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KODIAK ISLAND BOROUGH <br />ORDINANCE NO. 2003 -01 <br />Introduced by: Manager Carlson <br />Requested by: Finance Director <br />Drafted by: Bond Attorney <br />Introduced: 01/16/2003 <br />Public Hearing: 01/16/2003 <br />Adopted: 01/23/2003 <br />AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ASSEMBLY <br />AUTHORIZING THE KODIAK ISLAND BOROUGH TO ISSUE GENERAL OBLIGATION <br />REFUNDING BONDS, 2003 SERIES A IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED <br />$3,200,000 TO REFUND CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS OF <br />THE BOROUGH, FIXING CERTAIN DETAILS OF SUCH BONDS AND AUTHORIZING <br />THEIR SALE. <br />WHEREAS, there are now outstanding General Obligation Bonds, 1993 Series A maturing on <br />February 15, 2005 in the aggregate principal amount of $940,000, and maturing on February 15, 2006 <br />in the aggregate principal amount of $980,000 (collectively, the "1993 Bonds "), and General Obligation <br />Bonds, 1994 Series A maturing on February 15, 2010 in the aggregate principal amount of $1,030,000 <br />(the "1994 Bonds "), issued under Ordinance No. 93 -65 of the Borough; and <br />WHEREAS, the Assembly finds that it is in the best interest of the Borough to provide for the <br />refunding, including the payment of principal of, and premium and interest on, those maturities of the <br />1993 Bonds and 1994 Bonds (the "Refunded Bonds ") whose refunding the Borough Manager or <br />Borough Finance Director determines will produce the percentage debt service savings specified in this <br />ordinance, by the issuance of general obligation refunding bonds in the aggregate principal amount of <br />not to exceed $3,200,000; and <br />WHEREAS, to effect such refunding in the most economical manner, part of the sale proceeds of the <br />bonds authorized herein may be invested in obligations to be authorized and approved by the Borough <br />Manager or Borough Finance Director, maturing in such amounts and at such times as are required to <br />pay interest on the Refunded Bonds prior to the date of their redemption and to redeem the Refunded <br />Bonds on the earliest date on which the Refunded Bonds may be called for redemption; and <br />WHEREAS, Section 29.47.320 of the Alaska Statutes provides that general obligation refunding <br />bonds may be issued without an election and that their issuance may be authorized by ordinance, and <br />Section 29.47.410 of the Alaska Statutes provides that the Assembly by ordinance or resolution may <br />provide for the form and manner of sale of bonds and notes; and <br />WHEREAS, there has been presented to the Borough the form of a Loan Agreement between the <br />Alaska Municipal Bond Bank and the Borough, which provides for the Alaska Municipal Bond Bank <br />to purchase the bonds on the terms and conditions set forth therein and in this ordinance, and it is in the <br />best interest of the Borough that the Borough sell the bonds to the Alaska Municipal Bond Bank under <br />such terms and conditions; and <br />WHEREAS, the Assembly finds that it is necessary and appropriate to delegate to each of the Borough <br />Manager and Borough Finance Director authority to determine the aggregate principal amount, maturity <br />Kodiak Island Borough, Alaska Ordinance No. 2003 -01 <br />1 of 11 <br />