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CITY OF SEWARD, ALASKA
RESOLUTION 2002-077
A RESOLUTION AUTHORIZING THE CITY OF SEWARD TO
ISSUE GENERAL OBLIGATION REFUNDING BONDS, 2002 IN
THE PRINCIPAL AMOUNT OF NOT TO EXCEED $6,000,000 TO
REFUND CERTAIN OUTSTANDING GENERAL OBLIGATION
BONDS OF THE CITY, FIXING CERTAIN DETAILS OF SUCH
BONDS AND AUTHORIZING THEIR SALE
WHEREAS, the City of Seward, Alaska (the "City") is a home rule city and under
Section 11 of Article X of the Alaska Constitution may exercise all legislative power not
prohibited by law or the charter of the City, and it has been determined that the matters set forth
in this resolution are not prohibited by law or the charter; and
WHEREAS, there are now outstanding $6,620,000 of General Obligation Bonds, 1996
of the City maturing on or after October 1, 2002 (the "1996 Bonds") issued under Resolution No.
96-048 and Resolution No. 96-102 of the City; and
WHEREAS, the council finds that it is in the best interest of the City to provide for the
refunding, including the payment of principal of, and premium and interest on, those maturities
of the 1996 Bonds (the "Refunded Bonds") whose refunding the City Manager or City Finance
Director determines will produce the percentage debt service savings specified in this resolution,
by the issuance of general obligation refunding bonds in the aggregate principal amount of not to
exceed $6,000,000 (the "Bonds"); and
WHEREAS, Section 11.2(a) of the home rule charter of the City provides that the City
may issue general obligation refunding bonds without ratification ofthe voters; and
WHEREAS, the Council finds that it is necessary and appropriate to delegate to each of
the City Manager and City Finance Director authority to determine the maturity amounts, interest
rates and other details of the Bonds, and to determine other matters pertaining to the Bonds that
are not provided for in this resolution; and
WHEREAS, there has been presented to the City the form of an Amendatory Loan
Agreement between the Alaska Municipal Bond Bank and the City, which amends the Loan
Agreement dated as of September 1, 1996 between the Alaska Municipal Bond Bank and the
City to provide for the refunding of the Refunded Bonds through their exchange for refunding
bonds to be issued by the City, and related matters.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE I
CITY OF SEWARD, ALASKA, that:
Section 1. Definitions. The following terms shall have the following meanings in this
resolution:
(A) "Amendatory Loan Agreement" means the Amendatory Loan Agreement between
the City and the Bond Bank, amending the Loan Agreement to provide for the refunding of the
Refunded Bonds through their exchange for the Bonds, and related matters.
(B) "Bond" or "Bonds" means any of the "General Obligation Refunding Bonds,
2002" of the City of Seward, the issuance and sale of which are authorized herein.
(C) "Bond Bank" means the Alaska Municipal Bond Bank, a public corporation of the
State of Alaska.
(D) "Bond Bank Bonds" means the General Obligation Refunding Bonds, 2002
Series C of the Bond Bank.
(E) "Bond Register" means the registration books maintained by the Registrar, which
include the names and addresses of the Registered Owners of the Bonds or their nominees.
(F) "City" means the City of Seward, a municipal corporation of the State of Alaska, I
organized as a home rule city under Title 29 ofthe Alaska Statutes.
(G) "Citv Finance Director" means the Finance Director of the City, and any person
duly authorized to act in that capacity as Interim Finance Director or Acting Finance Director.
(H) "Code" means the Internal Revenue Code of 1986, as amended from time to time,
together with all regulations applicable thereto.
(I) "Council" means the Council of the City of Seward, as the general legislative
authority of the City of Seward, as the same shall be duly and regularly constituted from time to
time.
(J) "Loan Agreement" means the Loan Agreement between the City and the Bond
Bank dated as of September 1, 1996, as amended from time to time.
(K) "1996 Bonds" means the $6,620,000 of General Obligation Bonds, 1996 of the
City maturing on or after October 1, 2002.
(L) "Refunded Bonds" means the maturities of the 1996 Bonds whose refunding is
approved by the City Manager or City Finance Director under Section 13.
(M) "Registered Owner" means the person named as the registered owner of a Bond in I
the Bond Register.
(N) "Registrar" means the City Finance Director.
(0) "Resolution" means this Resolution No. 2002-77 of the City.
Section 2. Authorization of Bonds and Purpose ofIssuance. For the purpose of effecting
the refunding by exchange of the Refunded Bonds in the manner set forth hereinafter and in the
Amendatory Loan Agreement, the City hereby authorizes and determines to issue and sell the
Bonds in the aggregate principal amount of not to exceed $6,000,000.
Section 3. Obligation of Bonds. The Bonds shall be direct and general obligations of the
City and the full faith and credit of the City are hereby pledged to the payment ofthe principal of
and interest on the Bonds. The City hereby irrevocably pledges and covenants that it will levy
and collect taxes upon all taxable property within the City without limitation as to rate or
amount, in amounts sufficient, together with other funds legally available therefore, to pay the
principal of and interest on the Bonds as the same become due and payable.
Section 4. Designation. Maturities. Interest Rates. and Other Details of Bonds. The
Bonds shall be designated "City of Seward, Alaska, General Obligation Refunding Bonds, 2002."
The Bonds shall be in the denomination of $1,000 or any integral multiple thereof, shall be
numbered separately in the manner and with such additional designation as the Registrar deems
necessary for purposes of identification, and may have endorsed thereon such legends or text as
may be necessary or appropriate to conform to the rules and regulations of any governmental
authority or any usage or requirement of law with respect thereto.
A portion of the principal of the Bonds shall mature annually cornmencing in 2003 and
continuing no later than 2015. The Bonds shall bear interest from their date, payable
commencing on a date on or after January 1, 2003, and semi-annually thereafter in each year.
Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
The dated date, the principal and interest payment dates, the aggregate principal amount,
the principal amount of each maturity, and the interest rates on the Bonds shall be determined at
the time of execution of the Amendatory Loan Agreement under Section 17.
Section 5. Optional Redemption. The Bonds, if any, subject to optional redemption by
the City, the time or times when such Bonds are subject to optional redemption, the terms upon
which such Bonds may be redeemed, and the redemption price or redemption prices for such
Bonds, shall be determined at the time of execution of the Amendatory Loan Agreement under
Section 17.
Section 6. Selection of Bonds for Redemption: Notice of Redemption.
(A) Selection of Bonds for Redemption. As long as the Bond Bank is the Registered
Owner of the Bonds, the selection of Bonds to be redeemed shall be made as provided in the
Loan Agreement. If the Bond Bank is no longer the Registered Owner of the Bonds, the
selection of Bonds to be redeemed shall be made as provided in this subsection (A). If the City
redeems at anyone time fewer than all of the Bonds having the same maturity date, the particular
Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot (or in such
other manner determined by the Registrar) in increments of $1,000. In the case of a Bond of a
denomination greater than $1,000, the City shall treat such Bond as representing such number of
separate Bonds each of the denomination of $1 ,000 as is obtained by dividing the actual principal
amount of such Bond by $1,000. In the event that only a portion of the principal amount of a
Bond is redeemed, upon surrender of such Bond at the office of the Registrar there shall be
issued to the Registered Owner, without charge therefore, for the then unredeemed balance of the
principal sum thereof, at the option of the Registered Owner, a Bond or Bonds of like maturity
and interest rate in any of the denominations authorized herein.
(B) Notice of Redemption. As long as the Bond Bank is the Registered Owner of the
Bonds, notice of any intended redemption of Bonds shall be given as provided in the Loan
Agreement. If the Bond Bank is no longer the Registered Owner of the Bonds, notice of any
intended redemption of Bonds shall be given as hereinafter provided. Notice of redemption shall
be mailed not less than 30 nor more than 45 days prior to the date fixed for redemption by first
class mail to Registered Owners of the Bonds to be redeemed at their addresses as they appear on
the Bond Register on the day the notice is mailed. Notice of redemption shall be deemed to have
been given when the notice is mailed as herein provided, whether or not it is actually received by
the Registered Owners. All notices of redemption shall be dated and shall state: (1) the
redemption date; (2) the redemption price; (3) if fewer than all outstanding Bonds are to be
redeemed, the identification (and, in the case of partial redemption, the respective principal
amounts) of the Bonds to be redeemed; (4) that on the redemption date the redemption price will
become due and payable upon each such Bond or portion thereof called for redemption, and that
interest thereon shall cease to accrue from and after said date; and (5) the place where such
Bonds are to be surrendered for payment of the redemption price, which place of payment shall
be the office of the Registrar.
Official notice of redemption having been given as aforesaid, Bonds or portions of Bonds
to be redeemed shall, on the redemption date, become due and payable at the redemption price
therein specified, and from and after such date, such Bonds or portions of Bonds shall cease to
bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such
Bonds shall be paid at the redemption price. Installments of interest due on or prior to the
redemption date shall be payable as herein provided for payment of interest. Upon surrender of
any Bond for partial redemption, there shall be prepared for the Registered Owner a new Bond or
Bonds of the same maturity in the amount of the unpaid principal. All Bonds which have been
redeemed shall be canceled and destroyed by the Registrar and shall not be reissued.
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Each check or other transfer of funds issued to pay the redemption price of Bonds shall
bear the CUSIP number, if any, identifying, by maturity, the Bonds being redeemed with the
proceeds of such check or other transfer.
Section 7. Form of Bond. Each Bond shall be in substantially the following form, with I
such variations, omissions and insertions as may be required or permitted by this Resolution:
UNITED STATES OF AMERICA
STATE OF ALASKA
CITY OF SEWARD
(A Municipal Corporation of the State of Alaska)
NO.
$
GENERAL OBLIGATION REFUNDING BOND, 2002
REGISTERED OWNER:
PRINCIPAL AMOUNT:
The City of Seward (the "City"), a municipal corporation of the state of Alaska, hereby
acknowledges itself to owe and for value received promises to pay to the Registered Owner
identified above, or its registered assigns, the Principal Amount indicated above in the following
installments on 1 of each of the following years, and to pay interest on such
installments from the date hereof, payable on 1, 2003 and semiannually thereafter
on the 1 st days of and of each year, at the rates per annum as follows:
Year
Principal
Amount
Interest
Rate
For so long as this Bond is owned by the Alaska Municipal Bond Bank (the "Bond Bank"),
payment of principal and interest shall be made as provided in the Loan Agreement between the
Bond Bank and the City (the "Loan Agreement"). In the event that this Bond is no longer owned
by the Bond Bank, installments of principal and interest on this Bond shall be paid by check or
draft mailed by first class mall to the Registered Owner as of the close of business on the
fifteenth day of the month preceding each installment payment date; provided that the final
installment of principal and interest on this Bond shall be payable upon presentation and
surrender of this Bond by the Registered Owner at the office of the Registrar. Interest will be
computed on the basis of a 360-day year consisting of twelve 30-day months. Both principal of
and interest on this Bond are payable in lawful money of the United States of America which, on
the respective dates of payment thereof, shall be legal tender for the payment of public and
private debts.
This Bond is one of the General Obligation Refunding Bonds, 2002 of the City of
Seward, Alaska, of like tenor and effect except as to interest rate, serial number and maturity,
aggregating $ in principal amount, and constituting Bonds authorized for the
purpose of refunding certain general obligation bonds issued by the City, and is issued under
Resolution No. of the City entitled:
I
A RESOLUTION AUTHORIZING THE CITY OF SEWARD TO ISSUE
GENERAL OBLIGATION REFUNDING BONDS, 2002 IN THE PRINCIPAL
AMOUNT OF NOT TO EXCEED $ TO REFUND CERTAIN
OUTSTANDING GENERAL OBLIGATION BONDS OF THE CITY, FIXING
CERTAIN DETAILS OF SUCH BONDS AND AUTHORIZING THEIR SALE.
(the "Resolution").
The maturity installments of this Bond maturing on and after , 20_ are
subject to redemption prior to maturity at the option of the City on any date on or after
, 20_, either as a whole or in part and from such maturities as the City shall
determine, and by lot within a maturity, at a redemption price equal to the principal amount of
the maturity installment of this Bond to be redeemed plus accrued interest to the date of
redemption.
This Bond is transferable as provided in the Resolution, (i) only upon the bond register of
the City, and (ii) upon surrender of this Bond together with a written instrument of transfer duly
executed by the registered owner or the duly authorized attorney of the registered owner, and
thereupon a new fully registered Bond or Bonds in the same aggregate principal amount and I
maturity shall be issued to the transferee in exchange therefore as provided in the Resolution and
upon the payment of charges, if any, as therein prescribed. The City may treat and consider the
person in whose name this Bond is registered as the absolute owner hereof for the purpose of
receiving payment of, or on account of, the principal or redemption price, if any, hereof and
interest due hereon and for all other purposes whatsoever.
This Bond is a general obligation of the City of Seward, and the full faith and credit of the
City are pledged for the payment of the principal of and interest on the Bond as the same shall
become due.
IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or things required
by the constitution or statutes of the State of Alaska and the home rule charter of the City to
exist, to have happened or to have been performed precedent to or in the issuance of this Bond
exist, have happened and have been performed, and that the series of Bonds of which this is one,
together with all other indebtedness of the City, is within every debt and other limit prescribed by
said constitution, statutes, or charter.
IN WITNESS WHEREOF, THE CITY OF SEWARD, ALASKA, has caused this Bond
to be signed in its name and on its behalf by the manual or facsimile signature of its Mayor and
its corporate seal (or a facsimile thereof) to be impressed or otherwise reproduced hereon and I
attested by the manual or facsimile signature of its Clerk, all as of the day of
,2002.
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EDGARBLATCHFORD,M~or
A T T EST:
JEAN LEWIS, City Clerk
[SEAL]
Section 8. Execution. The Bonds shall be executed in the name of the City by the Mayor
or his designee, and its corporate seal shall be impressed or otherwise reproduced thereon and
attested by the City Clerk. The execution of a Bond on behalf of the City by persons who at the
time of the execution are duly authorized to hold the proper offices shall be valid and sufficient
for all purposes, although any such person shall have ceased to hold office at the time of
authentication of the Bond or shall not have held office on the date of the Bond.
Section 9. Payment of Principal and Interest. The Bonds shall be payable in lawful
money of the United States of America which at the time of payment is legal tender for the
payment of public and private debts. As long as the Bond Bank is the Registered Owner of the
Bonds, payment of principal and interest on the Bonds shall be made as provided in the Loan
Agreement. If the Bond Bank is no longer the Registered Owner of the Bonds, installments of
principal and interest on the Bonds shall be paid by check mailed by first class mail to the
Registered Owner as of the fifteenth day of the month preceding each installment payment date at
the address appearing on the Bond Register; provided that the final installment of principal and
interest on a Bond shall be payable upon presentation and surrender of the Bond by the
Registered Owner at the office of the Registrar.
Section 10. Registration. The Bonds shall be issued only in registered form as to both
principal and interest. The City designates the City Finance Director as Registrar for the Bonds.
The Registrar shall keep, or cause to be kept, the Bond Register at the principal office of the City.
The City covenants that, until all Bonds have been surrendered and canceled, it will maintain a
system for recording the ownership of each Bond that complies with the provisions of Section
149 of the Code. The City and the Registrar may treat the person in whose name any Bond shall
be registered as the absolute owner of such Bond for all purposes, whether or not the Bond shall
be overdue, and all payments of principal of and interest on a Bond made to the Registered
Owner thereof or upon its order shall be valid and effectual to satisfy and discharge the liability
upon such Bond to the extent of the sum or sums so paid, and neither the City nor the Registrar
shall be affected by any notice to the contrary.
Section 11. Transfer and Exchange. Bonds shall be transferred only upon the books for
the registration and transfer of Bonds kept at the office of the Registrar. Upon surrender for
transfer or exchange of any Bond at such office, with a written instrument of transfer or
authorization for exchange in form and with guaranty of signature satisfactory to the Registrar,
duly executed by the Registered Owner or the duly authorized attorney of the Registered Owner,
the City shall execute and deliver an equal aggregate principal amount of Bonds of the same
maturity of any authorized denominations, subject to such reasonable regulations as the City may
prescribe and upon payment sufficient to reimburse it for any tax, fee or other governmental
charge required to be paid in connection with such transfer or exchange. All Bonds surrendered
for transfer or exchange shall be canceled by the Registrar.
Section 12. Bonds Mutilated. Destroved. Stolen or Lost. Upon surrender to the Registrar
of a mutilated Bond, the City shall execute and deliver a new Bond of like maturity and principal
amount. Upon filing with the Registrar of evidence satisfactory to the City that a Bond has been
destroyed, stolen or lost and of the ownership thereof, and upon furnishing the City with
indemnity satisfactory to it, the City shall execute and deliver a new Bond of like maturity and
principal amount. The person requesting the execution and delivery of a new Bond under this
section shall comply with such other reasonable regulations as the City may prescribe and pay
such expenses as the City may incur in connection therewith.
Section 13. Designation of Refunded Bonds. The City Manager and the City Finance
Director each is authorized to designate which maturities of 1996 Bonds authorized to be
refunded in this Resolution shall be refunded, provided that the refunding of the 1996 Bonds so
designated shall realize a debt service savings of at least $150,000, net of all issuance costs and
underwriting discount, on a present value basis.
Section 14. Tax Covenants. The City covenants to comply with any and all applicable
requirements set forth in the Code in effect from time to time to the extent that such compliance
shall be necessary for the exclusion of the interest on the Bonds from gross income for federal
income tax purposes. The City covenants that it will make no use of the proceeds of the Bonds
which will cause the Bonds or the Refunded Bonds to be "arbitrage bonds" subject to federal
income taxation by reason of section 148 of the Code. The City covenants that it will not take or
permit any action that would cause the Bonds to be "private activity bonds" as defined in Section
141 of the Code.
Section 15. Amendatory and Suoolemental Resolutions.
(A) The Council from time to time and at any time may adopt a resolution or resolutions
supplemental hereto, which resolution or resolutions thereafter shall become a part of this
resolution, for anyone or more of the following purposes:
(1) To add to the covenants and agreements of the City in this Resolution, other
covenants and agreements thereafter to be observed, or to surrender any right or power herein
reserved to or conferred upon the City.
(2) To make such provisions for the purpose of curing any ambiguities or of
curing, correcting or supplementing any defective provision contained in this Resolution or in
regard to matters or questions arising under this Resolution as the Council may deem necessary
or desirable and not inconsistent with this Resolution and which shall not adversely affect the
interests of the Registered Owners of the Bonds.
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Any such supplemental resolution may be adopted without the consent of the Registered
Owner of any of the Bonds at any time outstanding, notwithstanding any of the provisions of
subsection (B) of this section.
(B) With the consent of the Registered Owners of not less than 60 percent in aggregate
principal amount of the Bonds at the time outstanding, the Council may adopt a resolution or
resolutions supplemental hereto for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Resolution or of any supplemental resolution;
provided, however, that no such supplemental resolution shall:
(1) extend the fixed maturity of any of the Bonds, or reduce the rate of interest
thereon, or extend the time of payments of interest from their due date, or reduce the amount of
the principal thereof, or reduce any premium payable on the redemption thereof, without the
consent of the Registered Owners of each Bond so affected; or
(2) reduce the aforesaid percentage of Registered Owners of Bonds required to
approve any such supplemental resolution without the consent of the Registered Owners of all of
the Bonds then outstanding.
It shall not be necessary for the consent of the Registered Owners of the Bonds under this
subsection to approve the particular form of any proposed supplemental resolution, but it shall be
sufficient if such consent approves the substance thereof.
(C) Upon the adoption of any supplemental resolution under this section, this Resolution
shall be deemed to be modified and amended in accordance therewith, and the respective rights,
duties and obligations under this Resolution of the City and all Registered Owners of outstanding
Bonds shall thereafter be subject in all respects to such modification and amendment, and all the
terms and conditions of the supplemental resolution shall be deemed to be part of the terms and
conditions of this Resolution for any and all purposes.
(D) Bonds executed and delivered after the execution of any supplemental resolution
adopted under this section may bear a notation as to any matter provided for in such
supplemental resolution, and if such supplemental resolution shall so provide, new Bonds
modified so as to conform, in the opinion of the City, to any modification of this Resolution
contained in any such supplemental resolution may be prepared by the City and delivered without
cost to the Registered Owners of the Bonds then outstanding, upon surrender for cancellation of
such Bonds in equal aggregate principal amounts.
Section 16. Defeasance. In the event money and/or non-callable direct obligations of, or
obligations the timely payment of principal of and interest on which are unconditionally
guaranteed by, the United States of America or an agency or instrumentality of the United States
of America, maturing at such times and bearing interest to be earned thereon in amounts
sufficient to redeem and retire any or all of the Bonds in accordance with their terms are set aside
in a special trust account to effect such redemption or retirement and such moneys and the
principal of and interest on such obligations are irrevocably set aside and pledged for such
purpose, then no further payments need be made to payor secure the payment of the principal of
and interest on such Bonds and such Bonds shall be deemed not to be outstanding.
Section 17. Exchange of Bonds: Amendatory Loan Agreement. The Bonds shall be
delivered to the Bond Bank in exchange for the Refunded Bonds. The City has been advised by
the Bond Bank that bond market conditions are fluctuating and that the most favorable market
conditions for the sale of the Bond Bank Bonds may not occur on the date of a regular Council
meeting. The Council has determined that it would be inconvenient to hold a special meeting on
short notice to approve the terms of the Bonds. Therefore, the Council hereby determines that it
is in the best interest of the City to delegate the authority to approve the terms of the Bonds as
provided herein. Each of the City Manager and the City Finance Director is hereby authorized to
determine the aggregate principal amount, maturity amounts, interest rates, yields, dated date,
principal and interest payment dates, and redemption terms, if any, for the Bonds, so that such
terms of the Bonds conform to the terms of the corresponding Bond Bank Bonds; provided that
(I) the principal amount of each maturity of the Bonds shall not exceed the principal amount of
the portion of the corresponding maturity ofthe Bond Bank Bonds that is allocated to the making
of a loan to the City; and (ii) the interest rate on each maturity of the Bonds shall not exceed the
interest rate on the corresponding maturity of the Bond Bank Bonds. Based upon the foregoing
determinations, the City Manager and the City Finance Director each is authorized to execute the
Amendatory Loan Agreement, in substantially the form presented at this meeting. The authority
granted to the City Manager and City Finance Director by this section shall expire 90 days after
the effective date of this Resolution. If the City Manager or City Finance Director has not
executed the Amendatory Loan Agreement within 90 from the effective date of this Resolution,
the Amendatory Loan Agreement may not be executed on behalf of the City without further
authorization from the Council.
Section 18. Official Statement. The form of the preliminary Official Statement for the
Bond Bank Bonds, in substantially the form presented at this meeting, is approved as it pertains
to the City and the Bonds. The information in the preliminary Official Statement relating to the
City and the Bonds may be modified as the City Manager or City Finance Director may
determine. The City Manager and City Finance Director each is hereby authorized to approve the
form of the final Official Statement for the Bond Bank Bonds as it pertains to the City and the
Bonds.
Section 19. Authoritv of Officers. The Mayor, the acting Mayor, the City Manager, the
acting City Manager, the City Finance Director, the acting City Finance Director, the City Clerk
and the acting City Clerk are, and each of them hereby is, authorized and directed to do and
perform all things and determine all matters not determined by this Resolution, to the end that the
City may carry out its obligations under the Bonds and this Resolution.
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Section 20. Miscellaneous.
(A) All payments made by the City of, or on account of, the principal of or interest on the
Bonds shall be made on the several Bonds ratably and in proportion to the amount due thereon,
respectively, for principal or interest as the case may be.
(B) No recourse shall be had for the payment of the principal of or the interest on the
Bonds or for any claim based thereon or on this Resolution against any member of the Councilor
officer of the City or any person executing the Bonds. The Bonds are not and shall not be in any
way a debt or liability of the State of Alaska or of any political subdivision thereof, except the
City, and do not and shall not create or constitute an indebtedness or obligation, either legal,
moral or otherwise, of said state or of any political subdivision thereof, except the City.
Section 21. Continuing Disclosure. The City hereby covenants and agrees that it will
comply with and carry out all of the provisions of the Continuing Disclosure Certificate that has
been presented at this meeting. Notwithstanding any other provision of this Resolution, failure
of the City to comply with the Continuing Disclosure Certificate shall not be considered a default
of the City's obligations under this Resolution or the Bonds; however, the beneficial owner of any
Bond or Bond Bank Bond may bring an action for specific performance, to cause the City to
comply with its obligations under this section.
Section 22. Severability. If anyone or more of the provisions of this Resolution shall be
declared by any court of competent jurisdiction to be contrary to law. then such provision shall be
null and void and shall be deemed separable from the remaining provisions of this Resolution
and shall in no way affect the validity of the other provisions of this Resolution or of the Bonds.
Section 23. Effective Date. This resolution shall take effect upon adoption by the
Seward City Council.
PASSED AND APPROVED by the City Council of the city of Seward, Alaska this 12th
day of August, 2002.
THE CITY OF SEWARD, ALASKA
C iL , t~ 9--1 "-1 -
Edgar Blatchford, Mayor
AYES: Blatchford, Clark, Branson, Orr, Shafer, Valdatta
NOES: None
ABSENT: Calhoon
ABSTAIN: None
ATTEST: