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HomeMy WebLinkAboutRes1961-225 r I I RlSOLU'l'IOl 10. 225 BE IT RESOLVED that tne City Clerk is .nereby instructed to call a Special. Muni- Cipal. Election to be held on Tuesday, July 25, 1961, for tne purpose of present- ing to those registered el.ectors of the City of Seward. whose names appear on the tax rolls of the City, in accordance with Section .W.3{b) of the Municipal. Charter, the Proposition of whether or not to authorize the issue and sal.e of negotiable, '"~" \, i' " interest-bearing General Obllgat.ion Bonds to be secured by the !Ull faith and. cred:Lt of the City of Seward, .u".l!Jlrl.; and. to be retired 1DSo:t:'ar .. possJ.bl.e from the revenue of the Water System in excess of that required for operations and outstandil'\g bond retire1llent, for the improvement and rehabilitation of the present water system to provide an adequate, reliable water system to _et the foreseeable needs of the City, in an amount not to exceed Three Hundred Fifty Thousand and 10/100 ($350,000.) Dollars. Only that portion of the bonds to be sold during the current calendar year as are necessary to finance the first stage of construction with the exact figure to be placed on the ballot when engineering studies are sutficient~ advanoed to provide adequate cost estimates of this portion of the work. Additional sale of bonds to be only in the portion necessary to cover the anticipated construction in any one year. Said Election and Proposition to the qualified electors of the City are in accordance with Sections 11.1(a), 11.1(l)(a) and ll.l'l)(c) of the Municipal Charter. This Resolution to be in full force and effect iIJ"eQiate~ upon passage and approval. Attest: Passed and appro'Yed by The COIIIIlon Council of the City of Seward., Alaska, ~......~ ' . . t#b/i lex rovich, Mayor this 16th day of June, 1961. ~cL;C W~- Beatrice E. Watts, City Clerlc