FY2009-25 Authorizing Fire Protection Area No. 1 To Borrow Up To $1,000,000 From The Facilities Fund.1
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8 KODIAK ISLAND BOROUGH
9 RESOLUTION NO. FY2009 -25
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11 A RESOLUTION OF THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
12 AUTHORIZING FIRE PROTECTION AREA NO. 1 TO BORROW UP TO
13 $1,000,000 FROM THE FACILITIES FUND
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15 WHEREAS, Fire Protection Area No. 1 desires to construct an addition to the Bayside Fire
16 Station; and
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18 WHEREAS, the estimated cost of the addition is $1,997,275; AND
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20 WHEREAS, Fire Protection Area No. 1 has an estimated $1,016,811 in available fund balance;
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23 WHEREAS, Fire Protection Area No. 1 needs financing up to $1,000,000; and
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25 WHEREAS, if the Borough was to invest on the open market, the Borough could invest
26 $1,000,000 for ten years at 4.5% interest.
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28 NOW, THEREFORE BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND
29 BOROUGH that the Kodiak Island Borough by this resolution, authorizes the loan from the
30 Facilities Fund to Fire Protection Area No. 1 up to $1,000,000 for ten years at 4.5 percent
31 interest. The first payment will be due one year from when the project is complete.
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33 ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
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44 ATTEST:
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49 Nova M Javier, C • , : • rough Clerk
Kodiak Island Borough
THIS SECOND DAY OF APRIL, 2009
Introduced by: Manager Gifford
Requested by: Fire Protection Area
No. 1
Drafted by: Finance Director
Short
Introduced on: 04/02/2009
Adopted on: 04/02/2009
KODIAK ISLAND BOROUGH
rome M. Selby, Borough Ma
Resolution No. FY2009 -25
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