HomeMy WebLinkAboutRes1986-069
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 86-69
A RESOIlJTICN OF THE CITY COUNCn.. OF THE CITY OF
SEWARD, ALASKA, AMENDING RESOIlJTICN NO. 84-105 TO
CHANGE THE REDEMPI'ION FEA'lURES ON THE $5,000,000
GENERAL OBLIGATION BONDS OF THE CITY
WHEREAS, Resolution No. 84-105, (the "Bond Resolution") passed
by the City of Seward, Alaska, (the "City") on September 10, 1984,
authorized the issuance of $5,000,000 of general obligation bonds of the
City for the purpose of planning, designing, acquiring and constructing
irrproverrents to the existing facilities and for new facilities of the
electrical transmission and distribution system of the City (the "Munic-
ipal Bonds"); and
WHEREAS, pursuant to Section 18 of the Bond Resolution, the
Municipal Bonds were sold to the Alaska Municipal Bond Bank (the "Bank")
on the tenns and conditions set forth in the Loan Agreerrent approved by
Resolution No. 84-108 of the City (the "Loan Agreerrent") and the Bank
financed the purchase of the Municipal Bonds through the issuance of
Bank Bonds; and
WHEREAS, the Bank has inforned the City that a refunding of
the Bank Bonds will effect a reduction in interest payable thereon; and
WHEREAS, Section 7 of the Loan lIqreerrent authorized the
refunding of the Bank Bonds; and
WHEREAS, the savings incurred by refunding the Bank Bonds will
accrue to the City; and
WHEREAS, it is deened necessary and advisable and in the best
interest of the City and its inhabitants that the Bank Bonds be refunded
and to assist said refunding that the redenption features of Municipal
Bonds be arrended by the City Council;
NCW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCn.. OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The definitions in the Bond Resolution shall have
the sane meanings set forth therein.
Section 2. Section 10, entitled Redenption of Bonds, in the
Bond Resolution is arrended to read as follows:
Section 10. Redenption of Bonds. The Bonds
ffi3.turing on or after October 1, 1997, shall be
subject to redenption by or on behalf of the City
prior to ffi3.turi ty and upon notice as hereinafter
provided, as a whole or in part in inverse order of
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CITY OF SEWARD, ALASKA
RESOIlJTION NO. 86-69
ffi3.turity on any interest payrrent date on or after
October 1, 1996, at a redenption price equal to the
principal aItOunt of each Bond to be redeened,
together with interest accrued thereon to the
rederrption date.
If less than all of the Bonds of like ffi3.turity
are to be redeened, the particular Bonds to be
redeened shall be selected in inverse numerical
order.
Section 3. Section 13, entitled Fonn of Fully Registered
Bond, of the Bond Resolution is arrended to provide for the change in the
redemption features consistent with the arrendrrent set forth in Section 2
hereof.
Section 4. The Mayor and/or Manager is hereby authorized to
do all things and execute all documents necessary to effect the afore-
said arrendrrent including, without limitation, execution of an arrendrrent
to the Loan Agreenent entered into in connection with the Municipal
Bonds and the Bank Bonds providing for reduction in interest paynents
due thereunder.
PASSED AND APPROVED BY THE CITY COUNCn.. OF THE CITY OF SEWARD,
ALASKA, this 7th day of July , 19 86
THE CITY OF SEWARD, ALASKA
~:.:Y c ~;~g_~
~E. GIES , MAYOR
AYES:
NOES:
ABSENT:
ABSTAIN:
BOOHER, GIESELER, GILLESPIE, HILTON, MEEHAN, SCHOLL AND SIMUTIS
NONE
NONE
NONE
ATI'EST:
APPROVED AS TO FORM:
HUGHES, THORSNESS, GANTZ, PCWELL
AND BRUNDIN, Attorneys for the
City of Seward, Alaska
7~nJ~
Fred B. Arvidson, City Attorney
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