MEMORANDUM

TO: Pete Sprague, Assembly President

Members, Kenai Peninsula Borough Assembly

THRU: Dale Bagley, Mayor

FROM: Scott Holt, Finance Director

DATE: December 22, 2003

SUBJECT: Ordinance 2003-19-33, Appropriating $49,900,000 in Central Kenai Peninsula Service Area General Obligation Bond Proceeds for the Central Peninsula General Hospital capital improvement project

The attached ordinance appropriates $49,900,000 in service area general obligation bonds to the service area's capital project fund for costs associated with capital improvements related to the Central Peninsula General Hospital.

As provided in Resolution 2003-121, the bonds were sold December 18, 2003. The average maturity interest rate is 4.2 percent.