HomeMy WebLinkAboutRes1985-101
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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;
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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
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 8~-10l
ATTEST:
C ~-,u':::::v) ~j D~~
Christy Audette, Deputy City Clerk
(City Seal)
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APPROVED AS TO FORM:
HUGHES, THORSNESS, GANTZ, POWELL
AND BRUNDIN, Attorneys for the
City of Seward, Alaska
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Fred Arvidson, City Attorney