The vote took place during a special meeting Thursday morning and grants the borough permission to sell $25 million in general obligation bonds next week. Kodiak voters approved the high school project and up to $76 million in bond sales with a 2009 ballot initiative, and $8 million in bonds has already been issued to cover design and preparation work.
“The $8 million’s pretty used up,” said borough finance director Karleton Short following the vote.
When the bonds go for sale through the Alaska Municipal Bond Bank, they will do so as part of a larger group sale that includes bonds from Ketchikan and other Alaska communities.
That combination means a lower interest rate on the bonds, possibly 2.75 percent, Short said.
After the bonds are issued, the borough has the authority to issue an another $43 million, should it be needed to complete the high school.
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