HomeMy WebLinkAboutRes1999-174
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Sponsored by: Janke
CITY OF SEWARD, ALASKA
RESOLUTION 99-174
A RESOLUTION OF THE CITY OF SEWARD, ALASKA AUTHORIZING
THE EXECUTION AND DELIVERY OF A SUPPLEMENTAL LOAN
AGREEMENT RELATED TO THE CITY'S REVENUE BONDS, 1996
(ALASKA SEALIFE CENTER PROJECT); AND PROVIDING FOR
RELATED MATTERS
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 ofthe City, and it has been determined that the matters set forth in this resolution are
not prohibited by law or the charter; and
WHEREAS, in May 1996 the City issued its $17,500,000 Revenue Bonds, 1996 (Alaska
Sealife Center Project) (the" 1996 Bonds"), and under a Loan Agreement dated as of May 1, 1996
(the "Loan Agreement"), loaned the proceeds of the 1996 Bonds to Seward Association for the
Advancement of Marine Science ("SAAMS") to pay the cost of constructing the Alaska Sealife
Center (the "Center") in the City; and
WHEREAS, SAAMS has represented to the City that there has been included in the federal
budget for the fiscal year commencing October 1, 1999 an appropriation for a grant to SAAMS in
the amount of $5,5000,000 (the "Grant"); and
WHEREAS, SAAMS expects that, before proceeds of the Grant become available, it will
require additional funds to make payments that may be reimbursed from proceeds ofthe Grant, and
SAAMS proposes to borrow an amount not to exceed $3,000,000 to provide funds to make those
payments until proceeds of the Grant become available; and
WHEREAS, SAAMS has represented to the City that SAAMS may borrow such amount
in anticipation of Grant proceeds and agrees that any expenditure from such borrowing will be
reimbursable with Grant proceeds under the provisions ofthe Grant; and
WHEREAS, it is necessary to modify the terms ofthe Loan Agreement to permit the grant
anticipation borrowing that SAAMS proposes; and
WHEREAS, there have been presented to the City the form of the Supplemental Loan
Agreement which SAAMS has requested the City to enter into in connection with SAAMS's
proposed grant anticipation financing, and it appears that said document, which now is before the
City, is in appropriate form and is an appropriate instrument for the purposes intended;
CITY OF SEWARD, ALASKA
RESOLUTION 99-174
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The form and content of the Supplemental Loan Agreement hereby are in all
respects authorized, approved and confirmed, and the City Manager hereby is authorized,
empowered and directed to execute and deliver to the counterparties said document on behalf of the
City, in substantially the form and content now before this meeting but with such changes,
modifications, additions and deletions therein as shall to him seem necessary desirable or
appropriate, the execution thereof to constitute conclusive evidence of approval of any and all
changes, modifications, additions or deletions therein from the form and content of the said
document now before this meeting, and from and after the execution and delivery of the said
document, the City Manager and Clerk each hereby is authorized, empowered and directed to do all
acts and things and to execute all documents as may be necessary to carry out and comply with the
provisions of the said document as executed.
Section 2. The City Manager, Assistant City Manager, Finance Director, Clerk and Deputy
Clerk or any other person authorized by the City each hereby is authorized to execute and deliver
for and on behalf of the City any and all additional certificates, documents, opinions or other papers
and perform all other acts as they may deem necessary or appropriate in order to implement and
carry out the intent and purposes of this resolution.
Section 3. The provisions ofthis resolution hereby are declared to be separable, and if any
section, phrase or provision hereof shall for any reason be declared to be invalid, such declaration
shall not affect the validity of the remainder of the sections phrases or provisions hereof.
Section 4. Upon adoption of this resolution, the Clerk shall cause a true copy of the same
to be posted on the City Hall bulletin board and notice ofthe same to be published as provided in
Seward City Code S2.15.035.D.
Section 5. This resolution shall become effective upon passage and approval in accordance
with Seward City Code S2.15.050.C.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 13 day
of December, 1999.
THE CITY OF SEWARD, ALASKA
G.... rJ...u - 4 /
Edgar Blatchford, Mayor
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CITY OF SEWARD, ALASKA
RESOLUTION 99-174
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Calhoon, Clark, King, Orr, Shafer
None
None
Brossow
ATTEST:
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Patrick Reilly
City Clerk
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