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CITY OF SEWARD, ALASKA
RESOLUTION 2005-51
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA EXPRESSING OFFICIAL INTENT TO ISSUE BONDS TO
FINANCE THE HARBOR FACILITIES DESCRIBED HEREIN AND
DETERMINING RELATED MATTERS
WHEREAS, following extensive public hearings, research, and engineering
recommendations the City Council adopted its Resolution 2005-36 authorizing the City Manager to
pursue capital financing for Step 1 of the North Harbor Expansion Project; and
WHEREAS, the City intends to issue harbor revenue bonds in the principal amount of
$1,500,000 to pay for certain costs of the project; and
WHEREAS, the City desires to initiate work on the project and incur costs prior to issuing
the bonds, with the intent that those costs be reimbursed with bond proceeds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
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Section 1. Official Intent. The City of Seward is adopting this Resolution to satisfy the
"official intent" requirements of Section 1.150-2 ofthe regulations adopted under the authority ofthe
Internal Revenue Code of 1986, as amended, (the "Code") with respect to Step 1 of the Small Boat
Harbor North Harbor Expansion Project ("Project"). For purposes of this resolution, the Project
includes concrete float extensions on E, F, and J floats, relocating the fuel float, relocating a portion
of X-float, and relocating water service to X-float, and related work. The maximum principal
amount of bonds the City reasonably expects to issue to finance costs ofthe Project (the "Bonds") is
$1,500,000. The City intends to use the proceeds ofthe Bonds to finance (or reimburse the City for)
costs of the Project, and certain other costs, which are eligible under the Code for financing with
proceeds oftax-exempt bonds (the "Eligible Costs"). This Resolution is adopted on the date set forth
below, and the Eligible Costs incurred up to 60 days before that date will be eligible for
reimbursement with proceeds of the Bonds. As of the date set forth below, t~e City reasonably
expects that it will issue the Bonds and use the proceeds of the Bonds as described in this section.
Section 2. Effective Date. This resolution shall take effect immediately upon adoption.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 13th
day of June, 2005.
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CITY OF SEWARD, ALASKA
RESOLUTION 2005-51
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THE CITY OF SEWARD, ALASKA
AYES:
NOES:
ABSENT:
ABSTAIN:
~{.v~ lL:,t~<--
Vanta Shafer,/Mayof
Branson, Dunham, Clark, Amberg, Valdatta, Lorenz, Shafer
None
None
None
ATTEST:
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