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Sponsored by: Hunt <br /> ism <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2014-065 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, AUTHORIZING THE CITY OF SEWARD TO ISSUE HARBOR <br /> IMPROVEMENT REVENUE REFUNDING BONDS, 2014 IN THE <br /> PRINCIPAL AMOUNT OF NOT TO EXCEED $3,675,000 TO REFUND <br /> CERTAIN OUTSTANDING HARBOR IMPROVEMENT BONDS OF THE <br /> CITY, FIXING CERTAIN DETAILS OF SUCH BONDS AND <br /> AUTHORIZING THEIR SALE, AND PROVIDING FOR RELATED <br /> MATTERS <br /> WHEREAS, the City of Seward, Alaska (the "City") is a home rule city and under <br /> Section 11 of Article X of the Alaska Constitution may exercise all legislative power not <br /> prohibited by law or the Charter of the City, and it has been determined that the matters set forth <br /> in this resolution are not prohibited by law or the Charter; and <br /> WHEREAS, there is now outstanding (i) $930,000 principal amount of Harbor <br /> Improvement Revenue Bonds, 2005 of the City maturing on or after June 1, 2016 (the "2005 <br /> Bond") issued under Resolution No. 2000-094 and Resolution 2005-058 of the City; and (ii) <br /> $2,745,000 principal amount of Harbor Revenue Bonds, 2006 of the City, maturing on or after <br /> June 1, 2017 (the "2006 Bonds") issued under Resolution 2000-094 and Resolution 2006-05 of <br /> the City; and <br /> WHEREAS, the Council finds that it is in the best interest of the City to provide for the <br /> refunding, including the payment of principal of and interest on, those maturities of the 2005 <br /> Bonds and 2006 Bonds (the "Refunded Bonds") refunding of which the City Manager or City <br /> Finance Director determines will produce the debt service savings specified in this resolution, by <br /> the issuance of Harbor Improvement Revenue Refunding Bonds, in one or more series, in the <br /> aggregate principal amount of not to exceed $3,675,000 (the "Bonds"); and <br /> WHEREAS, Section 11.2(a) of the home rule Charter of the City provides that the City <br /> may issue refunding bonds without ratification of the voters; and <br /> WHEREAS, the Council finds that it is necessary and appropriate to delegate to each of <br /> the City Manager and City Finance Director authority to determine the maturity amounts, interest <br /> rates, and other details of the Bonds, and to determine other matters pertaining to the Bonds that <br /> are not provided for in this resolution; and <br /> WHEREAS, the Alaska Municipal Bond Bank and the City intend to enter into <br /> Amendatory Loan Agreements, which amend the Loan Agreements dated as of October 1, 2005 <br /> and June 1, 2006 (the "Loan Agreements") between the Alaska Municipal Bond Bank and the <br /> City to provide for the refunding of the Refunded Bonds through their exchange for the Bonds <br /> 1.. and related matters. <br />