HomeMy WebLinkAboutRes1968-713
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THE CITY OF SEWARD
RESOLUTION NO. 713
WHEREAS; the City Council has authorized city expenditures for expansion of
freezing equipment and housing construction to protect same at the ALASKAN
SCALLOP PROCESSOR'S, INC., facl11ties; and
WHEREAS; the City has $108,000. of authorized but unsold bonds which had been
anticipated to be used to finance this expansion; and
WHEREAS; the $108,000. of bonds authorized by the electorate carry a stipulation
that the effective interest rate can not exceed five per centum (5%) per annum,
which interest rate is not available on today's bond market;
NOW nIEREFORE BE IT RESOLVED; the City Council of The City of Seward,
Alaska, under CITY CHARTER AUTHORITY specified in chapter 11, sub-paragraph
(b) authorizes the City Manager to proceed with the issuing of booos or notes
not to exceed $108,000. to be used as financing on the above mentioned project.
Bonds or notes shall be general obligations of the City of Seward with all lease
purchase money paid by the lessee to be applied to the retirement of said bonds
or notes and that the raw fish taX money received by the City shall be set aside
in a sinking fund to apply on retirement of said general obligation bonds or notes;
AND BE IT FURnIER RESOLVED; that said bonds or notes shall bear a net
effective interest rate not to exceed six and one-half per centum (6 - 1/2%) per
annum, said bonds or notes to mature in not to exceed ten (10) years, and sale
of said bonds or notes may be on a negotiated basis.
This Resolution shall become effective immediately upon its passage and approval.
Passed am approved by the City Council of The City of Seward, Alaska, this
11th day of June, 1968.
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mes . ilip
City Clerk-Treasurer