HomeMy WebLinkAboutRes1957-114
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RESOLUTION NO. 114
iNHEREAS, the people of the City of Seward, through their common council
and the City of Seward Electric System seek the benefits to be derived from
the development of hydroelectric power facilities, and
WHEREAS, the sums of money required for such hydroelectric power
facilities are provided from the proceeds of the sale of revenue bonds, and
WHEREAS, in the several ordinances providing for the issuance of
said bonds the payment of the principal of and interest on said bonds are
secured by alien upon the electrical utility revenues as security for such
paymen t s, and
\fHEREAS, in pertinent ordinances it is further provided that in the
operation of the Seward Electric System all service charges shall be
levied fairly, collected promptly and that service shall be discontinued
for non-payment of such charges, and
lNHEREAS, in such ordinances it is also expressly provided that no
free services are to be extended which are chargeable to or reductive of
such electrical utility revenues, and
\llliEREAS, such ordinances are in effect contracts and covenants with
and to the holders of the City of Seward Electrical Utility Revenue Bonds, end
WHEREAS, in the General .fund operations of the City of Seward the
accrued charges for electric service by its utility system are in arrears, and
WHEREAS, it is the moral and contractual obligation of the people of
the City of Seward to provide for prompt payment of utility service charges
for the benefit of its revenue bond holders and for the protection of its
crem t.
NOW THEREFORE BE IT RESOLVED, and it is hereby resolved, that the
City Treasurer of the City of Seward be instructed and authorized and he
is hereby instructed and authorized to make prompt payment of current and
just utility service charges as rendered monthly during thelifetime of
presently outstanding revenue bonds and/or any such bonds that may in future
issue, and
B1 IT FUR'IHl:R REOOLVED and it is hereby further resolved that the
City Treasurer be further instructed and authorized and he is hereby further
instructed and authorized to make payment of the earliest monthly billing
for utility service charges which are now in arrears and to make such
monthly payments each month concurrently with his payment of currend billings
beginning with the current billing for services provided during the month
of July 1957 and to continue such concurrent payments monthly thereafter
until such arrearage shall be entirely satisfied, and
BE IT FURTHER RESOLVED, that the rules governing the passage of
Resolution are hereby suspended and this Resolution shall be effective
immediately upon its introduction and passage.
Passed and approved
this j!! day Offr 1957.
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A'rrESr :
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CITY CLERK
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