MEMORANDUM

TO: Pete Sprague, Assembly President

Members, Kenai Peninsula Borough Assembly

THRU: Dale Bagley, Mayor

FROM: Jeffrey Sinz, Finance Director

DATE: June 5, 2003

SUBJECT: Ordinance 2003-19-03, Appropriating General Obligation School Bond Proceeds for the Seward Middle School Project

The attached ordinance appropriates $14,700,000 in general obligation bond proceeds to the borough's school bond fund for costs associated with design and construction of the new Seward Middle School.

As provided in Resolution 2003-072, the bonds are expected to be sold through the Alaska Municipal Bond Bank in Late July. The results of the sale will be reported at the August 5^th assembly meeting when this ordinance is scheduled or public hearing and assembly action