4/14/2009 3:23:14 PM
4/14/2009 3:23:14 PM
City of Seward Legislative Hist
Doc Type - Legislative History
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CITY OF SEWARD, ALASKA <br />RESOLUTION 2009-027 <br />Agreement now before this meeting, and from and after the execution and delivery of the Agreement, <br />the City Manager ,Finance Director, and the City Clerk each is hereby authorized, empowered, and <br />directed to do all such acts and things and to execute all documents as maybe necessary to carry out <br />and comply with the provisions of the Agreement as executed. <br />Section 3. The City Manager, Finance Director, City Clerk or any other person authorized by <br />the Cily each hereby is authorized to execute and deliver for and on behalf of the City any and all <br />additional certificates, documents, opinions or other papers and perform all other acts as they may <br />deem necessary or appropriate in order to implement and carry out the intent and purposes of this <br />Resolution. <br />Section 4. The City covenants that it will not use any of the proceeds of the Agreement in <br />such mvlncr, or take or omit to take any other action in such manner, as to impair the execution of <br />the interest component or rent payable under the Agreement from federal income taxation. The <br />Agreement is hereby designated as a "qualified tax exempt obligation" for purposes of Section <br />265(b)(3) of the Internal Kevenue Code of 1986 as amended (the "Code"). The City hereby <br />covenants that it shall not issue during the calendar year of 2009 more than S30 million in aggregate <br />principal amount of tax-exempt obligations other than tax-exempt obligations described in Section <br />26~(b)(3)(C)(ii) of the Code. The City further covenants that no part of the gross proceeds of the <br />Agreement or any other funds of the City shall at auy time be used directly or indirectly to acquire -•.. <br />securities or obligations, the acquisition of which would cause the Agreement to be or to become an <br />"arbitrage bond" as defined in Section 148 of the Code. The City shall not permit any of the <br />proceeds of the Agreement, or any products purchased with such proceeds, to be used in any manner <br />that would cause the Agreement to constitute a "private activity bond" within the meaning of Section <br />141 of the Code. <br />Section 5. The provisions of this Resolution are hereby declared to be separable and, if any <br />section, phrase or provision shall for any reason be declared to be invalid, such declaration shall not <br />affect the validity of the remainder of the sections, phrases or provisions. <br />Section 6. Upon adoption of this Resolution, the Clerk of the City shall cause a true copy of <br />same to be posted on the City Hall bulletin board and notice of the same to be published as provided <br />in Seward City Code Section 2.15.035(D). <br />Section 7. Funding in the amount of 528,236.78 is hereby appropriated from the Motor Pool <br />Internal Service Fund net assets account no. 102-0000-3050 to the Motor Pool principal account no. <br />102-1020-5810 0,43,200.78) and interest account no. 102-1020-5820 (minus $14,964) for the <br />purpose of paying the 2009 portion of debt service which exceeds that budgeted in the original 2009 <br />Budget. <br />Section 8. This Resolution shall become effective upon passage and approval in accordance <br />with Seward City Code Section 2.15.050(C). <br />
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