Kenai Peninsula voters in October of 2022 authorized the issuance of educational capital improvement general obligation bonds and the issuance of general obligation bonds of the Service Area of the Borough, in an aggregate principal amount not to exceed $65,550,000 to finance school capital improvements and to finance a new Central Emergency Service Area complex.
The Assembly, through Resolution 2023-003, authorized the issuance of bonds not to exceed $65,550,000 through the Alaska Municipal Bond Bank.
The Borough elected to issue the debt in two phases with Phase I to be issued in January 2023 and the remainder amount in either 2025 or 2026 depending on the status of projects’ completion and resource availability.
Educational Capital Improvements
Ordinance 2022-19-53 will appropriate the bond proceeds from the first phase of the debt issuance which are expected to be received on February 15, 2023 in the amount of $33,952,735.93 for the purpose of financing certain educational capital projects in the Borough.
Funds from the issuance of educational capital improvement general obligation bonds will finance costs of planning, designing, site preparations, construction, acquiring, renovating, installing, and equipping education capital improvements, in the Borough (“Proposition No. 2”), as authorized by Ordinance 2022-20, passed and approved by the Borough Assembly on June 21, 2022 (the “Election Ordinance”).
Central Emergency Service Area
Borough voters also voted in favor of authorizing the issuance of general obligation bonds of the Service Area, in an aggregate principal amount not to exceed $16,500,000, to finance costs of planning, designing, site preparations, construction, acquiring, renovating, installing, and equipping a replacement fire station, in the Central Emergency Service Area located in Soldotna.
The assembly, through Resolution 2023-004, authorized the issuance of not to exceed $16,500,000 through the Alaska Municipal Bond Bank for the purpose of financing the cost of a replacement fire station located in the Central Emergency Service Area.
