FY2012-26 Refunding School Bonds and Authorizing Their Sale 1 Introduced by: Borough Manager
2 Requested by: Finance Director
3 Drafted by: Finance Director
Introduced on: 04/19/2012
4 Adopted on: 04/19/2012
5
6 KODIAK ISLAND BOROUGH
7 RESOLUTION NO. FY 2012 -26
8
9 A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY
10 AUTHORIZING THE ISSUE OF KODIAK ISLAND BOROUGH
11 GENERAL OBLIGATION REFUNDING SCHOOL BONDS, 2012 IN ONE
12 OR MORE SERIES IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED
13 $12,180,000 TO REFUND CERTAIN OUTSTANDING GENERAL
14 OBLIGATION SCHOOL BONDS OF THE BOROUGH, FIXING CERTAIN
15 DETAILS OF SUCH BONDS AND AUTHORIZING THEIR SALE
16
17
18 WHEREAS, there are now outstanding $5,485,000 of the General Obligation School
19 Bonds, 2004 Series A of the Borough maturing on or after July 1, 2015 issued under
20 ordinance No. 2004 -12 of the Borough (the "2004 A Bonds "); and
21
22 WHEREAS, there are now outstanding $6,695,000 of the General Obligation School
23 Bonds, 2004 Series B of the Borough maturing on or after November 1, 2015 issued under
24 Ordinance No. FY2005 -08 of the Borough (the "2004 B Bonds "); and
25
26 WHEREAS, the Assembly finds that it is in the best interest of the Borough to provide for
27 the refunding, including payment of principal of, premium, if any, and interest on, those
28 maturities of the 2004 A Bonds and the 2004 B Bonds (together, the "Refunded Bonds ")
29 whose refunding the Borough Manager or Borough Finance Director determines will
30 produce the debt service savings described in this resolution, by the issuance of general
31 obligation refunding bonds in the aggregate principal amount of not to exceed $12,180,000
32 (the "Bonds"); and
33
34 WHEREAS, Section 29.47.320 of the Alaska Statutes provides that general obligation
35 refunding bonds may be issued without an election and that their issuance may be
36 authorized by resolution, and Section 29.47.410 of the Alaska Statutes provides that the
37 Assembly by resolution or resolution may provide for the form and manner of sale of bonds
38 and notes; and
39
40 WHEREAS, the Assembly finds that it is necessary and appropriate to delegate to each
41 of the Borough Manager and Borough Finance Director authority to determine the maturity
42 amounts, interest rates and other details of the Bonds, the amount of Bond proceeds and
43 the obligations necessary to effect the refunding of the Refunded Bonds, and to determine
44 other matters that are not provided for this resolution; and
45
46 WHEREAS, the Alaska Municipal Bond Bank and the Borough intend to enter into
47 Amendatory Loan Agreements, which amend the Loan Agreements dated as of July 1,
48 '2005 and December 1, 2005, each between the Alaska Municipal Bond Bank and the
Kodiak Island Borough Resolution No. FY2012 -26
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•
49 Borough, to provide for the refunding of the Refunded Bonds through their exchange for
50 refunding bonds to be issued by the Borough, and related matters.
51
52 NOW, THEREFORE BE IT RESOLVED, THAT THE ASSEMBLY OF THE KODIAK
53 ISLAND BOROUGH
54
55 Section 1: Definitions. The following terms shall have the following meanings in this
56 resolution:
57
58 (a) "Amendatory Loan Agreements" means the Amendatory Loan
59 Agreements between the Borough and the Bond Bank, amending each of
60 the Loan Agreements for the 2004 A Bonds and 2004 B Bonds to provide
61 for the refunding of the Refunded Bonds through their exchange for the
62 Bonds, and related matters.
63
64 (b) "Assembly" means the Assembly of the Kodiak Island Borough, as
65 the general legislative authority of the Kodiak Island Borough, as the same
66 shall be duly and regularly constituted from time to time.
67 •
68 (c) "Bond" or "Bonds" means any of the "Kodiak Island Borough
69 General Obligation School Refunding Bonds, 2012" of the Kodiak Island
70 Borough, in one or more series, the issuance and sale of which are
71 authorized herein.
72
73 (d) "Bond Bank" means the Alaska Municipal Bond Bank, a public
74 corporation of the State of Alaska.
75
76 (e) "Bond Bank Bonds" means the General Obligation and Refunding
77 Bonds, 2012 Series Two of the Bond Bank.
78
79 (f) "Bond Register" means the registration books maintained by the
80 Paying Agent as Bond registrar, which include the names and addresses of
81 the owners or nominee of the owners of the Bonds.
82
83 (g) "Borough" means the Kodiak Island Borough, a municipal
84 corporation of the State of Alaska, incorporated as a second class borough
85 under the laws of the State of Alaska.
86
87 (h) "Code" means the Internal Revenue Code of 1986, as amended
88 from time to time, together with all regulations applicable thereto.
89
90 (i) "Cost" or "Costs" means allocable portions of direct costs of the
91 Borough, legal fees, costs of issuance of the Bonds by the Borough,
92 including financing charges and fees and expenses of bond counsel,
93 financial advisors and consultants in connection therewith, and all other
94 expenses necessary or incidental thereto.
95
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96 (j) "Loan Agreements" means the Loan Agreements between the
97 Borough and the Bond Bank dated as of July 1, 2004 for the Series A Bonds
98 and December 1, 2004 for the Series B Bonds, as amended by the
99 Amendatory Loan Agreements.
100
101 (k) "2004 A Bonds" means the $5,485,000 of the General Obligation
102 School Bonds, 2004 Series A of the Borough, maturing on or after July 1,
103 2015.
104
105 (I) "2004 B Bonds" means the $6,695,000 of General Obligation School
106 Bonds, 2004 Series B of the Borough, maturing on or after November 1,
107 2015.
108
109 (m) "Refunded Bonds" means the maturities and sinking fund
110 installments of the 2004 Bonds whose refunding is approved by the
111 Borough Manager or Borough Finance Director under Section 16 hereof.
112
113 (n) "Registered Owner" means the person named as the registered
114 owner of a Bond in the Bond Register.
115
116 (o) "Registrar means the Borough Finance Director.
117
118 (p) "Resolution" means this Resolution No. FY2012 -_ of the Borough.
119
120 Section 2: Authorization of Bonds and Purpose of Issuance. For the purpose of
121 providing part of the funds required to pay the Costs, and to provide
122 beginning cash to effect the refunding of the Refunded Bonds in the
123 manner and at the times hereinafter set forth, to provide for original issue
124 discount, if any, and to pay all costs incidental thereto and to the issuance
125 of the Bonds, the Borough hereby authorizes and determines to issue and
126 sell the Bonds in the aggregate principal amount of not to exceed
127 $12,180,000.
128
129 Section 3: Obligation of Bonds. The Bonds shall be direct and general obligations of
130 the Borough and the full faith and credit of the Borough are hereby pledged
131 to the payment of the principal of and interest on the Bonds. The Borough
132 hereby irrevocably pledges and covenants that it will levy and collect taxes
133 upon all taxable property within the Borough without limitation as to rate or
134 amount, in amounts sufficient, together with other funds legally available
135 therefor, to pay the principal of and interest on the Bonds as the same
136 become due and payable.
137
138 Section 4: Designation, Maturities, Interest Rates, and Other Details of Bonds. The
139 Bonds may be issued in one or more series and shall be designated the
140 "Kodiak Island Borough General Obligation School Refunding Bonds,
141 2012." The Bonds shall be in the denomination of $5,000 or any integral
142 multiple thereof, shall be numbered separately in the manner and with such
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143 additional designation as the Registrar deems necessary for purposes of
144 j identification, and may have endorsed thereon such legends or text as
145 may be necessary or appropriate to conform to the rules and regulations of
146 any governmental authority or any usage or requirement of law with
147 respect thereto.
148
149 The dated date, the principal and interest payment dates, the. aggregate
150 principal amount, the principal amount of each maturity, and the interest
151 rates on the Bonds shall be determined at the time of execution of the
152 Amendatory Loan Agreement under Section 16 hereof.
153
154 Section 5: Redemption. The Bonds are subject to redemption as provided in the Loan
155 Agreements.
156
157 Section 6: Form of Bond. Each Bond shall be in substantially the following form, with
158 such variations, omissions, and insertions as may be required or permitted
159 by this Resolution:
160
161 UNITED STATES OF AMERICA
162 STATE OF ALASKA
163
164 KODIAK ISLAND BOROUGH
165 (A Municipal Corporation of the State of Alaska)
166
167 NO. $
168
169 GENERAL OBLIGATION REFUNDING SCHOOL BONDS, 2012
170
171 REGISTERED OWNER:
172
173 PRINCIPAL AMOUNT:
174
175 The Kodiak Island Borough, Alaska (the "Borough"), a municipal
176 corporation of the State of Alaska, hereby acknowledges itself to owe and
177 for value received promises to pay to the. Registered Owner identified
178 above, or its registered assigns, the Principal Amount indicated above in the
179 following installments on of each of the following years, and to
180 pay interest on such installments from the date hereof, payable on
181 1, 20_ and semiannually thereafter on the first days of
182 and of each year, at the rates per annum as follows:
183
Principal Interest
Year Amount Rate
184
185 For so long as this Bond is owned by the Alaska Municipal Bond
186 Bank (the "Bank"), payment of principal and interest shall be made as
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187 provided in the Loan Agreement between the Bank and the Borough dated
188 as of 1, 2004, as amended by the Amendatory Loan
189 Agreement dated , 2012 (together; the "Loan Agreement "). In
190 the event that this Bond is no longer owned by the Bank, installments of
191 principal of and interest on this Bond shall be made by check or draft mailed
192 by first class mail to the registered owner as of the close of business on the
193 fifteenth day of the month preceding each installment payment date;
194 provided that the final installment of principal and interest on this Bond will
195 be payable upon presentation and surrender of this Bond by the Registered
196 Owner at the office of the Registrar. Interest shall be computed on the basis
197 of a 360 -day year composed of twelve 30 -day months. Both principal of and
198 interest on this bond are payable in lawful money of the United States of
199 America which, on the respective dates of payment thereof, shall be legal
200 tender for the payment of public and private debts.
201
202 This Bond is one of the General Obligation Refunding School Bonds,
203 2012 of the Kodiak Island Borough, Alaska of like tenor and effect except as
204 to interest rate, serial number and maturity, aggregating $ in
205 principal amount, and constituting bonds authorized for the purpose of
206 refunding certain general obligation school bonds issued by the Borough,
207 and is issued under Resolution No. FY2012 - of the Borough entitled:
208
209 A RESOLUTION OF THE KODIAK ISLAND BOROUGH
210 ASSEMBLY AUTHORIZING THE ISSUE OF KODIAK.
211 ISLAND BOROUGH GENERAL OBLIGATION
212 REFUNDING SCHOOL BONDS, 2012 IN ONE OR MORE
213 SERIES IN THE PRINCIPAL AMOUNT OF NOT TO
214 EXCEED $12,180,000 TO REFUND CERTAIN
215 OUTSTANDING GENERAL OBLIGATION SCHOOL
216 BONDS OF THE BOROUGH, FIXING CERTAIN DETAILS
217 OF SUCH BONDS AND AUTHORIZING THEIR SALE.
218
219 (herein called the "Resolution ").
220
221 The Bond is subject to redemption prior to maturity as described in
222 the Loan Agreement.
223
224 This Bond is transferable as provided in the Resolution, (i) only upon
225 the bond register of the Borough, and (ii) upon surrender of this Bond
226 together with a written instrument of transfer duly executed by the registered
227 owner or the duly authorized attorney of the registered owner, and
228 thereupon a new fully registered Bond or Bonds in the same 'aggregate
229 principal amount and maturity shall be issued to the transferee in exchange
230 therefor as provided in the Resolution and upon the payment of charges, if
231 any, as therein prescribed. The Borough may treat and consider the person
232 in whose name this Bond is registered as the absolute owner hereof for the
233 purpose of receiving payment of, or on account of, the principal or
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234 redemption price, if any, hereof and interest due hereon and for all other
235 purposes whatsoever.
236
237 This Bond is a general obligation of the Borough, and the full faith
238 and credit of the Borough are pledged for the payment of the principal of
239 and interest on the Bond as the same shall become due.
240
241 IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts
242 or things required by the constitution or statutes of the State of Alaska and
243 the ordinances of the Borough to exist, to have happened or to have been
244 performed precedent to or in the issuance of this Bond, exist, have
245 happened and have been performed, and that the series of Bonds of which
246 this is one, together with all other indebtedness of the Borough, is within
247 every debt and other limit prescribed by said constitution, statutes, or
248 ordinances.
249
250 IN WITNESS WHEREOF, THE KODIAK ISLAND BOROUGH,
251 ALASKA, has caused this Bond to be signed in its name and on its behalf
252 by its Borough Manager and its corporate seal to be hereunto impressed or
253 otherwise reproduced and attested by its Clerk, all as of the day of
254 2012.
255
256
257
258 Jerome Selby, Borough Manager
259
260 ATTEST:
261
262
263 Nova Javier, MMC, Borough Clerk
264
265 Section 7: Execution. The Bonds shall be executed in the name of the Borough by the
266 Mayor or his designee, and its corporate seal shall be impressed or
267 otherwise reproduced thereon and attested by the Borough Clerk. The
268 execution of a Bond on behalf of the Borough by persons who at the time of
269 the execution are duly authorized to hold the proper offices shall be valid
270 and sufficient for all purposes, although any such person shall have ceased
271 to hold office at the time of authentication of the Bond or shall not have held
272 office on the date of the Bond.
273
274 Section 8: Payment of Principal and Interest. The Bonds shall be payable in lawful
275 money of the United States of America which at the time of payment is legal
276 tender for the payment of public and private debts. As long as the Bond
277 Bank is the Registered Owner of the Bonds, payment of principal and
278 interest on the Bonds shall be made as provided in the Loan Agreement. If
279 the Bond Bank is no longer the Registered Owner of the Bonds, installments
280 of principal and interest on the Bonds shall be paid by check mailed by first
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281 class mail to the Registered Owner as of the fifteenth day of the month
282 preceding each installment payment date at the address appearing on the
283 Bond Register; provided that the final installment of principal and interest on
284 a Bond shall be payable upon presentation and surrender of the Bond by
285 the Registered Owner at the office of the Registrar.
286
287 Section 9: Registration. The Bonds shall be issued only in registered form as to both
288 principal and interest. The Borough designates the Borough Finance
289 Director as Registrar for the Bonds. The Registrar shall keep, or cause to
290 be kept, the Bond Register at the principal office of the Borough. The
291 Borough covenants that, until all Bonds have been surrendered and
292 canceled, it will maintain a system for recording the ownership of each Bond
293 that complies with the provisions of Section 149 of the Code. The Borough
294 and the Registrar may treat the person in whose name any Bond shall be
295 registered as the absolute owner of such Bond for all purposes, whether or
296 not the Bond shall be overdue, and all payments of principal of and interest
297 on a Bond made to the Registered Owner thereofor upon its order shall be
298 valid and effectual to satisfy and discharge the liability upon such Bond to
299 the extent of the sum or sums so paid, and neither the Borough nor the
300 Registrar shall be affected by any notice to the contrary.
301
302 Section 10: Transfer and Exchange. Bonds shall be transferred only upon the books for
303 the registration and transfer of Bonds kept at the office of the Registrar.
304 Upon surrender for transfer or exchange of any Bond at such office, with a
305 written instrument of transfer or authorization for exchange in form and with
306 guaranty of signature satisfactory to the Registrar, duly executed by the
307 Registered Owner or the duly authorized attorney of the Registered Owner,
308 the Borough shall execute and deliver an equal aggregate principal amount
309 of Bonds of the same maturity of any authorized denominations, subject to
310 such reasonable regulations as the Borough may prescribe and upon
311 payment sufficient to reimburse it for any tax, fee or other governmental
312 charge required t� be paid in connection with such transfer or exchange. All
313 Bonds surrendered for transfer or exchange shall be canceled by the
314 Registrar.
315
316 Section 11: Bonds Mutilated, Destroyed, Stolen, or Lost. Upon surrender to the
317 Registrar of a mutilated Bond, the Borough shall execute and deliver a new
318 Bond of like maturity and principal amount. Upon filing with the Registrar of
319 evidence satisfactory to the Borough that a Bond has been destroyed,
320 stolen or lost and of the ownership thereof, and upon furnishing the Borough
321 with indemnity satisfactory to it, the Borough shall execute and deliver a
322 new Bond of like maturity and principal amount. The person requesting the
323 execution and delivery of a new Bond under this section shall comply with
324 such other reasonable regulations as the Borough may prescribe and pay
325 such expenses as the Borough may incur in connection therewith.
326
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327 Section 12: Designation of Refunded Bonds. The Borough Manager and the Borough
328 Finance Director each is authorized to designate which maturities of 2005
329 Bonds authorized to be refunded in this Resolution shall be refunded,
330 provided that the refunding of the 2005 Bonds so designated shall realize a
331 debt service savings of at least 3 %, net of all issuance costs and
332 underwriting discount, on a present value basis.
333
334. Section 13: Tax Covenants. The Borough covenants to comply with any and all
335 applicable requirements set forth in the Code in effect from time to time to
336 the extent that such compliance shall be necessary for the exclusion of the
337 interest on the Bonds from gross income for federal income tax purposes.
338 The Borough covenants that it will make. no use of the proceeds of the
339 Bonds which will cause the Bonds or the Refunded Bonds to be "arbitrage
340 bonds" subject to federal income taxation by reason of section 148 of the
341 Code. The Borough covenants that it will not take or permit any action that
342 would cause the Bonds to be "private activity bonds" as defined in Section
343 141 of the Code.
344
345 Section 14: Amendatory and Supplemental Resolutions.
346
347 (A) The Borough Assembly from time to time and at any time may adopt a
348 resolution or resolutions supplemental hereto, which resolution or
349 resolutions thereafter shall become a part of this resolution, for any one or
350 more of the following purposes:
351
352 (1) To add to the covenants and agreements of the Borough in this
353 Resolution, other covenants and agreements thereafter to be
354 observed, or to surrender any right or power herein reserved to or
355 conferred upon the Borough.
356
357 (2) To make such provisions for the purpose of curing any
358 ambiguities or of curing, correcting or supplementing any defective
359 provision contained in this Resolution or in regard to matters or
360 questions arising under this Resolution as the Borough Assembly
361 may deem necessary or desirable and not inconsistent with this
362 Resolution and which shall not adversely affect the interests of the
363 Registered Owners of the Bonds.
364
365 Any such supplemental resolution may be adopted without the consent of
366 the Registered Owner of any of the Bonds at any time outstanding,
367 notwithstanding any of the provisions of subsection (B) of this section.
368
369 (B) With the consent of the Registered Owners of not less than 60 percent
370 in aggregate principal amount of the Bonds at the time outstanding, the
371 Borough Assembly may adopt a resolution or resolutions supplemental
372 hereto for the purpose of adding any provisions to or changing in any
373 manner or eliminating any of the provisions of this Resolution or of any
Kodiak Island Borough Resolution No. FY2012 -26
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374 supplemental resolution; provided, however, that no such supplemental
375 resolution shall:
376
377 (1) extend the fixed maturity of any of the Bonds, or reduce the rate
378 of interest thereon, or extend the time of payments of interest from
379 their due date, or reduce the amount of the principal thereof, or
380 reduce any premium payable on the redemption thereof, without the
381 consent of the Registered Owners of each Bond so affected; or
382
383 (2) reduce the aforesaid percentage of Registered Owners of Bonds
384 required to approve any such supplemental resolution without the
385 consent of the Registered Owners of all of the Bonds then
386 outstanding.
387
388 It shall not be necessary for the consent of the Registered Owners of the
389 Bonds under this subsection to approve the particular form of any proposed
390 supplemental resolution, but it shall be sufficient if such consent approves
391 the substance thereof.
392
393 (C) Upon the adoption of any supplemental resolution under this section,
394 this Resolution shall be deemed to be modified and amended in accordance
395 therewith, and the respective rights, duties and obligations under this
396 Resolution of the Borough and all Registered Owners of outstanding Bonds
397 shall thereafter be subject in all respects to such modification and
398 amendment, and all the terms and conditions of the supplemental resolution
399 shall be deemed to be part of the terms and conditions of this Resolution for
400 any and all purposes.
401
402 (D) Bonds executed and delivered after the execution of any supplemental
403 resolution adopted under this section may bear a notation as to any matter
404 provided for in such supplemental resolution, and if such supplemental
405 resolution shall so provide, new Bonds modified so as to conform, in the
406 opinion of the Borough, to any modification of this Resolution contained in
407 any such supplemental resolution may be prepared by the Borough and
408 delivered without cost to the Registered Owners of the Bonds then
409 outstanding, upon surrender for cancellation of such Bonds in equal
410 aggregate principal amounts.
411
412 Section 15: Defeasance. In the event money and /or non - callable direct obligations of,
413 or obligations the timely payment of principal of and interest on which are
414 unconditionally guaranteed by, the United States of America or an agency
415 or instrumentality of the United States of America, maturing at such times
416 and bearing interest to be earned thereon in amounts sufficient to redeem
417 and retire any or all of the Bonds in accordance with their terms are set
418 aside in a special trust account to effect such redemption or retirement and
419 such moneys and the principal of and interest on such obligations are
420 irrevocably set aside and pledged for such purpose, then no further
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421 payments need be made to pay or secure the payment of the principal of
422 and interest on such Bonds and such Bonds shall be deemed not to be
423 outstanding.
424
425 Section 16: Exchange of Bonds; Amendatory Loan Agreement. The Bonds shall be
426 delivered to the Bond Bank in exchange for the Refunded Bonds. The
427 Borough has been advised by the Bond Bank that bond market conditions
428 are fluctuating and that the most favorable market conditions for the sale of
429 the Bond Bank Bonds may not occur on the date of a regular Borough
430 Assembly meeting. The Borough Assembly has determined that it would be
431 inconvenient to hold a special meeting on short notice to approve the terms
432 of the Bonds. Therefore, the Borough Assembly hereby determines that it is
433 in the best interest of the Borough to delegate the authority to approve the
434 terms of the Bonds as provided herein. Each of the Borough Manager and
435 the Borough Finance Director is hereby authorized to determine the
436 aggregate principal amount, maturity amounts, interest rates, yields, dated
437 date, principal and interest payment dates, and redemption terms, if any, for
438 the Bonds, so that such terms of the Bonds conform to the terms of the
439 corresponding Bond Bank Bonds; provided that (I) the principal amount of
440 each maturity of the Bonds shall not exceed the principal amount of the
441 portion of the corresponding maturity of the Bond Bank Bonds that is
442 allocated to the making of a loan to the Borough; and (ii) the interest rate on
443 each maturity of the Bonds shall not exceed the interest rate on the
444 corresponding maturity of the Bond Bank Bonds. Based upon the foregoing
445 determinations, the Borough Manager and the Borough Finance Director
446 each is authorized to negotiate and execute Amendatory Loan Agreements.
447 The authority granted to the Borough Manager and Borough Finance
448 Director by this section shall expire 180 days after the effective date of this
449 Resolution. If the Borough Manager or Borough Finance Director has not
450 executed Amendatory Loan Agreements within 180 days from the effective
451 date of this Resolution, the Amendatory Loan Agreements may not be
452 executed on behalf of the Borough without further authorization from the
453 Borough Assembly.
454
455 Section 17: Authority of Officers. The Borough Manager and the Borough Finance
456 Director, and the Borough Clerk are, and each of them hereby is, authorized
457 and directed to do and perform all things and determine all matters not
458 determined by this Resolution, to the end that the Borough may carry out its
459 obligations under the Bonds and this Resolution.
460
461 Section 18: Miscellaneous.
462
463 (A) All payments made by the Borough of, or on account of, the principal of
464 or interest on the Bonds shall be made on the several Bonds ratably and in
465 proportion to the amount due thereon, respectively, for principal or interest
466 as the case may be.
467
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468 (B) No recourse shall be had for the payment of the principal of or the
469 interest on the Bonds or for any claim based thereon or on this Resolution
470 against any member of the Borough Assembly or officer of the Borough or
471 any person executing the Bonds. The Bonds are not and shall not be in any
472 way a debt or liability of the State of Alaska or of any political subdivision
473 thereof, except the Borough, and do not and shall not create or constitute an
474 indebtedness or obligation, either legal, moral or otherwise, of said state or
475 of any political subdivision thereof, except the Borough.
476
477 Section 19: Continuing Disclosure. The Borough hereby covenants and agrees that it
478 will execute and carry out all of the provisions of a Continuing Disclosure
479 Certificate in form and substance satisfactory to the Bond Bank.
480 Notwithstanding any other provision of this Resolution, failure of the
481 Borough to comply with the Continuing Disclosure Certificate shall not be
482 considered a default of the Borough's obligations under this Resolution or
483 the Bonds; however, the beneficial owner of any Bond or Bond Bank Bond
484 may bring an action for specific performance, to cause the Borough to
485 comply with its obligations under this section.
486
487 Section 20: Severability. If any one or more of the provisions of this Resolution shall be
488 declared by any court of competent jurisdiction to be contrary to law, then
489 such provision shall be null and void and shall be deemed separable from
490 the remaining provisions of this Resolution and shall in no way affect the
491 validity of the other provisions of this Resolution or of the Bonds.
492
493 Section 21: Effective date. This resolution shall take effect immediately.
494
495 ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
496 THIS NINETEENTH DAY OF APRIL, 2012
497
498 KODIAK ISLAND BOROUGH
499
C�
500 (1,* n �'
501
502 ATTEST: Jerome M. Selby;, orough- Mayor'
503
504 /}f 505 tri l t Ll/h1.i✓\i
506 Nova M. Javier, MMC, Borough Clerk
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