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Story
August 18, 1951
Kodiak Mirror
Kodiak, Alaska
What is this article about?
Kodiak residents to vote in October on two bond issues totaling $1,115,000: $750,000 for the city to purchase a new federal-built water and sewer system, and $400,000 for the Independent School District to buy a new grade school, both at 50 cents on the dollar, amortized over 20 years at 2% interest.
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Two Bond Issues Slated For October
City, ISD To Ask For $1,115,000
Kodiak residents will be asked to vote on two bond issues when they go to the polls in October: to elect a mayor, councilmen and a representative for the Independent School District Board.
The voters will decide whether the city will receive permission to negotiate the purchase of the new water and sewer system which is to be built and the ISD to purchase the proposed new grade school, which is also to be built.
Bonds in the amount of $750,000 must be posted by the city as collateral and $400,000 worth must be posted by the ISD.
It was explained that the cost of the first unit of the water and sewer system will be $637,000. Through a contract with the federal government the city may purchase the system for that amount or 50 cents on the dollar.
Bonds in the amount of $318,000 must be offered. The remaining bonds will be used to insure the second and third units on the improvement and extension of the water and sewer system.
The estimated cost of the grade school is $800,000. The ISD may purchase the building from the government under the same terms and agreement as the city purchases the utilities system.
The bonds must be amortized in 20 years at 2% interest. The revenue received by the city for the water and sewer system will be used for this purpose, providing the majority of voters cast their ballots in the affirmative.
There are two stipulations for those voting on the bond issue. They must have the territorial and municipal requirements of a voter and "of those whose name appears on the 1951 tax roll, 65% must vote in the affirmative to authorize the city to enter into a contract to purchase utilities."
The city council, under a suspension of the rules whereby the first reading is considered the second, passed an ordinance Wednesday night during a special council meeting authorizing the election.
City, ISD To Ask For $1,115,000
Kodiak residents will be asked to vote on two bond issues when they go to the polls in October: to elect a mayor, councilmen and a representative for the Independent School District Board.
The voters will decide whether the city will receive permission to negotiate the purchase of the new water and sewer system which is to be built and the ISD to purchase the proposed new grade school, which is also to be built.
Bonds in the amount of $750,000 must be posted by the city as collateral and $400,000 worth must be posted by the ISD.
It was explained that the cost of the first unit of the water and sewer system will be $637,000. Through a contract with the federal government the city may purchase the system for that amount or 50 cents on the dollar.
Bonds in the amount of $318,000 must be offered. The remaining bonds will be used to insure the second and third units on the improvement and extension of the water and sewer system.
The estimated cost of the grade school is $800,000. The ISD may purchase the building from the government under the same terms and agreement as the city purchases the utilities system.
The bonds must be amortized in 20 years at 2% interest. The revenue received by the city for the water and sewer system will be used for this purpose, providing the majority of voters cast their ballots in the affirmative.
There are two stipulations for those voting on the bond issue. They must have the territorial and municipal requirements of a voter and "of those whose name appears on the 1951 tax roll, 65% must vote in the affirmative to authorize the city to enter into a contract to purchase utilities."
The city council, under a suspension of the rules whereby the first reading is considered the second, passed an ordinance Wednesday night during a special council meeting authorizing the election.
What sub-type of article is it?
Election Announcement
Public Bonds
What keywords are associated?
Bond Issues
Kodiak Election
Water Sewer System
Grade School
Federal Contract
Voter Approval
Where did it happen?
Kodiak
Story Details
Location
Kodiak
Event Date
October 1951
Story Details
Kodiak voters to approve bonds for city purchase of federal water/sewer system ($750,000 collateral for $637,000 cost at 50% or full) and ISD grade school ($400,000 for $800,000 estimated), amortized 20 years at 2%, requiring 65% affirmative from 1951 tax roll voters; city council passed ordinance.