6/23/2009 1:59:13 PM
6/23/2009 1:59:13 PM
City of Seward Legislative Hist
Doc Type - Legislative History
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CITY OF SF,WARD, ALASKA <br />RESOLUTION 2009-053 <br />WHEREAS, the amount of money raised to date and dte phone survey results demonstrate <br />that there is overwhelming community support for this project. <br />NOW, THEREFORE,, BE IT RESOLVF,D BY THE CITY COUNCIL OF THE CITY <br />OF SEWARD, ALASKA that: <br />Section 1. It is hereby determined to be for a public purpose and in the public interest of the <br />City to borrow through the issuance of general obligation bonded indebtedness in an amount not to <br />exceed $5,000,000 for the purpose of paying for the capital costs of a combined library/museum <br />capital improvement in the Cily. The sum of $5,000,000 shall be borrowed by, for and on behalf of <br />the City of Seward for library/museum capital improvements and shall be evidenced by the issuance <br />of general obligation bonds of the City. The bond proceeds shall be used for capital improvanents <br />only. The full faith and credit of the City are pledged for the payment of the principal of and interest <br />on the Bonds and ad valorem taxes upon all taxable property in the City shall be levied without <br />limitation as to rate or amount to pay the principal of and interest on the Bonds when due. <br />Section 2. The bonds will not be issued until additional funding is obtained from private <br />contributions, grants, state or federal sources. <br />Section 3. The City shall submit the following proposition, in substantially the following <br />form, to the qualified voters of the City of Seward at the October G, 2009 regular City election. The -• <br />proposition must receive an affirmative vote from a majority of the qualified voters voting on the <br />question to he approved. <br />Proposition No. 3 <br />General Obligation Bonds for Seward Community Library J4useum Capital Improvements <br />Shall the City of Seward incur debt and issue general obligation bonds in an amount not to <br />exceed five million dollars ($5,000,000) to finance the construction of community library museum <br />capital improvements in the City? Bonds may not be issued until the City has obtained additional <br />funding through contributions and grants for the remainder of the costs of the project. <br />The bonds shall be secured by a pledge of the full faith and credit of the City. Il is expected <br />that annual pa}nnents of principal and interest on the Bonds will not exceed the annual amount to be <br />received by the City from aone-half percent sales tax. <br />PROPOSITION NO. 3 <br />YES <br />NO <br />
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