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FY2009-20 General Obligation Refunding Bonds, to refund certain outstanding general obligations bonds of the Borough1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 KODIAK ISLAND BOROUGH RESOLUTION NO. FY2009 -20 Introduced by: Requested by: Drafted by: Introduced: Adopted: A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY AUTHORIZING THE BOROUGH TO ISSUE GENERAL OBLIGATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $7,150,000 TO REFUND CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS OF THE BOROUGH, FIXING CERTAIN DETAILS OF SUCH BONDS, AUTHORIZING THEIR SALE, AND PROVIDING FOR RELATED MATTERS Manager Gifford Finance Director Bond Counsel 02/19/2009 02/19/2009 WHEREAS, there are now outstanding General Obligation Refunding Bonds, 1998 Series A of the Kodiak Island Borough (the "Borough ") maturing, or for which sinking fund installments are due, on February 15 in the years 2010 through 2014 in the aggregate principal amount of $6,815,000 (the "1998 Bonds "), issued under Ordinance No. 98 -28 of the Borough; and WHEREAS, the Assembly finds that it is in the best interest of the Borough to provide for the refunding, including the payment of principal of, and premium and interest on, those maturities or sinking fund installments of the 1998 Bonds (the "Refunded Bonds ") whose refunding the Borough Manager or Borough Finance Director determines will produce the percentage debt service savings specified in this resolution, by the issuance of general obligation refunding bonds in the aggregate principal amount of not to exceed $7,150,000; and WHEREAS, Section 29.47.320 of the Alaska Statutes provides that general obligation refunding bonds may be issued without an election, Section 29.47.300 of the Alaska Statutes provides that their issuance may be authorized by resolution, and Section 29.47.410 of the Alaska Statutes provides that the Assembly by resolution may provide for the form and manner of sale of bonds and notes; 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 aggregate principal amount, maturity amounts, interest rates and other details of the bonds, and the amount of bond proceeds necessary to effect the refunding of the Refunded Bonds, and to determine other matters that are not provided for in this resolution; and WHEREAS, there has been presented to the Borough the form of a Loan Agreement between the Alaska Municipal Bond Bank and the Borough, which provides for the Alaska Municipal Bond Bank to purchase the bonds on the terms and conditions set forth therein and in this resolution, and it is in the best interest of the Borough that the Borough sell the bonds to the Alaska Municipal Bond Bank under such terms and conditions. NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THAT: 41 42 Section 1: Definitions. In addition to terms which are defined in the recitals above, the 43 following terms shall have the following meanings in this resolution: 44 Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 1 of 10 45 (a) "Assembly" means the Assembly of the Kodiak Island Borough, as the 46 general legislative authority of the Kodiak Island Borough, as the same shall be 47 duly and regularly constituted from time to time. 48 49 (b) "Bond" or "Bonds" means any of the "General Obligation Refunding 50 Bonds, 2009 Series A" of the Kodiak Island Borough, the issuance and sale of 51 which are authorized herein. 52 53 (c) "Bond Bank" means the Alaska Municipal Bond Bank, a public 54 corporation of the State of Alaska. 55 56 (d) "Bond Bank Bonds" means general obligation bonds issued by the Bond 57 Bank after the date of this Resolution, all or part of the proceeds of which are 58 used to purchase all of the Bonds. 59 60 (e) "Bond Register" means the registration books maintained by the 61 Registrar, which include the names and addresses of the Registered Owners of 62 the Bonds or their nominees. 63 64 (f) "Borough" means the Kodiak Island Borough, a municipal corporation of 65 the State of Alaska, organized as a second class Borough under Title 29 of the 66 Alaska Statutes. 67 68 (g) "Code" means the Internal Revenue Code of 1986, as amended from 69 time to time, together with all regulations applicable thereto. 70 71 (h) "Government Obligations" means obligations that are either (i) direct 72 - obligations of the United States of America or (ii) obligations of an agency or 73 instrumentality of the United States of America the timely payment of the 74 principal of and interest on which are unconditionally guaranteed by the United 75 States of America 76 77 (i) "Loan Agreement" means the Loan Agreement between the Borough and 78 the Bond Bank concerning the Bonds. 79 80 (j) "Refunded Bonds" means the maturities or sinking fund installments of 81 the 1998 Bonds whose refunding is approved by the Borough Manager or 82 Borough Finance Director under Section 12. 83 84 (k) 'Registered Owner" means the person named as the registered owner of 85 a Bond in the Bond Register. 86 87 (1) "Registrar" means the Borough Finance Director, or any successor that 88 the Borough may appoint by resolution. 89 90 (m) "Resolution" means this Resolution No. FY2009 -_ of the Borough. 91 92 (n) "1998 Bonds" means the $6,815,000 of General Obligation Refunding 93 Bonds, 1998 Series A of the Borough maturing on February 15 of the years 2010 94 through 2014. Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 2 of 10 95 Section 2: Authorization of Bonds and Purpose of Issuance. For the purpose of providing 96 the funds required to effect the refunding of the Refunded Bonds in the manner 97 and at the time hereinafter set forth, to provide for original issue discount, if any, 98 and to pay all costs incidental thereto and to the issuance of the Bonds, the 99 Borough hereby authorizes and determines to issue and sell the Bonds in the 100 aggregate principal amount of not to exceed $7,150,000. 101 102 Section 3: Obligation of Bonds. The Bonds shall be direct and general obligations of the 103 Borough and the full faith and credit of the Borough are hereby pledged to the 104 payment of the principal of and interest on the Bonds. The Borough hereby 105 irrevocably pledges and covenants that it will levy and collect taxes upon all 106 taxable property within the Borough without limitation as to rate or amount, in 107 amounts sufficient, together with other funds legally available therefor, to pay the 108 principal of and interest on the Bonds as the same become due and payable. 109 110 Section 4: Designation, Maturities, Interest Rates, and Other Details of Bonds. The Bonds 111 shall be designated "Kodiak Island Borough, Alaska, General Obligation 112 Refunding Bonds, 2009 Series A." The Bonds shall be in the denomination of 113 $5,000 or any integral multiple thereof, shall be numbered separately in the 114 manner and with such additional designation as the Registrar deems necessary 115 for purposes of identification, and may have endorsed thereon such legends or 116 text as may be necessary or appropriate to conform to the rules and regulations 117 of any governmental authority or any usage or requirement of law with respect 118 thereto. 119 120 The Bonds shall mature in one or more years commencing no earlier than 2010 121 and ending no later than 2014, and shall be payable in approximately equal 122 annual principal payments or with approximately equal annual debt service. The 123 Bonds shall bear interest from their date, payable commencing on a date on or 124 after July 1, 2009, and semi - annually thereafter in each year. Interest will be 125 computed on the basis of a 360 -day year consisting of twelve 30 -day months. 126 127 Subject to Section 2 and the remainder of this section, the dated date, the 128 principal and interest payment dates, the record dates for interest payments, the 129 aggregate principal amount, the principal amount of each maturity, and the 130 interest rates on the Bonds shall be determined at the time of execution of the 131 Loan Agreement under Section 17. 132 133 Section 5: Optional Redemption. The Bonds shall not be subject to optional redemption by 134 the Borough. 135 136 Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 3 of 10 137 Section 6: Form of Bond. Each Bond shall be in substantially the following form, with such 138 variations, omissions and insertions as may be required or permitted by this 139 Resolution: 140 141 UNITED STATES OF AMERICA 142 STATE OF ALASKA 143 144 KODIAK ISLAND BOROUGH 145 (A Municipal Corporation of the State of Alaska) 146 147 NO. $ 148 149 150 GENERAL OBLIGATION REFUNDING BOND, 2009 SERIES A 151 152 REGISTERED OWNER: 153 154 PRINCIPAL AMOUNT: 155 156 The Kodiak Island Borough (the "Borough"), a municipal corporation of 157 the state of Alaska, hereby acknowledges itself to owe and for value received 158 promises to pay to the Registered Owner identified above, or its registered 159 assigns, the principal amount shown above in the following installments on 160 of each of the following years, and to pay interest on such 161 installments from the date hereof, payable on , 200_ and 162 semiannually thereafter on the days of and of 163 each year, at the rates per annum as follows: Principal Interest Year Amount Rate 164 165 When this Bond is owned by the Alaska Municipal Bond Bank (the 'Bond Bank "), 166 payment of principal and interest shall be made as provided in the Loan 167 Agreement between the Bond Bank and the Borough (the "Loan Agreement "). 168 When this Bond is not owned by the Bond Bank, installments of principal and 169 interest on this Bond shall be paid by check or draft mailed by first class mail to 170 the Registered Owner as of the close of business on the day of the 171 month each installment payment date; provided that the final 172 installment of principal and interest on this Bond shall be payable upon 173 presentation and surrender of this Bond by the Registered Owner at the office of 174 the Registrar. Interest will be computed on the basis of a 360 -day year 175 consisting of twelve 30 -day months. Both principal of and interest on this Bond 176 are payable in lawful money of the United States of America which, on the 177 respective dates of payment thereof, shall be legal tender for the payment of 178 public and private debts. 179 Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 4 of 10 180 This Bond is one of the General Obligation Refunding Bonds, 2009 Series 181 A of the Kodiak Island Borough, Alaska, of like tenor and effect except as to 182 interest rate, serial number and maturity, aggregating $ in 183 principal amount, and constituting Bonds authorized for the purpose of refunding 184 certain general obligation bonds issued by the Borough, and is issued under 185 Resolution No. FY2009 - of the Borough entitled: 186 187 A RESOLUTION OF THE KODIAK ISLAND BOROUGH 188 ASSEMBLY AUTHORIZING THE BOROUGH TO ISSUE 189 GENERAL OBLIGATION REFUNDING BONDS IN THE 190 PRINCIPAL AMOUNT OF NOT TO EXCEED $7,150,000 TO 191 REFUND CERTAIN OUTSTANDING GENERAL OBLIGATION 192 BONDS OF THE BOROUGH, FIXING CERTAIN DETAILS OF 193 SUCH BONDS, AUTHORIZING THEIR SALE, AND PROVIDING 194 FOR RELATED MATTERS. 195 196 (the "Resolution "). 197 198 Installments of principal of this Bond are not subject to prepayment at the 199 option of the Borough. 200 201 This Bond is transferable as provided in the Resolution, (i) only upon the 202 bond register of the Borough, and (ii) upon surrender of this Bond together with a 203 written instrument of transfer duly executed by the registered owner or the duly 204 authorized attorney of the registered owner, and thereupon a new fully registered 205 Bond or Bonds in the same aggregate principal amount and maturity shall be 206 issued to the transferee in exchange therefor as provided in the Resolution and 207 upon the payment of charges, if any, as therein prescribed. The Borough may 208 treat and consider the person in whose name this Bond is registered as the 209 absolute owner hereof for the purpose of receiving payment of, or on account of, 210 the principal or redemption price, if any, hereof and interest due hereon and for 211 all other purposes whatsoever. 212 213 This Bond is a general obligation of the Kodiak Island Borough, and the 214 full faith and credit of the Borough are pledged for the payment of the principal of 215 and interest on the Bond as the same shall become due. 216 217 IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or 218 things required by the constitution or statutes of the State of Alaska to exist, to 219 have happened or to have been performed precedent to or in the issuance of this 220 Bond exist, have happened and have been performed, and that the series of 221 Bonds of which this is one, together with all other indebtedness of the Borough, 222 is within every debt and other limit prescribed by said constitution or statutes. 223 224 IN WITNESS WHEREOF, THE KODIAK ISLAND BOROUGH, ALASKA, 225 has caused this Bond to be signed in its name and on its behalf by the manual or 226 facsimile signature of its Mayor and its corporate seal (or a facsimile thereof) to 227 be impressed or otherwise reproduced hereon and attested by the manual or 228 facsimile signature of its Clerk, all as of the day of 229 2009. Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 5 of 10 230 231 232 233 Mayor 234 ATTEST: 235 236 237 238 Clerk 239 240 [SEAL] 241 242 Section 7: Execution. The Bonds shall be executed in the name of the Borough by the 243 manual or facsimile signature of the Mayor, and its corporate seal (or a facsimile 244 thereof) shall be impressed or otherwise reproduced thereon and attested by the 245 manual or facsimile signature of the Borough Clerk. The execution of a Bond on 246 behalf of the Borough by persons who at the time of the execution are duly 247 authorized to hold the proper offices shall be valid and sufficient for all purposes, 248 although any such person shall have ceased to hold office at the time of delivery 249 of the Bond or shall not have held office on the date of the Bond. 250 251 Section 8: • Payment of Principal and Interest. The Bonds shall be payable in lawful money 252 of the United States of America which at the time of payment is legal tender for 253 the payment of public and private debts. When the Bond Bank is the Registered 254 Owner of the Bonds, payment of principal and interest on the Bonds shall be 255 made as provided in the Loan Agreement. When the Bond Bank is not the 256 Registered Owner of the Bonds, installments of principal and interest on the 257 Bonds shall be paid by check mailed by first class mail to the Registered Owner 258 as of the record date for the installment payment at the address appearing on the 259 Bond Register; provided that the final installment of principal and interest on a 260 Bond shall be payable upon presentation and surrender of the Bond by the 261 Registered Owner at the office of the Registrar. 262 263 Section 9: Registration. The Bonds shall be issued only in registered form as to both 264 principal and interest. The Borough designates the Borough Finance Director as 265 Registrar for the Bonds. The Registrar shall keep, or cause to be kept, the Bond 266 Register at the principal office of the Borough. The Borough covenants that, until 267 all Bonds have been surrendered and canceled, it will maintain a system for 268 recording the ownership of each Bond that complies with the provisions of 269 Section 149 of the Code. The Borough and the Registrar may treat the person in 270 whose name any Bond shall be registered as the absolute owner of such Bond 271 for all purposes, whether or not the Bond shall be overdue, and all payments of 272 principal of and interest on a Bond made to the Registered Owner thereof or 273 upon its order shall be valid and effectual to satisfy and discharge the liability 274 upon such Bond to the extent of the sum or sums so paid, and neither the 275 Borough nor the Registrar shall be affected by any notice to the contrary. 276 277 Section 10: Transfer and Exchange. Bonds shall be transferred only upon the books for the 278 registration and transfer of Bonds kept at the office of the Registrar. Upon 279 surrender for transfer or exchange of any Bond at such office, with a written Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 6 of 10 280 instrument of transfer or authorization for exchange in form and with guaranty of 281 signature satisfactory to the Registrar, duly executed by the Registered Owner or 282 the duly authorized attorney of the Registered Owner, the Borough shall execute 283 and deliver an equal aggregate principal amount of Bonds of the same maturity 284 of any authorized denominations, subject to such reasonable regulations as the 285 Borough may prescribe and upon payment sufficient to reimburse it for any tax, 286 fee or other governmental charge required to be paid in connection with such 287 transfer or exchange. All Bonds surrendered for transfer or exchange shall be 288 canceled by the Registrar. 289 - 290 Section 11: Bonds Mutilated, Destroyed, Stolen or Lost. Upon surrender to the Registrar of a 291 mutilated Bond, the Borough shall execute and deliver a new Bond of like 292 maturity and principal amount. Upon filing with the Registrar of evidence 293 satisfactory to the Borough that a Bond has been destroyed, stolen or lost and of 294 the ownership thereof, and upon furnishing the Borough with indemnity 295 satisfactory to it, the Borough shall execute and deliver a new Bond of like 296 maturity and principal amount. The person requesting the execution and delivery 297 of a new Bond under this section shall comply with such other reasonable 298 regulations as the Borough may prescribe and pay such expenses as the 299 Borough may incur in connection therewith. 300 301 Section 12: Disposition of the Sale Proceeds of the Bonds; Designation of Refunded Bonds. 302 The sale proceeds of the Bonds shall be applied to provide for the refunding of 303 the Refunded Bonds, and to pay the issuance costs of the Bonds. Each of the 304 Borough Manager and the Borough Finance Director is authorized to designate 305 which, if any, maturities and sinking fund installments of the 1998 Bonds 306 authorized to be refunded in this Resolution shall be refunded, provided that the 307 . refunding of the 1998 Bonds so designated shall realize a debt service savings of 308 at least three percent of their principal amount, net of all issuance costs and 309 underwriting discount, on a present value basis. 310 311 Section 13: CaII of Refunded Bonds for Redemption. The Borough hereby elects to redeem 312 the Refunded Bonds on a date to be determined by the Borough Manager or 313 Borough Finance Director, which shall be not later than 90 days after the date of 314 delivery of the Bonds. Notice of redemption of the Refunded Bonds shall be 315 given in the manner set forth in the ordinance authorizing the Refunded Bonds. 316 The election to make such call for redemption shall be subject to the delivery of 317 the Bonds to the initial purchasers thereof and shall become irrevocable upon 318 such delivery. 319 320 Section 14: Tax Covenants. The Borough covenants to comply with any and all applicable 321 requirements set forth in the Code in effect from time to time to the extent that 322 such compliance shall be necessary for the exclusion of the interest on the 323 Bonds from gross income for federal income tax purposes. Without limiting the 324 generality of the foregoing, the Borough covenants that it will make no use of the 325 proceeds of the Bonds which will cause the Bonds to be "arbitrage bonds" 326 subject to federal income taxation by reason of Section 148 of the Code, and that 327 it will not take or permit any action that would cause the Bonds to be "private 328 activity bonds" as defined in Section 141 of the Code. 329 Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 7 of 10 330 Section 15: Amendatory and Supplemental Resolutions. 331 332 (a) The Assembly from time to time and at any time may adopt a resolution 333 or resolutions supplemental hereto, which resolution or resolutions thereafter 334 shall become a part of this Resolution, for any one or more of the following 335 purposes: 336 337 (1) To add to the covenants and agreements of the Borough in this 338 Resolution, other covenants and agreements thereafter to be observed, 339 or to surrender any right or power herein reserved to or conferred upon 340 the Borough. 341 342 (2) To make such provisions for the purpose of curing any ambiguities 343 or of curing, correcting or supplementing any defective provision 344 contained in this Resolution or in regard to matters or questions arising 345 under this Resolution as the Assembly may deem necessary or desirable 346 and not inconsistent with this Resolution and which shall not adversely 347 affect the interests of the Registered Owners of the Bonds. 348 349 Any such supplemental resolution may be adopted without the consent of the 350 Registered Owners of any of the Bonds at any time outstanding, notwithstanding 351 any of the provisions of subsection (b) of this section. 352 353 (b) With the consent of the Registered Owners of not less than 60 percent in 354 aggregate principal amount of the Bonds at the time outstanding, the Assembly 355 may adopt a resolution or resolutions supplemental hereto for the purpose of 356 adding any provisions to or changing in any manner or eliminating any of the 357 provisions of this Resolution or of any supplemental resolution; provided, 358 however, that no such supplemental resolution shall: 359 360 (1) Extend the fixed maturity of any of the Bonds, or reduce the rate 361 of interest thereon, or extend the time of payments of interest from their 362 due date, or reduce the amount of the principal thereof, or reduce any 363 premium payable on the redemption thereof, without the consent of the 364 Registered Owners of each Bond so affected; or 365 366 (2) Reduce the aforesaid percentage of Registered Owners of Bonds 367 required to approve any such supplemental resolution without the consent 368 of the Registered Owners of all of the Bonds then outstanding. 369 370 It shall not be necessary for the consent of the Registered Owners of the Bonds 371 under this subsection to approve the particular form of any proposed 372 supplemental resolution, but it shall be sufficient if such consent approves the 373 substance thereof. 374 375 (c) Upon the adoption of any supplemental resolution under this section, this 376 Resolution shall be deemed to be modified and amended in accordance 377 therewith, and the respective rights, duties and obligations under this Resolution 378 of the Borough and all Registered Owners of outstanding Bonds shall thereafter 379 be subject in all respects to such modification and amendment, and all the terms Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 8 of 10 380 and conditions of the supplemental resolution shall be deemed to be part of the 381 terms and conditions of this Resolution for any and all purposes. 382 383 (d) Bonds executed and delivered after the execution of any supplemental 384 resolution adopted under this section may bear a notation as to any matter 385 provided for in such supplemental resolution, and if such supplemental resolution 386 shall so provide, new Bonds modified so as to conform, in the opinion of the 387 Borough, to any modification of this Resolution contained in any such 388 supplemental resolution may be prepared by the Borough and delivered without 389 cost to the Registered Owners of the Bonds then outstanding, upon surrender for 390 cancellation of such Bonds in equal aggregate principal amounts. 391 392 Section 16: Defeasance. In the event money and /or non - callable Government Obligations 393 maturing at such times and bearing interest to be earned thereon in amounts 394 sufficient to redeem and retire any or all of the Bonds in accordance with their 395 terms are set aside in a special trust account to effect such redemption or 396 retirement and such moneys and the principal of and interest on such 397 Government Obligations are irrevocably set aside and pledged for such purpose, 398 then no further payments need be made to pay or secure the payment of the 399 principal of and interest on such Bonds and such Bonds shall be deemed not to 400 be outstanding. 401 402 Section 17: Sale of Bonds. The Bonds shall be sold at negotiated sale to the Bond Bank as 403 provided in the Loan Agreement. Subject to the limitations provided in Sections 404 2 and 4, each of the Borough Manager and the Borough Finance Director is 405 hereby authorized to determine the aggregate principal amount, maturity 406 amounts, interest rates, yields, dated date, principal and interest payment dates 407 and record dates for principal and interest payments for the Bonds, and other 408 details of the Bonds; provided that the debt service on the Bonds in each fiscal 409 year shall not exceed the debt service on the Refunded Bonds in that fiscal year. 410 Based upon the foregoing determinations, each of the Borough Manager and the 411 Borough Finance Director is authorized to execute the Loan Agreement, in 412 substantially the form presented at this meeting. 413 414 Section 18: Authority of Officers. The Mayor, the acting Mayor, the Borough Manager, the 415 acting Borough Manager, the Borough Finance Director, the acting Borough 416 Finance Director, the Borough Clerk, and the acting Borough Clerk each is 417 authorized and directed to do and perform all things and determine all matters 418 not determined by this Resolution, to the end that the Borough may carry out its 419 obligations under the Bonds and this Resolution. 420 421 Section 19: Prohibited Sale of Bonds. No person, firm or corporation, or any agent or 422 employee thereof, acting as financial consultant to the Borough under an 423 agreement for payment in connection with the sale of the Bonds is eligible to 424 purchase the Bonds as a member of the original underwriting syndicate either at 425 public or private sale. 426 427 428 429 Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 9 of 10 430 Section 20: Miscellaneous. 431 432 (a) All payments made by the Borough of, or on account of, the principal of or 433 interest on the Bonds shall be made on the several Bonds ratably and in 434 proportion to the amount due thereon, respectively, for principal or interest as the 435 case may be. 436 437 (b) No recourse shall be had for the payment of the principal of or the interest 438 on the Bonds or for any claim based thereon or on this Resolution against any 439 member of the Assembly or officer of the Borough or any person executing the 440 Bonds. The Bonds are not and shall not be in any way a debt or liability of the 441 State of Alaska or of any political subdivision thereof, except the Borough, and do 442 not and shall not create or constitute an indebtedness or obligation, either legal, 443 moral or otherwise, of said state or of any political subdivision thereof, except the 444 Borough. 445 446 Section 21: Severability. If any one or more of the provisions of this Resolution shall be 447 declared by any court of competent jurisdiction to be contrary to law, then such 448 provision shall be null and void and shall be deemed separable from the 449 remaining provisions of this Resolution and shall in no way affect the validity of 450 the other provisions of this Resolution or of the Bonds. 451 452 Section 22: Effective Date. This Resolution shall become effective upon passage and 453 approval. 454 ATTEST: . Jiar'ome M. Selby, Borough Mayor Nov . Javier, CMC, Boroy ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THIS NINETEENTH DAY OF FEBRUARY, 2009 KODIAK ISLAND BOROUGH Kodiak Island Borough, Alaska Resolution No. FY2009 -20 Page 10 of 10