1986-08 Providing for the Submission to the Qualified Voters of the KIB the Question of the Issuance of $9,930,000 of General Obligation Bonds of the KIB to Pay the Costs of school Improvements at a Special Election to be Held on March 18, 1986AN ORDINANCE PROVIDING FOR THE SUBMISSION TO THE QUALIFIED VOTERS OF
THE KODIAK ISLAND BOROUGH OF THE QUESTION OF THE ISSUANCE OF $9,930,000 OF
GENERAL OBLIGATION BONDS OF THE KODIAK ISLAND BOROUGH TO PAY THE COSTS OF
SCHOOL IMPROVEMENTS IN THE BOROUGH, AT A SPECIAL ELECTION TO BE HELD FOR THAT
PURPOSE ON MARCH 18, 1986.
WHEREAS, under the provisions of AS 29.58.166 a municipality may
incur general obligation debt only after a bond authorization ordinance is
approved by a majority of those voting on the question at a regular or special
election, and
WHEREAS, under the current Alaska Statutes the Borough will be
reimbursed up to 80% of qualified School Debt Service, but this reimbursement
could be substantially less for those issues that may be approved in future
DOE # Project
KODIAK ISLAND BOROUGH
ORDINANCE NO. 86 -8 -0
years, and
WHEREAS, the Kodiak Island Borough and the Kodiak Island Borough
School District views the school capital projects enumerated below as
necessary and beneficial to the community and the State Department of
Education (DOE) has concurred with this by the issuance of a DOE reimbursement
number.
NOW, THEREFORE, BE IT ORDAINED, by the Borough Assembly of the
Kodiak Island Borough:
Section 1. It is hereby determined to be for a public purpose and
in the public interest of the Kodiak Island Borough to incur indebtedness and
to issue general obligation bonds of the Borough in an amount not to exceed
$9,930,000, for the purpose of paying the cost of acquiring property for,
planning, designing, equipping, improving and constructing the following
school and related capital improvements in the Borough:
Total.
05 -86 -251 Kodiak High School
Handicap /Code
Upgrade 500,000 400,000
05 -85 -262 Larsen Bay
Addition 1,750,000 1,400,000
•05 -85 -269 East Elementary
Addition /Upgrade 3,000,000 2,400,000
05 -85 -264 Old Harbor Addn.
Upgrade 1,800,000 1,440,000
Estimated Cost
State Funds Borough Funds
100,000
350,000
600,000
360,000
05 -85 -263 Port Lions Addn.
Upgrade 1,800,000 1,440,000 360,000
Kodiak High School
Roof Repair 500,000 400,000 100,000
05 -86 -250 Peterson Elem.
Upgrade Phase II 580,000 464,000 116,000
Actual current and projected post construction annual operations and
maintenance costs for these facilities are as follows:
Current Post- construction
Proiect Total State Boro Total State Boro
Kodiak High
School
Handicap/
Code Upgrade 822,869 758,685 64,184
Larsen Bay
Addition 137,838 127,087 10,751
East Elem.
Addn. /Upgrade 201,061 185,378 15,683
Old Harbor
Addn. /Upgrade 168,377 155,244 13,133
Port Lions
Addn. /Upgrade 163,337 150,597 12,740
Kodiak High
School Roof
Repair
Peterson Elem.
Upgrade
Phase II 189,496 174,715 14,781 170,000 156,740 13,260
behalf of the Kodiak island Borough, for the aforesaid capital improvements
and shall be evidenced by the issuance of general obligation bonds of the
Borough. The bond proceeds shall be used for capital improvements and /or
related debt service only. The bonds shall mature within thirty (30) years
from the date of issue and bear interest at a rate or rates not to exceed the
maximum allowed by law. The full faith and credit of the Borough is pledged
for the payment of principal and interest on the bonds, and ad valorem taxes
upon all the taxable property in the Borough shall be levied, if necessary,
without limitation as to rate or amount to pay the principal of and interest
on the bonds when due.
Ordinance 86 -8-0
Included in the High School data provided above
822,869 758,685 64,184
130,000 119,860 10,140
300,000 276,600 23,400
168,377 155,244 13,133
163,337 150,597 12,740
Section 2. The sum of $9,930,000 shall be borrowed by, for and on
DOE # Project
Section 3. A special election is to be held on March 18, 1986, in
and for the Kodiak Island Borough, for the purpose of submitting a general
obligation bond proposition to the qualified voters of the Kodiak Island
Borough for approval or rejection. The proposition must receive a majority
vote of those voting on the question to be approved. The proposition shall be
substantially in the following form:
PROPOSITION NO. 1
Shall Ordinance No. 86 -8 -0 of the Kodiak Island Borough be approved?
Said Ordinance authorizes the incurring of bonded indebtedness in an
amount not to exceed $9,930,000 for the purpose of acquiring
property for, planning, designing, equipping, improving and
constructing the following school related capital improvements in
the Borough pursuant to Ordinance No 86 -8 -0:
Total
Estimated Cost
State Funds Borough Funds
05 -86 -251 Kodiak High School
Handicap /Code
Upgrade 500,000 400,000 100,000
05 -85 -262 Larsen Bay
Addition 1,750,000 1,400,000 350,000
05 -85 -269 East Elementary
Addition /Upgrade 3,000,000 2,400,000 600,000
05 -85 -264 Old Harbor Addn.
Upgrade 1,800,000 1,440,000 360,000
05 -85 -263 Port Lions Addn.
Upgrade 1,800,000 1,440,000 360,000
05 -86 -250 Peterson Elem.
Upgrade
Phase II
Actual current and projected post construction annual operations and
maintenance costs for these facilities are as follows:
Current Post - construction
Project Total State Boro Total State Boro
Kodiak High
,School
Handicap/
Code Upgrade 822,869 758,685 64,184 822,869 758,685 64,184
Larsen Bay
Addition 137,838 127,087 10,751 130,000 119,860 10,140
Ordinance 86 -8 -0
Kodiak High
School Roof
Repair 500,000 400,000 100,000
580,000
464,000 116,000
East Elem.
Addn. /Upgrade 201,061 185,378 15,683
Old Harbor
Addn. /Upgrade 168,377 155,244 13,133
Port Lions
Addn. /Upgrade 163,337 150,597 12,740
Kodiak High
School Roof
Repair
Included in the High School data provided above
Peterson Elem.
Upgrade
Phase II 189,496 174,715 14,781 170,000 156,740 13,260
Said general obligation bonded indebtedness shall mature within
thirty (30) years from the date of issue; bear interest at a rate or rates not
to exceed the maximum allowed by law; and be secured by a pledge of the full
faith and credit of the Kodiak Island Borough.
Section 4. The proposition, either for paper ballots or machine
ballots, shall be printed on a ballot which may set forth other
general obligation bond propositions, and the following words shall
be added as appropriate and next to a square provided for marking
the ballot or voting by a machine.
PROPOSITION NO. YES
NO
PASSED AND APPROVED by the Kodiak Island Borough Assembly
this 6 day of February, 1986.
ATTES9:
By
Ordinance 86 -8 -0
4
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iBorough erk k
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By
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First Reading, Approval Date: 2 January 1986
Second Reading, Public Hearing, Approval Date:
Effective Date: 6 February 1986
Drafted By: Kodiak Island Borough Finance Director
300,000 276,600 23,40'
168,377 155,244 13,133
163,337 150,597 12,740
KODIAK ISLAND BOROUGH
• Borough Mayn+
A
Presiding Officer
6 February 1986
Recommended By: Kodiak Island Borough School District & Borough Mayor