HomeMy WebLinkAboutRes1957-113
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RESOLUTION NO. 11]
WHEREAS, the Cit~, of Se,ofard, Alaska is desirous of continuing
ii construction of the electric transmission line in ccnnection with its
I! Crescent Lake Hydroelectric Project and.
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! WHEREAS. it is neeecssary to sell revenue bonds pledging the
Iii. revenues of the City of S8ward Electric System as security therefore in
order to finance that portion Qf said transmission line which can feasi-
II bly be constructed during 1957 , and,
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WHEREAS. under agreement dated July 28, 1955. Grande & Com)any
of Seattle. Washington have heretofore bought similar bonds to finance
previous construction and,
WHEREAS, said Grande & Company now
agreement to provide that they will purchase
Seward now finds it necessary to sell and.
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propose to extend the said
the bonds which the Ci t.\' of
offered to
thereunder
subject to
WHEREAS. said Grande & Compan~' have under date of !'by 3. 1957
amend their said agreement to January~, 1958 and further
propose to purchase up to $400,000 of said bonds to be issued
the terms of said agreement as amended.
NOW THEREFORE BE IT ?ESOLVED and it is hereby resolved that the
Mayor be and he is hereby authorized to accept the proposal of Grande &
Company dated May 3. 1957 and to execute the same on behalf of the City
of Seward.
AN EMERGENCY IS DECLARED to exist and the rules governing the
passage of resolutions are hereby suspended.
PASSED AND APPROVED this
21+
day of May, 1957
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MAYOR .
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,i ATI'EST:
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