HomeMy WebLinkAboutRes1995-125
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Sponsored by: Garzini
CITY OF SEWARD, ALASKA
RESOLUTION NO. 95-125
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, DETERMINING TO SELL NONRECOURSE
REVENUE BONDS TO PROVIDE FUNDS TO FINANCE CERTAIN FACILITIES
ON BEHALF OF SEWARD ASSOCIATION FOR THE ADVANCEMENT
OF MARINE SCIENCE, AND DETERMINING RELATED MATTERS
WHEREAS, the City of Seward, Alaska (the "City") is a home rule city and under Section
11 of Article X of the Alaska Constitution may exercise all legislative power not prohibited by law
or by the Charter of the City, and it has been determined that the matters set forth in this resolution
are not prohibited by law or the Charter; and
WHEREAS, Seward Association for the Advancement of Marine Science ("SAAMS")
intends to acquire, construct and equip the education and visitation components of the Alaska SeaLife
Center in Seward, Alaska (the "Project"); and
WHEREAS, SAAMS has requested that the City issue and sell its nonrecourse revenue
bonds for the purpose of paying all or a portion of the cost of the Project; and
WHEREAS, the City finds, based on the information presented to it, that the acquisition,
construction and equipping of the Project and the financing of the same will be economically
advantageous to the City and to the general public welfare, and will contribute to the economic
growth of the City, and that financing the Project will promote and further the public purposes of the
City; and
WHEREAS, it is considered essential that acquisition and construction of the Project be
completed at the earliest practicable date, but SAAMS wishes to begin acquisition and construction
of the Project only after satisfactory assurances from the City that the proceeds of the sale of
nonrecourse revenue bonds of the City in an amount necessary to pay all or a portion of the cost of
the Project will be made available to finance the Project; and
WHEREAS, Treasury Regulation ~ 1.103-8(a)(5) requires that in order for interest on the
Bonds to be excluded from gross income for federal income tax purposes there must be a valid
reimbursement allocation under Treasury Regulation ~ 1. 150-2 with respect to expenditures that are
incurred before the issue date of the Bonds to provide the Project and that are to be paid with the
proceeds of the Bonds; and
WHEREAS, one of the purposes of this resolution is to satisfy the requirements of such
regulations;
CITY OF SEWARD, ALASKA
RESOLUTION NO. 95-125
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. In order to provide for a portion of the cost of the acquisition, construction and
equipping of the Project, with the resulting public benefits which will flow from the operation thereof,
the City will issue and sell its nonrecourse revenue bonds (the "Bonds") in a principal amount not to
exceed $15,000,000 to pay the cost of financing all or a portion of the Project, together with costs
incident to the authorization, sale and issuance of the Bonds.
Section 2. The City intends to allocate proceeds of the Bonds to reimburse expenditures by
SAAMS for costs of the acquisition, construction and equipping of the Project incurred prior to the
issue date of the Bonds.
Section 3. This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council of the city of Seward, Alaska, this 9th day
of October, 1995.
THE CITY OF SEWARD, ALASKA
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Dave W. Crane, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Anderson, Crane, Darling, Deeter, King, Sieminski
None
O'Brien
None
ATTEST:
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~{'Linda S. MurphX",P'dlii'tMP '
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City Clerk ..J, , " ;'0';,' "',-, "!:
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