROUGH
EMERGENCY ORDINANCE NUMBER 72-18 -EO
AN ORDINANCE OF THE BOROUGH ASSEMBLY OF THE KODIAK
ISLAND BOROUGH AUTHORIZING A BORROWING OF NOT MORE THAN THREE
HUNDRED THOUSAND AND NO /100THS ($300,000.00) DOLLARS TO BE USED
AS INTERIM FINANCING IN CONSTRUCTION OF THE KODIAK ISLAND
BOROUGH HIGH SCHOOL AND DECLARING AN EMERGENCY
WHEREAS, the qualified voters of the Borough
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authorized the issuance of General Obligation Bonds of the
Borough in the principal amount of THREE MILLION FIVE HUNDRED
THOUSAND and No /100ths ($3,500,000.00) DOLLARS for the
jconstruction of a new high school at Kodiak, and further,
�1authorized the issuance of General Obligation Bonds of the
!Borough in the principal amount of FIVE HUNDRED THOUSAND and
iNo /100ths ($500,000.00) DOLLARS for the purpose of constructing
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is new swimming•pool at Kodiak, and
WHEREAS, said General Obligation Bonds were issued
and sold and construction has commenced on those facilities, and
iI WHEREAS, the Borough is in need of interim financing
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iuntil funds from the sale of the bonds are available, and there
are not sufficient funds in the General Account of the Borough
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to meet these obligations, and therefore an emergency exists
affecting the welfare and property of the Borough.
NOW, THEREFORE, BE IT ORDAINED by the Borough
Assembly of the Kodiak Island Borough as follows:
Section 1. That an emergency exists affecting the
welfare and property of the Borough ana the Borough's good name
and credit rating, in that funds are needed for the construction
of the new high school swimming pool complex in the form of interii
financing, to meet the advances due to the contractor under the
terms of his contract, and there are not sufficient funds in
the General Account of the Borough to meet these obligations,
IlPage One, ORDINANCE NO. 72-18 -EO
and the funds from the sale of the General Obligation Bonds
iauthorized and issued by the Borough in the amount of FOUR
MILLION and No /100ths ($4,000,000.00) DOLLARS for this
+, construction are not yet available.
11 Section 2. The Borough Chairman and Borough Clerk
fare hereby authorized and empowered to borrow up to THREE HUNDRED
THOUSAND and No /100ths ($300,000.00) DOLLARS for a period not
',Ito exceed sixty (60) days, to be used as interim financing for
the construction of the new high school swimming pool complex,
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fall sums borrowed to be repaid immediately on receipt of the I
!iproceeds from the sale of the General Obligation Bonds.
i Section 3. The affirmative vote of all Assembly I
members present, or the affirmative vote of three - fourths (3/4)
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,jof those elected, shall be required for the adoption of this If
(Ordinance and this Ordinance shall become invalid the sixty -first
i(61st) day following the date on which it is adopted.
PASSED AND APPROVED this 3rd day of August, 1972.
KODIAK ISLAND BOROUGH
By j U,-
Borough Chairman
By ( , I A
Presiding Offi
-18 -EO