1994-17 Establishing Education and Health FundSection 1:
Section 2:
Kodiak Island Borough, Alaska
KODIAK ISLAND BOROUGH
ORDINANCE NO. 94 -17
Introduced by: Mayor Selby
Requested by: Mayor Selby
Drafted by: Attorney
Introduced: 08/18/94
Public Hearing: 09/01/94
Adopted: 09/01/94
AN ORDINANCE ESTABLISHING AN EDUCATION AND HEALTH FUND
BY AMENDING TITLE 3 REVENUE AND FINANCE
OF THE KODIAK ISLAND BOROUGH CODE OF ORDINANCES
BY ADDING SECTION 3.04.051 FACILITIES FUND
WHEREAS, there will be proceeds from the sale of Shuyak Island; and
WHEREAS, the establishment of a permanent fund for facilities in the Kodiak Island
Borough would provide revenue for future buildings; and
WHEREAS, a facilities fund would be a major factor in controlling and establishing
the property tax rates in the Kodiak Island Borough for many years;
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
This ordinance is of a general and permanent nature and shall be a part
of the Kodiak Island Borough Code of Ordinances.
Title 3, Chapter 3.04 is amended by adding Section 3.04.051 as
follows:
Section 3.04.051 Facilities fund.
A. The facilities fund is established as a separate investment fund which
is distinct from the general land sale fund. The fund consists of all proceeds received
from the sale of Shuyak Island property to the Exxon Valdez Oil Spill Trustee Council.
All income from the fund shall be deposited to the fund. The assembly may, by
ordinance, make additional aoorooriatinns to the i
fund at any time.
.� at any NIIIC.
B. The fund may be invested only as provided in section 3.04.020. The
fund may not be appropriated or spent, except as provided in this section.
C. The assembly may, by ordinance, make a one time appropriation of
a portion of the fund for the financing or construction of an addition to the Fishery
Industrial Technology Center.
Ordinance No. 94-17
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D. The excess income of the fund is defined as eighty -five percent
(85 %) of the annual investment income from the fund. The excess income of the
fund is available for appropriation by the assembly in the fiscal year following the year
in which the income is earned. The excess income of the fund may be appropriated
only for the following purposes:
1. debt service on bonds issued for facilities construction,
2. upgrade and reconstruction of existing facilities
3. maintenance and repair of existing facilities
E. A portion of the fund may be appropriated for another purpose only
upon approval of an ordinance ratified by a two- thirds majority of the qualified voters
at a regular or special election.
ATTEST:
9
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS FIRST DAY OF SEPTEMBER, 1994
KODIAK ISLAND BOROUGH
M. Selby, Borou
Jack L.
m,
Donna F. Smith, CMC, Borough Clerk
Jero
iding Officer
Kodiak Island Borough, Alaska Ordinance No. 94-17
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