2000-16 General Obligation School BondsKODIAK ISLAND BOROUGH
ORDINANCE NO. 2000 -16
Introduced by: Borough Manager
Requested by: Finance Director
Drafted by: Bond Attorney
Introduced: 10/19/2000
Public Hearing: 11/02/2000
Amended: 11/02/2000
Adopted: 11/02/2000
AN ORDINANCE AUTHORIZING THE KODIAK ISLAND BOROUGH TO ISSUE
TAXABLE GENERAL OBLIGATION SCHOOL BONDS, 2000 SERIES B IN THE
PRINCIPAL AMOUNT OF NOT TO EXCEED $1,175,000 TO PROVIDE FUNDS FOR
SCHOOL AND RELATED CAPITAL IMPROVEMENTS IN THE BOROUGH, FIXING
CERTAIN DETAILS OF SUCH BONDS AND AUTHORIZING THEIR SALE.
WHEREAS, pursuant to Ordinance No. 2000 -11 of the Kodiak Island Borough (the
"Borough "), adopted August 17, 2000, a question whether the Borough should issue
not to exceed $2,660,000 in general obligation bonds for the purpose of planning,
designing, acquiring property for, equipping and constructing school and related capital
improvements in the Borough, referred to at the regular Borough election held on
October 3, 2000 as Proposition No. 1 ( "Proposition 1 "), was passed and approved;
and
WHEREAS, said election has been duly canvassed and the results thereof certified and
confirmed in accordance with law, and $2,660,000 principal amount of general
obligation bonds remains unissued under Proposition 1; and
WHEREAS, the bonds authorized by Proposition 1 may be issued only for projects that
have been authorized for debt service reimbursement by the State of Alaska, and the
State of Alaska has authorized for debt service reimbursement all of the projects for
which Proposition 1 authorized bonds to be issued; and
WHEREAS, the Assembly finds that it is in the best interest of the Borough to plan,
design, acquire property for, equip and construct the school capital improvements
described in Proposition 1 consisting of the Peterson Elementary Upgrades (the
"Project "), and to issue not to exceed $1,175,000 principal amount of general
obligation bonds referred to in Proposition 1, to pay costs of the Project; and
WHEREAS, the Assembly finds that it is necessary and appropriate to delegate to each
of the Borough Manager and Borough Finance Director authority to determine the
Kodiak Island Borough Ordinance No. 2000 -16
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maturity amounts, interest rates and other details of the Bonds, and to determine other
matters that are not provided for in this ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: This ordinance is not of a general and permanent nature and shall not
become a part of the Kodiak Island Borough Code of Ordinances.
Section 2: Definitions. The following terms shall have the following meanings in
this ordinance:
(a) "Assembly" means the Assembly of the Kodiak Island
Borough, as the general legislative authority of the Kodiak Island
Borough, as the same shall be duly and regularly constituted from time
to time.
(b) "Bond" or "Bonds" means any of the "Taxable General
Obligation School Bonds, 2000 Series B" of the Kodiak Island Borough,
the issuance and sale of which are authorized herein.
(c) "Bond Bank" means the Alaska Municipal Bond Bank, a
public corporation of the State of Alaska.
(d) "Bond Bank Bonds" means the Taxable General Obligation
Bonds, 2000 Series F of the Bond Bank.
(e) "Bond Register" means the registration books maintained by
the Registrar, which include the names and addresses of the Registered
Owners of the Bonds or their nominees.
(f) "Borough" means the Kodiak Island Borough, a municipal
corporation of the State of Alaska, organized as a second class borough
under Title 29 of the Alaska Statutes.
(g) "Cost" or "Costs" means the cost of planning, designing,
acquiring property for, equipping and constructing the Project, including
interest on the Bonds during the period of planning, designing, acquiring
property for, equipping and constructing the Project, the cost whether
incurred by the Borough or by another of field surveys and advance
planning undertaken in connection with the Project properly allocable to
the Project, the cost of acquisition of any land or interest therein required
as the site or sites of the Project or for use in connection therewith, the
cost of any indemnity and surety bonds and premiums on insurance
incurred in connection with the Project prior to or during construction
thereof, all related direct administrative and inspection expenses whether
incurred by the Borough or by another in connection with the Project prior
to or during construction thereof and allocable portions of direct costs of
the Borough, legal fees, costs of issuance of the Bonds by the Borough,
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including financing charges and fees and expenses of bond counsel,
financial advisors and consultants in connection therewith, the cost of
any bond insurance premium and bond ratings, the cost of audits, the
cost of all machinery, apparatus and equipment, cost of engineering,
architectural services, designs, plans, specifications and surveys,
estimates of cost, the reimbursement of all moneys advanced from
whatever source for the payment of any item or items of cost of the
Project, and all other expenses necessary or incidental to the acquisition
and development of the Project, the financing thereof and the putting of
the same in use and operation.
(h) "Government Obligations" means obligations that are either
(i) direct obligations of the United States of America or (ii) obligations of
an agency or instrumentality of the United States of America the timely
payment of principal of and interest on which are unconditionally
guaranteed by the United States of America
(i) "Loan Agreement" means the Loan Agreement between the
Borough and the Bond Bank dated as of the date of the Bonds.
(j) "Ordinance" means this Ordinance No. 2000 -16 of the
Borough.
(k) "Registered Owner" means the person named as the
registered owner of a Bond in the Bond Register.
(1) "Registrar" means the Borough Treasurer.
Section 3: Authorization of Bonds and Purpose of Issuance. For the purpose of
providing part of the funds required to pay the Costs of the Project, to
provide for original issue discount, if any, and to pay all costs incidental
thereto and to the issuance of the Bonds, the Borough hereby authorizes
and determines to issue and sell the Bonds in the aggregate principal
amount of not to exceed $ 1,175,000.
Section 4: Obligation of Bonds. The Bonds shall be direct and general obligations
of the Borough and the full faith and credit of the Borough are hereby
pledged to the payment of the principal of and interest on the Bonds.
The Borough hereby irrevocably pledges and covenants that it will levy
and collect taxes upon all taxable property within the Borough without
limitation as to rate or amount, in amounts sufficient, together with other
funds legally available therefor, to pay the principal of and interest on the
Bonds as the same become due and payable.
Section 5: Designation, Maturities, Interest Rates, and Other Details of Bonds. The
Bonds shall be designated "Kodiak Island Borough, Alaska, Taxable
General Obligation School Bonds, 2000 Series B." The Bonds shall be in
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the denomination of $5,000 or any integral multiple thereof, shall be
numbered separately in the manner and with such additional designation
as the Registrar deems necessary for purposes of identification, and may
have endorsed thereon such legends or text as may be necessary or
appropriate to conform to the rules and regulations of any governmental
authority or any usage or requirement of law with respect thereto.
The Bonds shall mature or have sinking fund installments due in one or
more years commencing no earlier than 2001 and ending no later than
2021, with the principal amount of each maturity or sinking fund
installment not exceeding $200,000. The Bonds shall bear interest from
their date, payable commencing on a date after June 30, 2001 and
before January 1, 2002, and semi - annually thereafter in each year.
Interest will be computed on the basis of a 360 -day year consisting of
twelve 30 -day months.
Subject to Section 3 and the remainder of this section, the dated date,
the principal and interest payment dates, the aggregate principal amount,
the principal amount of each maturity, and the interest rates on the
Bonds shall be determined at the time of execution of the Loan
Agreement under Section 17.
Section 6: Optional Redemption. The Bonds, if any, subject to optional redemption
by the Borough, the time or times when such Bonds are subject to
optional redemption, the terms upon which such Bonds may be
redeemed, and the redemption price or redemption prices for such Bonds,
shall be determined at the time of execution of the Loan Agreement
under Section 17.
Section 7: Selection of Bonds for Redemption: Notice of Redemption.
(a) Selection of Bonds for Redemption. As long as the Bond
Bank is the Registered Owner of the Bonds, the selection of Bonds to be
redeemed shall be made as provided in the Loan Agreement. If the Bond
Bank is no longer the Registered Owner of the Bonds, the selection of
Bonds to be redeemed shall be made as provided in this subsection (a).
If the Borough redeems at any one time fewer than all of the Bonds
having the same maturity date, the particular Bonds or portions of Bonds
of such maturity to be redeemed shall be selected by lot (or in such other
manner determined by the Registrar) in increments of $5,000. In the
case of a Bond of a denomination greater than $5,000, the Borough shall
treat such Bond as representing such number of separate Bonds each of
the denomination of $5,000 as is obtained by dividing the actual principal
Kodiak Island Borough Ordinance No. 2000 -16
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amount of such Bond by $5,000. In the event that only a portion of the
principal amount of a Bond is redeemed, upon surrender of such Bond at
the office of the Registrar there shall be issued to the Registered Owner,
without charge therefor, for the then unredeemed balance of the principal
sum thereof, at the option of the Registered Owner, a Bond or Bonds of
like maturity and interest rate in any of the denominations authorized
herein.
(b) Notice of Redemption. As long as the Bond Bank is the
Registered Owner of the Bonds, notice of any intended redemption of
Bonds shall be given as provided in the Loan Agreement. If the Bond
Bank is no longer the Registered Owner of the Bonds, notice of any
intended redemption of Bonds shall be given as hereinafter provided.
Notice of redemption shall be mailed not Tess than 30 nor more than 45
days prior to the date fixed for redemption by first class mail to
Registered Owners of the Bonds to be redeemed at their addresses as
they appear on the Bond Register on the day the notice is mailed. Notice
of redemption shall be deemed to have been given when the notice is
mailed as herein provided, whether or not it is actually received by the
Registered Owners. All notices of redemption shall be dated and shall
state: (1) the redemption date; (2) the redemption price; (3) if fewer than
all outstanding Bonds are to be redeemed, the identification (and, in the
case of partial redemption, the respective principal amounts) of the Bonds
to be redeemed; (4) that on the redemption date the redemption price will
become due and payable upon each such Bond or portion thereof called
for redemption, and that interest thereon shall cease to accrue from and
after said date; and (5) the place where such Bonds are to be surrendered
for payment of the redemption price, which place of payment shall be the
office of the Registrar.
Official notice of redemption having been given as aforesaid, Bonds or
portions of Bonds to be redeemed shall, on the redemption date, become
due and payable at the redemption price therein specified, and from and
after such date, such Bonds or portions of Bonds shall cease to bear
interest. Upon surrender of such Bonds for redemption in accordance
with said notice, such Bonds shall be paid at the redemption price.
Installments of interest due on or prior to the redemption date shall be
payable as herein provided for payment of interest. Upon surrender of
any Bond for partial redemption, there shall be prepared for the
Registered Owner a new Bond or Bonds of the same maturity in the
amount of the unpaid principal. All Bonds which have been redeemed
shall be canceled and destroyed by the Registrar and shall not be
reissued.
Kodiak Island Borough Ordinance No. 2000 -16
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Each check or other transfer of funds issued to pay the redemption price
of Bonds shall bear the CUSIP number, if any, identifying, by maturity,
the Bonds being redeemed with the proceeds of such check or other
transfer.
Section 8: Form of Bond. Each Bond shall be in substantially the following form,
with such variations, omissions and insertions as may be required or
permitted by this Ordinance:
on
of
follows:
Kodiak Island Borough
UNITED STATES OF AMERICA
STATE OF ALASKA
KODIAK ISLAND BOROUGH
(A Municipal Corporation of the State of Alaska)
NO. $
TAXABLE GENERAL OBLIGATION SCHOOL BOND, 2000 SERIES B
Registered Owner
Principal Amount DOLLARS
The Kodiak Island Borough (the "Borough "), a municipal corpora-
tion of the State of Alaska, acknowledges itself to owe and for value
received promises to pay to the Registered Owner identified above, or
its registered assigns, the Principal Amount indicated above in the
following installments on 1 of each of the following years,
and to pay interest on such installments from the date hereof, payable
1, 2001 and semiannually thereafter on the 1st days
and of each year, at the rates per annum as
Year
Principal
Amount
Interest
Rate
Ordinance No. 2000 -16
Page 6 of 14
For so long as this Bond is owned by the Alaska Municipal Bond
Bank (the "Bond Bank "), payment of principal and interest shall be
made as provided in the Loan Agreement between the Bond Bank and
the Borough (the "Loan Agreement "). In the event that this Bond is no
longer owned by the Bond Bank, installments of principal and interest
on this Bond shall be paid by check or draft mailed by first class mail
to the Registered Owner as of the close of business on the fifteenth
day of the month preceding each installment payment date; provided
that the final installment of principal and interest on this Bond shall be
payable upon presentation and surrender of this Bond by the
Registered Owner at the office of the Registrar. Interest will be
computed on the basis of a 360 -day year consisting of twelve 30 -day
months. Both principal of and interest on this Bond are payable in
lawful money of the United States of America which, on the
respective dates of payment thereof, shall be legal tender for the
payment of public and private debts.
This Bond is one of the Taxable General Obligation School
Bonds, 2000 Series B of the Kodiak Island Borough, Alaska, of like
tenor and effect except as to interest rate, serial number and maturity,
aggregating $ 1,175,000 in principal amount, and constituting Bonds
authorized for the purpose of paying the cost of school and related
capital improvements in the Borough, and is issued under Ordinance
No. 2000- of the Borough entitled:
(the "Ordinance ").
AN ORDINANCE AUTHORIZING THE
KODIAK ISLAND BOROUGH TO ISSUE
TAXABLE GENERAL OBLIGATION SCHOOL
BONDS, 2000 SERIES B IN THE PRINCIPAL
AMOUNT OF NOT TO EXCEED $ 1,175,000
TO PROVIDE FUNDS FOR SCHOOL AND
RELATED CAPITAL IMPROVEMENTS IN THE
BOROUGH, FIXING CERTAIN DETAILS OF
SUCH BONDS AND AUTHORIZING THEIR
SALE.
Installments of principal of this Bond due on and after
1, 20 , shall be subject to prepayment on and after 1, 20,
at the option of the Borough (subject to any applicable provisions of
the Loan Agreement), in such principal amounts and from such
Kodiak Island Borough Ordinance No. 2000 -16
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maturities as the Borough may determine, and by lot within a maturity,
at a redemption price equal to the principal amount to be prepaid, plus
accrued interest to the date of prepayment.
This Bond is transferable as provided in the Ordinance, (i) only
upon the bond register of the Borough, and (ii) upon surrender of this
Bond together with a written instrument of transfer duly executed by
the registered owner or the duly authorized attorney of the registered
owner, and thereupon a new fully registered Bond or Bonds in the
same aggregate principal amount and maturity shall be issued to the
transferee in exchange therefor as provided in the Ordinance and upon
the payment of charges, if any, as therein prescribed. The Borough
may treat and consider the person in whose name this Bond is regis-
tered as the absolute owner hereof for the purpose of receiving
payment of, or on account of, the principal or redemption price, if any,
hereof and interest due hereon and for all other purposes whatsoever.
This Bond is a general obligation of the Kodiak Island Borough,
and the full faith and credit of the Borough are pledged for the
payment of the principal of and interest on the Bond as the same shall
become due.
IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts
or things required by the constitution or statutes of the State of Alaska
to exist, to have happened or to have been performed precedent to or
in the issuance of this Bond exist, have happened and have been
performed, and that the series of Bonds of which this is one, together
with all other indebtedness of the Borough, is within every debt and
other limit prescribed by said constitution or statutes.
IN WITNESS WHEREOF, THE KODIAK ISLAND BOROUGH,
ALASKA, has caused this Bond to be signed in its name and on its
behalf by the manual or facsimile signature of its Mayor and its
corporate seal (or a facsimile thereof) to be impressed or otherwise
reproduced hereon and attested by the manual or facsimile signature
of its Clerk, all as of the day of 2000.
ATTEST: Gary L. Stevens, Mayor
Judith A. Nielsen, Clerk
[SEAL]
Kodiak Island Borough Ordinance No. 2000 -16
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Section 9: Execution. The Bonds shall be executed in the name of the Borough
by the manual or facsimile signature of the Mayor, and its corporate
seal (or a facsimile thereof) shall be impressed or otherwise reproduced
thereon and attested by the manual or facsimile signature of the
Borough Clerk. The execution of a Bond on behalf of the Borough by
persons who at the time of the execution are duly authorized to hold
the proper offices shall be valid and sufficient for all purposes,
although any such person shall have ceased to hold office at the time
of delivery of the Bond or shall not have held office on the date of the
Bond.
Section 10: Payment of Principal and Interest. The Bonds shall be payable in
lawful money of the United States of America which at the time of
payment is legal tender for the payment of public and private debts.
As long as the Bond Bank is the Registered Owner of the Bonds,
payment of principal and interest on the Bonds shall be made as
provided in the Loan Agreement. If the Bond Bank is no longer the
Registered Owner of the Bonds, installments of principal and interest
on the Bonds shall be paid by check mailed by first class mail to the
Registered Owner as of the fifteenth day of the month preceding each
installment payment date at the address appearing on the Bond
Register; provided that the final installment of principal and interest on
a Bond shall be payable upon presentation and surrender of the Bond
by the Registered Owner at the office of the Registrar.
Section 11: Registration. The Bonds shall be issued only in registered form as to
both principal and interest. The Borough designates the Borough
Treasurer as Registrar for the Bonds. The Registrar shall keep, or
cause to be kept, the Bond Register at the principal office of the
Borough. The Borough and the Registrar may treat the person in
whose name any Bond shall be registered as the absolute owner of
such Bond for all purposes, whether or not the Bond shall be overdue,
and all payments of principal of and interest on a Bond made to the
Registered Owner thereof or upon its order shall be valid and effectual
to satisfy and discharge the liability upon such Bond to the extent of
the sum or sums so paid, and neither the Borough nor the Registrar
shall be affected by any notice to the contrary.
Section 12: Transfer and Exchange. Bonds shall be transferred only upon the
books for the registration and transfer of Bonds kept at the office of
the Registrar. Upon surrender for transfer or exchange of any Bond at
such office, with a written instrument of transfer or authorization for
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exchange in form and with guaranty of signature satisfactory to the
Registrar, duly executed by the Registered Owner or the duly
authorized attorney of the Registered Owner, the Borough shall
execute and deliver an equal aggregate principal amount of Bonds of
the same maturity of any authorized denominations, subject to such
reasonable regulations as the Borough may prescribe and upon
payment sufficient to reimburse it for any tax, fee or other
governmental charge required to be paid in connection with such
transfer or exchange. All Bonds surrendered for transfer or exchange
shall be canceled by the Registrar.
Section 13: Bonds Mutilated, Destroyed, Stolen or Lost. Upon surrender to the
Registrar of a mutilated Bond, the Borough shall execute and deliver a
new Bond of like maturity and principal amount. Upon filing with the
Registrar of evidence satisfactory to the Borough that a Bond has been
destroyed, stolen or lost and of the ownership thereof, and upon fur-
nishing the Borough with indemnity satisfactory to it, the Borough
shall execute and deliver a new Bond of like maturity and principal
amount. The person requesting the execution and delivery of a new
Bond under this section shall comply with such other reasonable
regulations as the Borough may prescribe and pay such expenses as
the Borough may incur in connection therewith.
Section 14: Disposition of the Sale Proceeds of the Bonds. The sale proceeds of
the Bonds representing accrued interest on the Bonds shall be applied
to pay a portion of the interest due on the Bonds on the first interest
payment date for the Bonds. The remaining sale proceeds of the
Bonds shall be applied to pay Costs of the Project and issuance costs
of the Bonds, and shall be deposited in the appropriate funds or
accounts of the Borough for such purposes.
Section 15: Amendatory and Supplemental Ordinances.
(a) The Assembly from time to time and at any time may
adopt an ordinance or ordinances supplemental hereto, which
ordinance or ordinances thereafter shall become a part of this
Ordinance, for any one or more of the following purposes:
(1) To add to the covenants and agreements of the
Borough in this Ordinance, other covenants and agreements
thereafter to be observed, or to surrender any right or power
herein reserved to or conferred upon the Borough.
(2) To make such provisions for the purpose of curing
Kodiak Island Borough Ordinance No. 2000 -16
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any ambiguities or of curing, correcting or supplementing any
defective provision contained in this Ordinance or in regard to
matters or questions arising under this Ordinance as the
Assembly may deem necessary or desirable and not inconsistent
with this Ordinance and which shall not adversely affect the
interests of the Registered Owners of the Bonds.
Any such supplemental ordinance may be adopted without the consent
of the Registered Owners of any of the Bonds at any time outstanding,
notwithstanding any of the provisions of subsection (b) of this section.
(b) With the consent of the Registered Owners of not less
than 60 percent in aggregate principal amount of the Bonds at the
time outstanding, the Assembly may adopt an ordinance or ordinances
supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this
Ordinance or of any supplemental ordinance; provided, however, that
no such supplemental ordinance shall:
(1) extend the fixed maturity of any of the Bonds, or
reduce the rate of interest thereon, or reduce the amount or
change the date of any sinking fund installment, or extend the
time of payments of interest from their due date, or reduce the
amount of the principal thereof, or reduce any premium payable
on the redemption thereof, without the consent of the
Registered Owners of each Bond so affected; or
(2) reduce the aforesaid percentage of Registered
Owners of Bonds required to approve any such supplemental
Ordinance without the consent of the Registered Owners of all
of the Bonds then outstanding.
It shall not be necessary for the consent of the Registered Owners of
the Bonds under this subsection to approve the particular form of any
proposed supplemental ordinance, but it shall be sufficient if such
consent approves the substance thereof.
(c) Upon the adoption of any supplemental ordinance under
this section, this Ordinance shall be deemed to be modified and
amended in accordance therewith, and the respective rights, duties
and obligations under this Ordinance of the Borough and all Registered
Owners of outstanding Bonds shall thereafter be subject in all respects
to such modification and amendment, and all the terms and conditions
of the supplemental ordinance shall be deemed to be part of the terms
and conditions of this Ordinance for any and all purposes.
(d) Bonds executed and delivered after the execution of any
supplemental ordinance adopted under this section may bear a
notation as to any matter provided for in such supplemental ordinance,
Kodiak Island Borough Ordinance No. 2000 -16
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and if such supplemental ordinance shall so provide, new Bonds
modified so as to conform, in the opinion of the Borough, to any
modification of this Ordinance contained in any such supplemental
ordinance may be prepared by the Borough and delivered without cost
to the Registered Owners of the Bonds then outstanding, upon
surrender for cancellation of such Bonds in equal aggregate principal
amounts.
Section 16: Defeasance. In the event money and /or non - callable Government
Obligations maturing at such times and bearing interest to be earned
thereon in amounts sufficient to redeem and retire any or all of the
Bonds in accordance with their terms are set aside in a special trust
account to effect such redemption or retirement and such moneys and
the principal of and interest on such Government Obligations are
irrevocably set aside and pledged for such purpose, then no further
payments need be made to pay or secure the payment of the principal
of and interest on such Bonds and such Bonds shall be deemed not to
be outstanding.
Section 17: Sale of Bonds. The Bonds shall be sold at negotiated sale to the Bond
Bank as provided in the Loan Agreement. Subject to the limitations
provided in Sections 3 and 5, each of the Borough Manager and the
Borough Finance Director is hereby authorized to determine the
aggregate principal amount, maturity amounts, interest rates, yields,
dated date, principal and interest payment dates, redemption terms, if
any, for the Bonds, and other details of the Bonds; provided that the
true interest cost of the Bonds, expressed as an annual rate, does not
exceed 10.0 percent. In determining the maturity amounts, sinking
fund installments, if any, interest rates, yields, and redemption terms,
if any, for the Bonds, the Borough Manager or Borough Finance
Director shall take into account those factors which, in his judgment,
will result in the lowest true interest cost on the Bonds to their
maturity, including without limitation current financial market
conditions and current interest rates for obligations comparable in
tenor and quality to the Bonds. Based upon the foregoing
determinations, the Borough Manager and the Borough Finance
Director each is authorized to execute the Loan Agreement, in
substantially the form presented at this meeting.
Section 18: Official Statement. The distribution of the preliminary Official
Statement for the Bond Bank Bonds in substantially the form
presented at this meeting is approved as it pertains to the Borough and
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the Bonds. The information in the preliminary Official Statement
relating to the Borough and the Bonds may be modified as the Borough
Manager or Borough Finance Director may determine. The Borough
Manager and Borough Finance Director each is hereby authorized to
approve the form of the final Official Statement for the Bond Bank
Bonds as it pertains to the Borough and the Bonds.
Section 19: Authority of Officers. The Mayor, the acting Mayor, the Borough
Manager, the acting Borough Manager, the Borough Finance Director,
the acting Borough Finance Manager, the Borough Clerk, and the
acting Borough Clerk each is authorized and directed to do and
perform all things and determine all matters not determined by this
Ordinance, to the end that the Borough may carry out its obligations
under the Bonds and this Ordinance.
Section 20: Miscellaneous.
(a) All payments made by the Borough of, or on account of,
the principal of or interest on the Bonds shall be made on the several
Bonds ratably and in proportion to the amount due thereon,
respectively, for principal or interest as the case may be.
(b) No recourse shall be had for the payment of the principal
of or the interest on the Bonds or for any claim based thereon or on
this Ordinance against any member of the Assembly or officer of the
Borough or any person executing the Bonds. The Bonds are not and
shall not be in any way a debt or liability of the State of Alaska or of
any political subdivision thereof, except the Borough, and do not and
shall not create or constitute an indebtedness or obligation, either
legal, moral or otherwise, of said state or of any political subdivision
thereof, except the Borough.
Section 21: Continuing Disclosure. The Borough hereby covenants and agrees that
it will comply with and carry out all of the provisions of the Continuing
Disclosure Certificate that has been presented at this meeting.
Notwithstanding any other provision of this Ordinance, failure of the
Borough to comply with the Continuing Disclosure Certificate shall not
be considered a default of the Borough's obligations under this
Ordinance, the Loan Agreement or the Bonds; however, the beneficial
owner of any Bond or Bond Bank Bond may bring an action for specific
performance, to cause the Borough to comply with its obligations
under this section.
Kodiak Island Borough Ordinance No. 2000 -16
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Section 22: Severability. If any one or more of the provisions of this Ordinance
shall be declared by any court of competent jurisdiction to be contrary
to law, then such provision shall be null and void and shall be deemed
separable from the remaining provisions of this Ordinance and shall in
no way affect the validity of the other provisions of this Ordinance or
of the Bonds.
Section 23: Effective Date. This Ordinance shall become effective upon adoption
by the Kodiak Island Borough Assembly.
ATTEST:
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS SECOND DAY OF NOVEMBER, 2000
h A. Nielsen, C, Borough Clerk
KODIAK ISLAND
Gary I Stevens, Borough Mayor
Kodiak Island Borough Ordinance No. 2000 -16
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