HomeMy WebLinkAboutRes1983-046
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 83-46
A ME N GEcf~ is 'I
K" s' No, Z)'-t -4-7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, DETERMINING TO SELL REVENUE BONDS TO
PROVIDE FUNDS TO FINANCE CERTAIN FACILITIES WITHIN THE CITY
WHEREAS, the City of Seward, Alaska 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, the City intends to authorize the issuance of revenue
bonds to finance the acquisition and construction of docks, wharves and
other marine terminal facilities in the City, more fully described in
Exhibit "A" attached hereto (the "Project"); and
WHEREAS, the business enterprise described in said Exhibit "A"
(the "Company") intends to acquire and improve the property and related
facilities which comprise the Project; and
WHEREAS, the Company has requested the City to issue and sell
its revenue bonds for the purpose of paying all or a portion of the cost
of the Project; and
WHEREAS, it is considered essential that acquisition and
construction of the Project be completed at the earliest practicable
date, but, at the same time, the Company wishes to begin acquisition and
construction of the Project only after satisfactory assurances from the
City that the proceeds from the sale of the 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, the City considers that the acquisition, purchase,
construction, improvement and equipping of the Project and the financing
of the same will promote the public purposes of the City; and
WHEREAS, Treasury Regulations Section 1.103-8(a)(S) adopted
under Section 103 of the Internal Revenue Code of 1954, as amended (the
"Code"), requires that in order for interest on industrial development
bonds to be exempt from Federal income tax, the issuer of such bonds
must adopt a bond resolution with respect to such bonds or take some
other similar official action toward the issuance of such bonds prior to
the commencement of construction or acquisition of the facilities which
constitute the Project; and
WHEREAS, one of the purposes of this resolution is to satisfy
the requirements of such regulations;
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CITY OF SEWARD, ALASKA
RESOLUTION NO, 83-46
NOW. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD. ALASKA, that:
Section 1. In order to insure the acquisition or construction
of the Project, with the resulting public benefits which will flow from
the operation thereof, the City will issue and sell its revenue bonds
(the "Bonds") in a principal amount sufficient to pay the cost of
financing all or a portion of the Proj ect described in Exhibit "A",
together with costs incident to the authorization, sale and issuance of
the Bonds, The Bonds shall not be payable from any taxes levied by the
City and shall not be a charge against the credit or taxing power of the
City, The aggregate cost of the portion of the Project to be financed
by the City, which is the amount of the Bonds to be issued by the City
for the Project, is presently estimated to be the amount stated on
Exhibit "A", The City consents to the location of the Project.
construct
project.
Section
or to
to
the
2, The proceeds of the Bonds will be
acquire the Project and to improve and
used
equip
Section 3, The City will enter into a financing agreement
with respect to the Project on terms mutually agreeable to the City and
the Company providing for payments by the Company equal to principal and
interest on the Bonds,
Section 4, It is intended that this resolution shall
constitute "some similar official action" toward the issuance of the
Bonds within the meaning of Section 1.103-8(a)(5) of the Treasury
Regulations,
Section 5, This resolution shall take effect immediately upon
its adoption.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, this 25 day of July . 1983,
THE CITY OF SEWARD, ALASKA
q~~YOR
AYES:
NOES:
ABSENT:
ABSTAIN:
Burgess. Cripps, Gillespie, Meehan and Swartz
None
O'Brien and Wilson
None
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CITY OF SEWARD, ALASKA
RESOLUTION NO, 83-46
ATTEST:
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(City
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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 B, Arvidson, City Attorney