1972-28 Appropriating Funds $15K to Hospitala
KODIAK ISLAND BOROUGH
EMERGENCY ORDINANCE 72 -28 -EO
AN ORDINANCE OF THE BOROUGH ASSEMBLY OF THE KODIAK
ISLAND BOROUGH APPROPRIATING FIFTEEN THOUSAND and No /100ths
($15,000.00) DOLLARS FROM THE WORKING CAPITAL FUND TO BE LOANED
TO THE KODIAK ISLAND HOSPITAL / THE GREY NUNS OF THE SACRED HEART
AS LESSEES TO MEET THE CURRENT FINANCIAL OBLIGATIONS AND DECLARING
A EMERGENCY
WHEREAS, the Kodiak Island Borough has entered into
a Lease Agreement with the Grey Nuns of the Sacred Heart to
operate the Kodiak Island Borough Hospital for a period of Fifty -
five (55) years and
WHEREAS, pursuant to the terms of the Lease the Lessee
is to apply any profits, first toward any previous years deficits
before otherwise expending them, and the Kodiak Island Borough
agreed to make up any deficit incurred by the Lessee from the
operation of the Kodiak Island Hospital on a yearly basis, in a
amount not to exceed Seventy -five percent (75 %) of the previous
years uncollected accounts receivable and
WHEREAS, the Kodiak Island Borough on the Third (3)
day of August, 1972 advanced to the Grey Nuns of the Sacred
Heart for the operation of the Kodiak Island Hospital the sum of
TWENTY FIVE THOUSAND ($25,000.00) DOLLARS without interest
which sum was to be paid on or before October 1, 1972 and
i
WHEREAS, the Grey Nuns of the Sacred Heart are unable {
to repay said amount and desire an extension of the payment date
for a period of One (1) year and in addition desire to borrow an
additional FIFTEEN THOUSAND and No /100ths ($15,000.00) DOLLARS
to be paid at the rate of FIVE THOUSAND and No /100ths ($ 5,000.00)
DOLLARS each month for Three (3) months to assist the Hospital
in meeting its current financial obligations
NOW, THEREFORE, BE IT ORDAINED by the Kodiak Island
Borough Assembly as follows:
Page One, EMERGENCY ORDINANCE 72 -28 -EO
Section 1. There is hereby appropriated the sum of
FIFTEEN THOUSAND and No /100ths ($15,000.00) DOLLARS from the
General Government Operating Account 143.35 working capital to be
loaned to the Grey Nuns of the Sacred Heart, specifically for
use in the operation of the 'Kodiak Island Hospital said sum to be
advanced FIVE THOUSAND and No /100ths ($5,000.00) DOLLARS each
month for a period of Three (3) months commencing with the month
of December.
Section 2. The sum above referred to together with
the TWENTY FIVE THOUSAND & No /100($25,000.00) DOLLARS loaned to
the Grey Nuns of the Sacred Heart on August 3, 1972 to be repaid
on or before October 1, 1973 without interest.
Section 3. The Kodiak Island Borough Budget for the
fisical year 1972 -1973 be in the same is hereby amended to reflect
this change.
Section 4. It is hereby declared that a Public
Emergency affecting the welfare and property of the Borough
exists and that it would be disasterous for the Borough if the
Hospital were to have to curtail its operations due to a shortage
of funds.
Section 5. This Ordinance is to become effective
immediately upon its passage and approval by the affirmative
vote of all members present or the affirmative vote of Three
fourths (3/4) of the total membership of the Kodiak Island
Borough Assembly which ever is less.
KODIAK ISLAND BOROUGH
� tL-
T Presid1ng 0 icer
By
Borough Chairman
Page Two, EMERGENCY ORDINANCE 72 -28 -EO
ATTEST:
PASSED AND APPROVED THIS 12th day of December
19'=
Page Three, EMERGENCY ORDINANCE 72 -28 -EO