HomeMy WebLinkAboutRes1963-345
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RESOLUTION NO. 345
WHEREAS the electors whose names are on the taxrolls of
the City of Seward on November 19, 1963 will be voting on whether
or not to sell general obligation bonds in the amount of $135,000
for street improvements, and
WHEREAS any deficiency of any sort in any previous commit-
ment connected with a bonded indebtedness of the City will work
to the disadvantage of the City in the marketing of any bonds
which may be so authorized, and
WHEREAS the 1953 water Revenue Bond Reserve Requirement
is $53,500 and $43,393 is deposited for this purpose, leaving
a deficiency of $10,107, and
WHEREAS the Electric Department has on hand in its opera-
tional reserve funds a sufficient amount to be able to loan
this amount of money to the Water Department without in any way
endangering its own functions or responsibilities, and
WHEREAS the Water Department will be able to repay the
Electric Department for such loan from the revenue which is
presently committed for payment into the 1953 Water Bond Reserve,
namely $549 per month, and
WHEREAS Section 11. 1 (a) (J) (c) of the Home Rule Charter
provides for loans from such accumulated reserves,
NOW, THEREFORE, BE IT RESOLVED that the City Manager and
City Clerk be and hereby are instructed to execute a note effec-
tive December 19, 1963 for loan of Ten Thousand One Hundred
Seven ($10,107.00) and NO/lOa Dollars by the City of Seward
Electric Department to the City of Seward water Department,
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RESOLUTION NO. 345 (Continued)
without interest charge, to be repaid in full on or before
November 20, 1965. Payment shall be at the rate of not less
than Four Hundred Twenty-two ($422.00) and NO/lOa Dollars per
month, to be paid not later than the twentieth of each month
commencing December 20, 1963, or at such accelerated rate as
may be possible, it being the intent and desire of the City
Council that the Water Department shall repay the Electric
Department for this loan at the earliest possible date.
Publication of this Resolution shall be made by posting
a copy hereof on the 'City Hall bulletin board and by publish-
ing a notice of the place of posting and a brief statement of
the purpose of this Resolution in a newspaper of general cir-
culation in the City within a reasonable time.
This Resolution shall be in iull force and effect immediately
upon passage and approval by the City Council except that said
note for loan shall not be executed nor said funds transferred
until thirty days have passed i'rom the date of this Resolution.
Passed and approved by the Common Council of the City of
Seward, Alaska, this 26th
day of November, 1963.
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Perr R. Stockton
Mayor
Attest:
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Beatrice E. Watts, City Clerk-Trease