MEMORANDUM
TO: Pete Sprague, Assembly President
Members, Kenai Peninsula Borough Assembly
THRU: Dale Bagley, Mayor
FROM: Jeffrey Sinz, Finance Director
DATE: May 20, 2003
SUBJECT: Ordinance 2003-19-01, Appropriating Solid Waste General Obligation Bond Proceeds
The attached ordinance appropriates $7,040,000 in bond proceeds to the borough's bond capital projects fund for costs associated with phase I expansion of the Central Peninsula Landfill.
As provided in Resolution 2003-042, the bonds were issued through a competitive bid by the Alaska Municipal Bond Bank. Bids were received on May 8, 2003. The winning bid was submitted by Huchinson, Shockey, Erley & Company. The true interest cost to be paid by the borough over the ten-year life of the bonds will be 3.07%. The bonds are scheduled to close on May 22, 2003 at which time the bond proceeds will be deposited into the borough's account.