2004-11 Amending Facilities Fund - FailedKODIAK ISLAND BOROUGH
ORDINANCE NO. 2004 -11
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY
AMENDING KODIAK ISLAND BOROUGH CODE OF ORDINANCES
TITLE 3 REVENUE AND FINANCE
CHAPTER 3.04 PUBLIC I 3 AE5
FINANCE-MANAGEMENT
FUND
ACCOUN ING
WHEREAS, the Kodiak Island Borough Assembly is contemplating ra ing the mil levy on private
and personal property; and
WHEREAS, the Facilities Fund is an interest bearing
approximately $833,000 in 2004; and
WHEREAS, all but fifteen percent went to bonded indebt:.ness and insurance; and
WHEREAS, the Assembly is considering utilizing the r: aining fifteen percent, which is equal to
approximately $125,000;
NOW, THEREFORE, BE IT ORDAINED BY THE
THAT:
Section 1:
Section 2:
Kodiak Island Borough, Alaska
Title 3, Chapter 3.04, Se
Title 3 Revenue and Finance - C
Section 3.04.051 Facilities fund
A. The facilities fund is establi
land sale fund and all other
Shuyak Island property to t
be deposited to the fund.
fund at any time. Any
become part of the f
B. The fund may b
not be appropriate
no time run or s
C. The assem
dollars for t
Research C
D. The e
annual
appro
The
pu
Introduced by:
Requested by:
Drafted by:
Introduced:
Public Hearing:
Failed:
Assemblymember Abe
Assemblymember A•. I
Assemblymember • •ell
05/2. 004
06/• /2004
0: 03/2004
c investment that generated
EMBLY OF THE KODIAK ISLAND BOROUGH
This ordinance is of a gener. . d permanent nature and shall become a part of the
Kodiak Island Borough C•d . Ordinances.
on 3.04.051 is hereby amended as follows:
apter 3.04 Public Finance Management and Accounting
ed as a separate investment fund which is distinct from the general
unds. The fund consists of all proceeds received from the sale of
Exxon Valdez Oil Spill Trustee Council. All income from the fund shall
he assembly may, by ordinance, make additional appropriations to the
dditional funds added to the fund, aside of Shuyak Island proceeds, shall
d as a whole and subject to the regulations of the facilities fund.
invested only as provided in section 3.04.020 of this chapter. The fund may
or spent, except as provided in this section. The earnings or principle shall at
.plement the running of government except as specified in this section.
y may, by ordinance, make a one (1) time appropriation of six million (6,000,000)
financing or construction of the Near Island Research Facility (Kodiak Fisheries
nter) as an addition to the Fishery Industrial Technology %cn comp��1cx _
� an an � ••�-•• Near Island.
K cess income of the fund is defined as ei fvc185 one hundred (100) percent of the
�rtt vestment income from the fund. The excess income of the fund is available for
riation by the assembly in the fiscal year following the year in which the income is earned.
xcess income of the fund may be appropriated only for the following purposes:
1. maintenance and repair of existing borough facilities,
2. insurance paid by the borough for borough buildings,
Ordinance No. 2004 -11
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3. upgrade and reconstruction of existing facilities, or
4. debt service on general obligation bonds issued for facilities construction - -up o
fifty (50) percent of excess may be used for this purpose.
E. A portion of the fund may be appropriated for another purpose only upon approval .f an
ordinance ratified by a two - thirds (2/3) majority of the qualified voters at a regular or special
election.
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS DAY OF 2004
KODIAK ISLAND BOROUGH
ATTEST: Gabrielle LeDoux, Borou. Mayor
Judith A. Nielsen, CMC, Borough Clerk
Kodiak Island Borough, Alaska
Ordinance No. 2004 -11
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