FY2011-10 Reimburse Expeditures for School Captial Improvements 1 Introduced by: Manager Gifford
2 Requested by: Finance Director Short
3 Drafted by: Bono Counsel
Introduced on: 10/21/2010
4 Adopted on: 10/21/2010
5
6 KODIAK ISLAND BOROUGH
7 RESOLUTION NO. FY 2011 -10
8
9 A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY
10 DECLARING THE INTENT OF THE KODIAK ISLAND BOROUGH TO REIMBURSE
11 ORIGINAL EXPENDITURES FOR COSTS OF SCHOOL CAPITAL IMPROVEMENTS
12 WITH PROCEEDS OF TAX EXEMPT BONDS
13
14 WHEREAS, pursuant to Ordinance No. FY 2010 -03 of the Kodiak Island Borough,
15 Alaska (the "Borough "), adopted August 6, 2009, a majority of the qualified Borough voters
16 voting on the question at the regular Borough election held on October 6, 2009 approved
17 the issuance by the Borough of not to exceed $76,310,000 in general obligation bonds for
18 the purpose of financing the planning, design and construction of additions to and
19 renovations of the Kodiak High School (the "Project "); and
20
21 WHEREAS, §1.150 -2 of the Income Tax Regulations requires that the Borough timely
22 declare its intent to reimburse original expenditures for costs of the Project with proceeds
23 of tax exempt bonds, so that the reimbursement will qualify as an expenditure of proceeds
24 of the bonds.; and
25
26 NOW, THEREFORE BE IT RESOLVED, THAT THE ASSEMBLY OF THE KODIAK
27 ISLAND BOROUGH that
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29 Section 1: The Kodiak Island Borough hereby declares its intent to reimburse original
30 expenditures for costs of the Project from proceeds of tax exempt bonds in
31 the maximum principal amount of $76,310,000.
32
33 Section 2: This Resolution shall become effective upon passage and approval.
34
35 ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
36 THIS TWENTY FIRST DAY OF OCTOBER, 2010
37
38 - KODIAK ISLAND BOROUGH
39
40 •�J
41
42 ATTEST: J-rome M. Selby, :. 111 Ma or
43
44 A /
45 fll�1
46 Nova M. Javier, MC, Borough Clerk
Kodiak Island Borough Resolution No. FY2011 -10
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