Loading...
HomeMy WebLinkAboutOrd1980-489 KPJ: kp'j '07/10/80 . . . ~ ~ Intro_ced By: IntroWtion Date: Public Hearing and Enactment: CITY OF SEWARD, ALASKA ORDINANCE NO. 489 City Manager July 10, 1980 July 14, 1980 AN ORDINANCE OF THE CITY OF SEWARD, ALASKA, PROVIDING FOR THE ISSUANCE AND SALE OF $1,700,000 OF GENERAL OBLIGATION BONDS OF THE CITY OF SEWARD, ALASKA, FOR THE PURPOSE OF PLANNING AND CONSTRUCTING AN ELECTRIC SUB- STATION AND MAKING OTHER IMPROVEMENTS TO THE ELECTRICAL SYSTEM OF THE CITY OF SEWARD, ALASKA, AND FIXING THE DATE, FORM, TERMS AND MATURITIES OF THESE BONDS. WHEREAS, at a general municipal election held in the ci ty of Seward, Alaska, on October 2, 1979, pursuant to Reso- lution No. 79-35, passed and approved August 13, 1979, the pro- visions of the Charter and Code of Ordinances of the City of Seward, and other proceedings of Council duly and regularly had, the qualified electors of the City authorized the issuance of General Obligation Bonds of the city in the total principal sum of not to exceed $1,700,000 for the purpose of planning and constructing an electric substation and making other improvements to the electrical system of the City of Seward, Alaska, and WHEREAS, pursuant to Resolution No. 80-41, passed and approved July 10, 1980, the Mayor, is authorized to enter into the Second Tripartite Agreement between the National Oceanic and Atmospheric Administration, U.S. Department of Commerce, the Alaska Municipal Bond Bank, and the city of Seward, Alaska, providing for a loan to the city of Seward from, and the purchase of its general obligation bonds in an amount not to exceed $1,700,000 by the Alaska Municipal Bond Bank, and WHEREAS, it is deemed necessary and in the best interest of the City of Seward, Alaska, that the city now issue $1,700,000 of General Obligation Bonds. NOW, THEREFORE, THE CITY OF SEWARD, ALASKA ORDAINS: Section 1. Defini tions. The terms contained in this ordinance shall have the same meanings as the same terms defined in the 1980 Second Tripartite Agreement between the Government, the Bank and the City. Section 2. For the purpose of providing the funds necessary to plan and construct an electric substation and make other improvements to the electrical system of the City of Seward, Alaska, the City shall issue its fully registered General Obligation Bond, Series 1980 (the "Bond") in the principal amount of $1,700,000 authorized by the qualified electors of the city at a general municipal election held in the City of Seward, Alaska on October 2, 1979, pursuant to Resolution No. 79-35, passed and approved August 13, 1979. The Bond shall be dated as of the closing date and shall be issued in the form of a single bond, registered as to both principal and interest, shall be in the principal amount of $1,700,000, and shall be numbered R-l. . . . ~ . . The Bond shall mature on July 1 in each of the years and in the principal amounts as follows: Maturity principal Amount 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 $ 40/000 45/000 45/000 50/000 55,000 60/000 60/000 65,000 70/000 75/000 80/000 85/000 95/000 100/000 105/000 U5/000 120/000 135/000 145/000 155/000 Each installment shall bear interest at the rate of 7% per annum, payable on the first day of January / 1981 and semiannually thereafter on the first days of January and July of each year from the date of issue. Both principal of and interest on the Bond shall be payable in lawful money of the United states of America to the registered owner at the address appearing on the registration certificate. The bond shall be sold at a price equal to par plus accrued interest to the date of delivery. "Par" shall be deemed to be the principal amount advanced pursuant to the agreement. Section 3. The Bond shall be subject to redemption at the option of the City, in whole on any date, or in part in such amount or amounts of such maturity or maturities as selected by the city at the principal amount of each Bond to be redeemed, together with accrued interest to the date of redemption. Notice of any intended prepayment shall be given by mailing notice thereof to the registered owner of the Bond, not less than fifty days prior to the prepayment date. Interst on any installment or portion thereof so prepaid shall cease on the prepayment date. Section 4. The Bond and the Registration Certifi- cate shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF ALASKA CITY OF SEWARD (A Municipal Corporation of the state of Alaska) NO_ R-l ...... ......-- --~ . . . ~ . . KNOW ALL MEN BY THESE PRESENTS: That the City of Seward, a municipal corporation of the State of Alaska (the "city"), acknowledges itself indebted and for value received hereby promises to pay to the Alaska Municipal Bond Bank (herein called the "Bank") or registered assigns, the principal sum of One Million Seven Hundred Thousand Dollars ($1,700,000) in the following installments on July 1 of each of the following years: Maturity Amount Maturity Amount 1982 40,000 1992 80,000 1983 45,000 1993 85,000 1984 45,000 1994 95,000 1985 50,000 1995 100,000 1986 55,000 1996 105,000 1987 60,000 1997 115,000 1988 60,000 1998 120,000 1989 65,000 1999 135,000 1990 70,000 2000 145,000 1991 75,000 2001 155,000 This Bond shall bear interest pursuant to the Tripartite Agree- ment between the Bank, the Government and the City at the rate of seven per centum (7%) per annum. The City shall pay to the registered owner hereof interest on each installment from the date hereof on the principal amount outstanding until the city's obligation with respect to the payment of such installment shall be discharged, on the first days of January and July of each year beginning January 1, 1981. This Bond, as to principal and interest when due, will be payable at the principal office of the Bank or if directed by the Bank to the National Oceanic and Atmospheric Administration, AD-121, 6010 Executive Boulevard, Rockville, Maryland 20852, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. Payment of principal and interest shall be made pursuant to the terms of the Tripartite Agreement. This Bond is authorized for the purpose of raising funds to pay the costs of electric utility capital improvements in the City, with the question of the issuance for such purpose approved and ratified by a majority vote of the qualified voters of the City who voted on the Proposition at an election held in the City on October 2, 1979, and is issued pursuant to Ordinance No. 489 of the city entitled: AN ORDINANCE OF THE CITY OF SEWARD, ALASKA, PROVIDING FOR THE ISSUANCE AND SALE OF $1,700,000 OF GENERAL OBLIGATION BONDS OF THE CITY OF SEWARD, ALASKA, FOR THE PURPOSE OF PLANNING AND CONSTRUCTING AN ELECTRIC SUB- STATION AND MAKING OTHER IMPROVEMENTS TO THE ELECTRICAL SYSTEM OF THE CITY OF SEWARD, ALASKA, AND FIXING THE DATE, FORM, TERMS AND MATURITIES OF THESE BONDS. (herein called the "Ordinance) and Resolution No. 80-41. The installments of t:hi ~ R()nr1 ;,r", C"'h;=~+- +-~ __.3_____L' . . . . . date at the principal amount of each installment or portion thereof to be redeemed together with interest thereon to the redemption date. The proceeds of this Bond shall be disbursed by the Bank to the City in installments, each disbursement to be noted hereon. Should less than the full amount of the proceeds be disbursed the difference between the face amount of this Bond and the amount disbursed shall be deducted from the face amount and the last outstanding maturity. This Bond is transferable, as provided in the Ordinance, only upon the books of the City kept for that purpose at the office of the City by the registered owner hereof in person or by his attorney duly authorized in writing, upon surrender hereof together with a written instrument of transfer satisfactory to the City duly executed by the registered owner or such duly authorized attorney, and thereupon the City shall issue in the name of the transferee a new fully registered Bond or Bonds of the same aggregate principal amount and maturity as the sur- rendered Bond as provided in the Ordinance and thereupon the City may treat and consider the person in whose name this Bond is registered as the holder and absolute owner hereof for the pur- pose of receiving payment of, or on account of, the principal hereof and interest due hereon and for all other purposes what- soever. This Bond is issuable in the form of coupon bonds in the denomin- ation of $5,000 and in the form of a single registered bond. This bond, upon surrender thereof at the office of the city Comptroller, together with a written instrument of transfer satisfactory to the city, duly executed by the registered owner thereof or by his attorney duly authorized in writing, may, at the option of the registered owner thereof, be exchanged for an equal aggregate principal amount of coupon bonds of the same maturity, with appropriate coupons attached. This Bond is a general obligation of the City, and the full faith and credit of the city are pledged for the payment of the princi- pal of and interest on this 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 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 Bond, together with all other indebtedness of the City, is within every debt and other limit prescribed by said Constitution or statutes. IN WITNESS WHEREOF, THE CITY OF SEWARD has caused this Bond to be signed in its name and on its behalf by the manual signature of its Mayor and its official seal to be affixed, imprinted or otherwise reproduced hereon, and attested by the manual signature of its Clerk, all as of the ____ day of July, 1980. Mayor [5 E A L] A '1' '1' R !': '1'.