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Sponsored by: Hunt <br /> CITY OF SEWARD,ALASKA <br /> RESOLUTION 2014-061 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, AUTHORIZING AN INTERFUND LOAN FROM THE MOTOR <br /> POOL INTERNAL SERVICE FUND TO THE SMIC ENTERPRISE FUND IN <br /> THE AMOUNT OF $1,029,087 FOR THE PURPOSE OF PURCHASING A <br /> 330-TON TRAVELIFT <br /> WHEREAS,at its meeting of July 14,2014,the Seward City Council approved Resolution <br /> 2014-054, authorizing the purchase of a 330-ton boat lift and further authorizing a loan from the <br /> Motor Pool Internal Service Fund to the Seward Marine Industrial Center("SMIC")Enterprise Fund, <br /> as part of a funding package; and <br /> WHEREAS, SMIC will borrow$1,029,087 from the Motor Pool Fund for a period of seven <br /> years,representing the standard amortization period for a capital equipment lease term;resulting in <br /> annual debt service payments of$147,012.43. <br /> NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF SEWARD, ALASKA, that: <br /> Section 1. The Seward City Council hereby authorizes an interfund loan from the Motor <br /> Pool Internal Service Fund to the SMIC Enterprise Fund in the amount of$1,029,087,for the term of <br /> seven years,resulting in annual debt service payments of$147,012.43,with the first payment due on <br /> March 1, 2015 and each September 1 and March 1 thereafter, maturing on September 1, 2021. <br /> Section 2. The amount of$1,029,087 is hereby transferred from the Motor Pool Internal <br /> Service Fund to the SMIC Enterprise Fund. <br /> Section 3. The 2015 Budget is hereby amended to account for the annual debt service <br /> payments, as follows: SMIC debt service principal is increased by $147,012.43. <br /> Section 4. This resolution shall take effect immediately upon its adoption. <br /> PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 28th <br /> day of July, 2014. <br />