Borough votes to back $5 million bond

Posted: Tuesday, August 06, 2002

KETCHIKAN (AP) -- The Ketchikan Gateway Borough Assembly agreed to back $5 million in bonds for the Alaska Ship and Drydock.

Alaska Ship and Drydock is pursuing a contract to renovate a National Oceanic and Atmospheric Administration ship.

The Borough voted 5-1 to approve the bond guarantee at its Monday meeting. Assemblyman George Lybrand cast the lone vote against the proposal.

Alaska Ship and Drydock leases the Ketchikan Shipyard from the Alaska Industrial Development and Export Authority under a five-year agreement, which was to have expired July 15.

The state agency voted in June to extend the company's lease for three months and then begin to negotiate a lease or sale to a Ketchikan municipal government.

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