1972-24 Providing for Borrowing $65K for Ouzinkie School ConstructionIII
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KODIAK ISLAND BOROUGH
EMERGENCY ORDINANCE NUMBER 72 -24 -EO
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY
PROVIDING FOR THE BORROWING OF SIXTY -FIVE THOUSAND AND NO /100THS
($65,000.00) DOLLARS FOR THE OUZINKIE SCHOOL CONSTRUCTION PROJECT
AND DELCARING AN EMERGENCY
WHEREAS, at a regular election held in the Kodiak
Island Borough on October 1, 1968, the duly qualified electors
of the Borough authorized the Kodiak Island Borough to issue
General Obligations Bonds for the construction of an elementary
school building and multi - purpose unit at Ouzinkie, Alaska, and
WHEREAS, due to an increase in interest on general
obligation bonds, said issue was never sold, and thereafter at
a special election held Thursday, May 6, 1971, the duly qualified
electors of the Borough authorized the Borough to expend TWO
HUNDRED FORTY THOUSAND and No /100ths ($240,000.00) DOLLARS of
Public Law 815 funds for the purpose of constructing an
elementary school building and multi - purpose unit at Ouzinkie,
and
WHEREAS, the school is now presently under construction
and there is needed the sum of SIXTY-FIVE THOUSAND and No /100ths
($65,000.00) DOLLARS in order to meet construction costs on the
project, and due to a present lack of funds on hand, it is deemed
necessary and advisable to borrow this sum for a short period
of interim financing, to be repaid with P. L. 815 funds as soon
as they have been received.
NOW, THEREFORE, BE IT ORDAINED by the Kodiak Island
Borough Assembly, that:
Section 1. The Kodiak Island Borough be and it is
hereby authorized to borrow the sum of SIXTY-FIVE THOUSAND and
No /100ths ($65,000.00) DOLLARS from the National Bank of Alaska
for a period of ninety (90) days at the rate of four percent (4 %)
Page One, ORDINANCE NO. 72 -24 -EO
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itereat, to meet the present obligations of the Borough in
Dnnection with the construction of the Ouzinkie School.
Section 2. That this loan be repaid with P. L. 815
er than
unds as soon as they have been received, and not lat j
inety (90) days after this date, and that the Borough Chairman j
in g
d Borough Clerk be and they are hereby authorized to execute
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my and all necessary documents in connection with this loan.
Section It is hereby declared that a public
emergency affecting the welfare and property of the Borough exists
in that it would be disastrous for the Borough to have to
discontinue the construction of the Ouzinkie School at this time
and expose the Borough to liability for the stoppage of such work,.
and increase the total cost of construction; therefore it is in
the best interests of the Kodiak Island Borough that this body
authorize the borrowing of SIXTY-FIVE THOUSAND and No /100ths
($65,000.00) DOLLARS in order to meet the present construction
costs of the Ouzinkie School Project, in the form of interim
financing at the rate of four percent (48) for ninety (90) days,
to be repaid on receipt of P. L. 815 funds.
KODIAK ISLAND BOROUGH
By
Chairman
B
t
- P �
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Presiding Officer
ATTEST: ��( L
/_f�_ 7T Fi f'T
Acting
Boroug Clerk
Page Two, ORDINANEC NO. 72 -24 -EO