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HomeMy WebLinkAboutRes1985-101 . . . . . CITY OF SEWARD, ALASKA RESOLUTION NO. 85-101 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, ACCEPTING THE TERMS OF A PURCHASE CONTRACT BETWEEN THE CITY AND PRUDENTIAL-BACHE SECURITIES, INCORPORATED, FOR THE PURCHASE AND SALE OF $ 45.440.000.00 SPRING CREEK CORRECTIONAL FACILITY LEASE CERTIFICATES OF PARTICIAPTION WHEREAS, under Resolution No, 85-91 of the City of Seward, Alaska (the "City"), passed and approved on August 19, 1985, the City is authorized to enter into an Agreement of Lease (the "Lease") of certain premises described in said Resolution, known as the Spring Creek Correctional Facility site, to the State of Alaska (the "State") so that the State can use, operate and maintain a correctional facility (the "Project") on said premises; and WHEREAS, under said Resolution No. 85-91 the City is authorized to enter into a Trust Indenture and Assignment of Lease (the "Indenture") under which Certificates of Participation in rent (the "Certificates") will be issed to finance part of the cost of the Project; and WHEREAS, the City Council of the City has determined and does hereby determine that it is necessary to proceed with planning, designing, acquiring and constructing the Project; and WHEREAS, it is deemed necessary and advisable and in the best interests of the City and its inhabitants that $ 45.440.000.00 principal amount of Spring Creek Correctional Facility Lease Certificates of Participation 1985 Series A, referred to in the Indenture, be issued at this time as hereinafter fixed and determined, for the purposes of raising funds to pay part of the cost of constructing and acquiring the Project; and WHEREAS, under Section 2.01 of the Indenture the City may authorize the Trustee under the Indenture to prepare, execute and deliver the Certificates to Prudential-Bache Securities, Inc., and Goldman, Sachs & Co., New York, New York (the "Underwriters"), or the financial institutions and other entities or persons designated by the Underwriters; and WHEREAS, a proposed Bond Purchase Contract (the "Purchase Contract") dated October, 11 , 1985, has been submitted to the City by Prudent ail-Bache Securities, Inc., acting on behalf of the Underwriters whereunder the Underwriters agree to purchase the Certificates; and WHEREAS, it is deemed necessary and in the best interest of the City that the terms of the proposed Purchase Contract be approved and accepted by the City Council; -1- . . . . . CITY OF SEWARD, ALASKA RESOLUTION NO. R,-lOl NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, that: Section 1. Acceptance of Proposed Purchase Contract. The proposed Purchase Contract presented on this date to the City by Prudential-Bache Securities Inc., acting on behalf of the Underwriters, is hereby approved and accepted. The appropriate officers of the City are hereby authorized and directed on behalf of the City to execute the Purchase Contract and to do all things necessary to carry out the terms thereof. Section 2. Appointment of Registrar and Issuing, Transfer and Paying Agents. Rainier National Bank, Seattle, Washington, is hereby appointed as Registrar and Issuing, Transfer and Paying Agent of the City with respect to the Certificates. The City Manager of the City is hereby authorized and directed to execute on behalf of the City agreements with Rainier National Bank to act in such capacities, Section 3. Official Statement. The Preliminary Official Statement for the Certificates dated October 4, 1985, copies of which were submitted to the members of the City Council, is hereby approved. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, this 11th day of October , 19 R, THE CITY OF SEWARD, ALASKA AYES: NOES: ABSENT: ABSTAIN: Gieseler, Booher, Gillespie, Hilton, Meehan, Scholl, Simutis None None None -2- . . . . CITY OF SEWARD, ALASKA RESOLUTION NO. 8~-10l ATTEST: C ~-,u':::::v) ~j D~~ Christy Audette, Deputy City Clerk (City Seal) -3- . APPROVED AS TO FORM: HUGHES, THORSNESS, GANTZ, POWELL AND BRUNDIN, Attorneys for the City of Seward, Alaska 7NAi f2!~ Fred Arvidson, City Attorney