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ATTACHED TO AND HADE A PART OF THE HINUTES OF THE SEl>lARD CITY COUNCI
RESOLUTION NO. 926
PAGE I! ~
,James R. Filip,
City Clerk-Treasurer
THE CITY OF SEWARD, ALASKA
A RESOLUTION PROVIDING FOR THE SUBMISSION
TO THE QUALIFIED ELECTORS OF THE CITY OF
SEWARD, ALASKA, THE QUESTIONS OF WATER &~D
SEWER SYSTEM IMPROVEMENTS AND THE ISSUANCE
OF $600,000.00 OF GENERAL OBLIGATION BONDS
TO DEFRAY THE COSTS OF THESE IMPROVEMENTS,
AT AN ELECTION TO BE HELD FOR THAT PURPOSE
IN AND FOR THE CITY OF SEWARD, ALASKA, ON
OCTOBER 7, 1975
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SEWARD:
Section 1. It is hereby determined to be in the public
interest, convenience and necessity of the people of the City of
Seward to effect improvements to the water and sewer systems of
the City, and to incur bond indebtedness and issue general
obligation bonds of the City in an amount not to exceed Six
Hundred Thousand Dollars ($600,000.00) for this purpose. These
general obligation bonds shall mature within a period not to
exceed forty (40) years from the date of issue, and shall bear
interest at a rate of not more than eight percent (8%) per annum.
Section 2. The sum of Six Hundred Thousand Dollars
($600,000.00) is to be borrowed by and for the City of Seward
for these improvements, and is payable in general obligation
bonds of the City of Seward. These bonds will mature within
a period not to exceed forty (40) years from the date of issue
and will bear interest at a rate not to exceed eight percent
(8%) per annum.
Section 3. The sum of Six Hundred Thousand Dollars
($600,000.00) to be borrowed by and for the City is in addition
to the Six Hundred Thousand Dollars ($600,000.00) authorized by
the electors for the same purpose at the special election held
on October 5, 1971. None of said authorized bonds have yet
been issued and it has been determined that the authorization
will not provide sufficient funds to carry out the projects for
which they were authorized and it is in the public interest to
seek an additional authorization so that the projects may be
completed.
Section 4. A special election is to be held on
Tuesday, October 7, 1975, in the City of Seward, in conjunction
with the general election to be held on that date, for the pur-
pose of submitting the following general obligation bond propo-
sition to the qualified electors of the City of Seward for
approval or rejection. A majority of electors qualified and
voting in favor of the proposition is required for approval.
PROPOSITION NO.
Shall the City of Seward, Alaska, incur indebtedness
and issue its general obligation bonds in an amount not to
exceed Six Hundred Thousand Dollars ($600,000.00) for the pur-
pose of planning and constructing improvements to the water
r~-
and sewer systems. All these general obligation bonds shall
mature within a period not to exceed forty (40) years, and
shall bear interest at a rate of not to exceed eight percent
(8%) per annum.
Section 5. The foregoing proposition shall be printed
on a ballot which may set forth other general obligation and
revenue bond propositions, and the proposition set forth in
Section 4 shall be printed in full and the following words shall
be added as appropriate and next to a square provided for mak-
ing the ballot:
PROPOSITION NO.
YES/ /
NOr-7
Section 6. A person may vote at said election who
possesses the qualifications set forth in AS 15.05.010 and who
has registered pursuant to Chapter 7 of Title 15 of the Alaska
Statutes (AS 15.07.030, et seq.). The election shall be con-
ducted in compliance wit~the procedures established in Chapter
8 of the Code of Ordinances of the City of Seward.
Section 7. Publication of this resolution shall be
made by posting a copy hereof on the City Hall Bulletin Board
for a period of Ten (10) days following its passage and approval.
PASSED AND APPROVED by the City Council of the City
of Seward, Alaska, on the llthday of August , 1975.
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Mayor
ATTEST: