HomeMy WebLinkAboutOrd1971-381
ATTACHED TO AND MADE A PART OF THE MINUTES OF A TE.WARD CITY COUNCIL
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'ames . Fi ip, , .
, City Clerk-Treasurer
..
CITY OF SEWARD, ALASKA
ORDINANCE NO. 381
AN ORDINANCE OF THE CITY OF SEWARD, ALASKA
PROVIDING FOR THE ISSUANCE AND SALE OF
$72,000.00 OF GENERAL OBLIGATION BONDS OF
THE CITY OF SEWARD FOR THE PURPOSE OF PRO-
VIDING PART OF THE FUNDS NECESSARY TO EXPAND
AND IMPROVE THE SMALL BOAT HARBOR THROUGH
THE CONSTRUCTION OF A WHARF.
WHEREAS, at a special municipal election held in the
City of Seward, Alaska, hereinafter called the "City," on
October 5, 1965, the proportion of the qualified voters of the
City required by law for the adoption thereof, voted in favor
of a proposition authorizing the issuance of general obligation
bonds in the principal sum of not to exceed $270,000.00 for the
purpose of providing the funds necessary to dredge, extend and
improve the Small Boat Harbor of the City, as more particularly
provided in Resolution No. 464 of the City passed and approved
September 7, 1965, and
WHEREAS, $162,000.00 of this authorization was sold
pursuant to Ordinance No. 360 of the City passed and approved
June 1, 1967, and $108,000.00 of this authorization remains
unsold, and
WHEREAS, it is deemed necessa~y and in the best interests
of the City and its inhabitants that $72,000.00 of the remaining
$108,000.00 of this authorization and not heretofore issued, now
be issued and sold.
NOW, THEREFORE, THE CITY OF SEWARD ORDAINS:
Section 1. That for the purpose of constructing an
additional wharf in the Small Boat Harbor, the City shall issue
and sell the principal amount of $72,000.00 of general obligation
bonds authorized by the qualified electors of the City at a special
election held therein on October 5, 1965, pursuant to Resolution
No. 464, passed and approved September 7, 1965, and authorized
increase in the rate of interest limitation from 4 1/8% to 7 1/2%
on unsold and unissued bonds of this authorization by the qualified
electors of the City at a special municipal election held therein
on October 7, 1969, pursuant to Resolution No. 757, passed and
approved September 8, 1969.
The Bonds shall be dated July 1, 1971, shall be in the
denomination of $1,000.00 each, shall be numbered from 1 to 72
inclusive, shall be registrable as to principal only, and shall
bear interest at a rate of not to exceed 7 1/2% per annum payable
January 1, 1972, and semiannually thereafter on the first days of
July and January of each year from date of issue as evidenced by
coupons to be attached thereto. The Bonds shall mature on
July 1 of each of the fOllowing years in the following amounts:
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ATtACHED to AID MADE A PAl.'! or nm M1ItI"BS OF::l '1U. WAID em... CO.UNCIL
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Bond Number Maturity Year Amount
1 1974 $1,000
2 1975 1,000
3 1976 1,000
4 1977 1,000
5 1978 1,000
6 1979 1,000
7 1980 1,000
8 1981 1,000
9-10 1982 2,000
11-12 1983 2,000
13-14 1984 2,000
15-16 1985 2,000
17-18 1986 2,000
19-20 1987 2,000
21-22 1988 2,000
23-24 1989 2,000
25-27 1990 3,000
28-30 1991 3,000
31- 33 1992 3,000
34-36 1993 3,000
37-40 1994 4,000
41-44 1995 4,000
45-48 1996 4,000
49-52 1997 4,000
53-57 1998 5,000
58-62 1999 5,000
63-67 2000 5,000
68-72 2001 5,000
Both principal of and interest on the Bonds shall be
payable in any coin or currency which is legally acceptable on the
respective dates of payment for debts due the United States of
America, at the office of the City Treasurer, Seward, Alaska, or
at the option of the holder at the offiee of such paying agent as
may be deSignated hereafter by the City Manager.
Section 2. The City hereby reserves the right to redeem
outstanding Bonds maturing after July 1, 1981, in whole or in part
in inverse numerical order, on any interest payment date after
July 1, 1981, upon at least thirty days' prior notice, at par
plus accrued interest to the date of redemption, and a premium
for each bond as follows:
3% if redeemed in the 10th through the 15th year;
2 1/2% if redeemed in the 17th through the 20th year;
2% if redeemed through the 21st through 25th year;
1 1/2% if redeemed during the 26th through 30th year;
1% if redeemed during the 31st through the 35th year;
0% if redeemed thereafter.
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A'J'lACIml to AIID MAD& .. PAI.'I' . TD lCIJIUTU 01' 1'D ~ cln C<MIClL
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l.../ 'CIty Clerk-Tn.aver
Notice of any such intended redemption shall be given
by certified mail sent to the registered owners of the Bonds to be
redeemed at their addresses appearing on the registry book at least
thirty days prior to the redemption date and, unless all of the
Bonds to be redeemed are registered Bonds, by publication once in
a financial Journal printed in the English language and of general
circulation in the City of New York, New York, such publication to
be not more than forty-five nor less than thirty days prior to the
redemption date. The redemption notice shall state the serial
numbers of the Bonds called for redemption and that interest there-
on will cease on the redemption date, and shall direct that such
Bonds, together with all coupons, if any, maturing on or after
the redemption date, shall be presented by the holders for payment
and cancellation.
Section 3. The Bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
$I,OOO
NO.
STATE OF ALASKA
CITY OF SEWARD
GENERAL OBLIGATION BOND, 1971
The City of Seward, Alaska, for value received hereby
promises to pay to bearer, or if this bond be registered, to the
registered holder hereof, on the first day of July, 19 , the
principal sum of ---
ONE THOUSAND DOLLARS
together with interest thereon at the rate of per annum
payable January 1, 1972, and semiannually thereafter on the first
days of July and January of each year from date hereof as evidenced
by and upon presentation and surrender of the attached interest
coupons as they severally become due, or until such principal sum
shall have been paid or duly provided for.
Both principal of and interest on this bond are payable
in any coin or currency which is legally acceptable on the re-
spective dates of payments for debts due the United States of
America, at the office of the City Treasurer, Seward, Alaska, or
at the offices of such paying agents as may be designated here-
inafter by the City Council.
Both such principal and interest are payable in accordance
with the provisions of Ordinance No. 381 adopted by the City
Council of the City of Seward on the 24th day of May, 1971, out
of the 1971 General Obligation Bond and Interest Sinking Fund
Account of the City created by such ordinance.
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ATTACHED TO UO MAD& A PA1tT C1I1.'B.I MllftJ'DS 0'1 'J.'Dre.&WAU CXtr. COUIIClL
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(/ Cuy- Cluko-Tna8uar
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The City has reserved the right to redeem the outstanding
bonds of this issue in whole, or in part in inverse numerical
order, on any interest payment date after July 1, 1981, upon at
least thirty days' prior notice, at par plus accrued interest to
the date of redemption.
Notice of any such intended redemption shall be given in
the manner provided in Ordinance No. 381.
This bond is one of an authorized issue of negotiable
general obligation bonds of the City of like amount, date and
tenor except as to number and date of maturity in the aggregate
principal amount of $72.000.00, and is issued pursuant to a vote
of the qualified voters of the City, Resolution No. 464, Resolution
No. 757, and Ordinance No. 381 of the City, for the purpose of
providing part of the funds required to expand and improve the
Small Boat Harbor of the City as more specifically provided in
said Resolution No. 464.
The City has irrevocably covenanted by said Ordinance
that it will levy taxes annually upon all the taxable property
within the City without limitation as to rate or amount and in
amounts sufficient to pay the principal of and interest on
the bonds of this issue as the same shall become due. The full
faith, credit and resources of the City are hereby irrevocably
pledged for the annual levy and collection of such taxes and
for the prompt payment of such principal and interest.
It is hereby certified that all acts, conditions and
things required to be done precedent to and in the issuance of
this bond have happened, been done and performed and that the
total indebtedness of the City, including this bond and the bonds
of this issue, does not exceed any constitutional, statutory
or charter limitation.
IN WITNESS WHEREOF. -the City of Seward, Alaska~ has
caused this bond to be signed by its Mayor, to be attested by its
Clerk, the official seal of the City to be impressed hereon, and
the interest coupons attached hereto to be signed with the fac-
simile signature of said officials as of the first day of July,
1971.
CITY
ALASKA
By
ATTEST:
City Clerk
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ATTACHED TO AND MADE A PART OF THE MINUTES OF T~E ." WARD CITY COUNCIL
..~~~E~/?
.James R. Fi~
\ / City Clerk-Treasurer
The interest coupons to be attached to the Bonds shall
be in substantially the fOllowing form:
NO.
$
On the first day of , 19____, the City of
Seward, Alaska, will pay to bearer at the office of the City
Treasurer, Seward, Alaska, or at the office of such paying agent
as may be hereinafter designated by the City Council, the sum
shown hereon in any coin or currency which is legally acceptable
on such date for debts due the United States of America, said sum
being the semiannual interest due that day on its General Obligation
Bonds, 1971, dated as of July 1, 1971, and numbered
::T~:;;~
Mayor
ATTEST:
City Clerk
The Bonds shall have endorsed thereon the fOllowing
registration certificate:
This bond may be registered as to principal only on the
bond registry book of the City maintained at the office of the
City Treasurer, Seward, Alaska, such registration to be noted
hereon, and thereafter the principal of this bond shall oe pay-
able only to the registered holder, his legal representative or
assigns.
This bond, if registered, shall be transferable to
another registered holder or back to bearer only upon presentation
to the City Treasurer with the legal assignment duly acknowledged
or proved.
Registration of this bond shall not affect the negotia-
bility of the coupons attached hereto, which shall at all times be
transferable by delivery.
Date of
Registration
Name and Address of
Registered Owner
Signature of
Authorized Officer
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ATTACHED TO AND MADE A PART or THE MINUTES
OF~ THEAIlD CITY COUNCIL
!, 1S .. P).G~. , .
. /Jrv"-J /( "'-
\.James R. F\ p, ...
C/C1ty Clerk-Treasurer
Section 4. The Bonds shall be signed on behalf of the
City by its Mayor, shall be attested by the City Clerk, and shall
have the official seal of the City impressed thereon. Each of the
interest coupons attached thereto shall be signed with the fac-
simile signature of said officials.
Section 5. Any purchaser of the Bonds as advertised for
sale by the City may elect to accept a nonnegotiable bond registered
as to both principal and interest with a face value in the amount
of the Bonds, in lieu of individual coupon bonds. Any such fully
registered bond shall be executed in the manner provided for the
Bonds and shall be of type composition on paper of sufficient
weight and strength to prevent deterioration throughout the life
of the loan represented by such fully registered bond.
Such fully registered bond shall be dated as of July 1,
1971, shall bear such rate or rates of interest from such date as
may be fixed upon the sale or sales thereof, shall mature in in-
stallments in the years and amounts set forth in Section 3 of this
ordinance, and shall be in substantially the following form, with
such variations, omissions and insertions as may be necessary under
the circumstances:
UNITED STATES OF AMERICA
NO. R-l
$72,000.00
STATE OF ALASKA
CITY OF SEWARD
GENERAL OBLIGATION BOND, 1971
The City of Seward, Alaska acknowledges itself indebted
and for value received promises to pay to the United States of
America, Economic Development Administration, or its successor
(herein sometimes called the "Payee"), or its registered assigns
(herein sometimes called the "Alternate Payee"), the principal
sum of
SEVENTY-TWO THOUSAND DOLLARS
on the first day of July in years and installments as follows:
Installment Number Maturity Year Amount
1 1974 $1,000
2 1975 1,000
3 1976 1,000
4 1977 1,000
5 1978 1,000
6 1979 1,000
7 1980 1,000
8 1981 1,000
9-10 1982 2,000
11-12 1983 2,000
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ATTACHlD TO AID MADE A PAllT or THE MINtlTIS or THE SEWAlD CITY COUNCIL
(l'OL 15 -~~
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./ City Clerk.Treasurer
Installment Number Maturity Year Amount
13-14 1984 $2,000
15-16 1985 2,000
17-18 1986 2,000
19-20 1987 2,000
21-22 1988 2,000
23-24 1989 2,000
25-27 1990 3,000
28-30 1991 3,000
31-33 1992 3,000
34-36 1993 3,000
37-40 1994 4,000
41-44 1995 4,000
45-48 1996 4,000
49-52 1997 4,000
53-57 1998 5,000
58-62 1999 5,000
63-67 2000 5,000
68-72 2001 5,000
in any coin or currency which is legally acceptable on the re-
spective dates of payment for debts due the United States of America
and to pay interest on the balance of said principal from time to
time remaining unpaid in like coin or currency at the rate of
~ per annum on January 1, 1972, and semiannually thereafter
on the first days of JUly and January of each year from date hereof
until the principal amount hereof has been paid or such payment
has been duly provided for.
So long as the Payee is the registered owner of this bond,
the Federal Reserve Bank shall act as collection agent for the
Payee for collection of both principal of and interest on this
bond. So long as an alternate payee is the registered owner here-
of, said payments shall be made at the office of the City Treasurer,
Seward, Alaska, or at the option of the holder, at the office of
such paying agent as may be hereinafter designated by the City
Council.
Payment of principal and interest, inclUding prepayments
of installments of principal as hereinafter provided, shall be
noted on the Payment Record made a part of this bond. Upon final
payment of principal and interest this bond shall be submitted to
the City for cancellation and surrender.
Both principal of and interest on this bond are payable
solely out of the special account of the City known as the
"1971 General Obligation Bond and Interest Sinking Fund Account"
(herein called the "Sinking Fund Account") created by Ordinance
No. 381 of the City adopted May 24, 1971, (herein called the
"Ordinance").
In addition to the installment of principal required
to be paid by the City as hereinabove set forth, the City, at its
option, shall have the right to prepay installments coming due after
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Arr.A.CBE1> TO AIlD MADE A PArr OF TIll MlJIU'fES OF TIE !f!'AU CIty CO. UltClL
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July 1, 1981 on any interest payment date after July 1, 1981, in
whole or in part of unpaid principal, in multiples of $1,000,
in the inverse chronological order of such installments, at the
principal amount thereof plus accrued interest to the date of
prepayment.
Notice of any such optional prepayment shall be given
at least thirty days prior to the prepayment date by mailing to
the registered owner of this bond a notice fixing such prepayment
date, the amount of the principal, and the premium if any, to be
prepaid.
As provided in the Ordinance, this bond is exchangeable
at the sole expense of the City, at any time upon ninety days'
notice at the request of the registered owner hereof, and upon
surrender of this bond to the City, for definitive bonds payable
to bearer, registrable as to principal only, of the denomination
of $1,000.00 each, bearing interest at the same rate as this bond,
with the same rights of redemption as provided for definitive
bonds in the Ordinance, in an aggregate principal amount equal
to the unpaid principal amount of this bond and in the form of
such coupon bonds as provided for in the Ordinance.
This bond is a general obligation bond of the City and
has been duly issued by it pursuant to Resolution No. 464 of the
City, to a vote of the qualified electors thereof, and to the
Ordinance, for the purpose of providing part of the funds to
extend and improve the Small Boat Harbor of the City.
The City has irrevocably covenanted by the Ordinance
that it will levy taxes annually upon all the taxable property
within the City without limitation as to rate or amount in amounts
which will be sufficient to pay the principal of and interest on
this bond as the same shall become due. The full faith, credit
and resources of the City are hereby irrevocably pledged for the
annual levy and collection of such taxes and for the prompt pay-
ment of such principal and interest.
This bond may be assigned, and upon such assignment the
assignor shall promptly notify the City Treasurer by registered
mail. The City may require presentation of this bond for veri-
fication of the Payment Record or, at its option, for exchange
for a new fully registered bond.
It is hereby certified that all acts, conditions and
things required to be done precedent to and in the issuance of
this bond have happened, been done and performed, and that the
total indebtedness of the City including this bond does not exceed
any constitutional, statutory or charter limitation.
IN WITNESS WHEREOF, the City of Seward, Alaska, has
caused this bond to be signed on behalf of the City by its Mayor,
to be attested by the City Clerk, and the seal of the City to be
impressed hereon, as of the first day of July, 1971.
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ATTACHED TO AND MADE A PART OF THE MINUTES OF THE lfjWARD CITY COUNCIL
(VPL 1,5 -:~~G j36
t9-~ /c'..
~James R. . . ilip,
(/ City Clerk-Treasurer
CITY OF SEWARD, ALASKA
By ~/Y:kl
Mayor
ATTEST:
City Clerk
A fully registered bond shall have endorsed thereon the
fOllowing form of assignment:
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned registered owner
thereof hereby sells, assigns and transfers the within bond
unto
DA TE D
In the presence of:
(Repeat this form of assignment)
(As provided in the within bond, notice of any assign-
ment thereof shall be given by the assignor by registered mail to
the City Treasurer, Seward, Alaska, and upon the receipt of such
notice the bond shall be registered as to both principal and
interest on the registration books in the name of the assignee
named above, but the City shall have the right to require surrender
of said bond for verification of the Payment Record or, at the
option of the City, in exchange for a new fully registered bond.)
Due Date
Principal
Payment
Principal
Balance
Due
Interest
Payment
(6 3/11%)
Date
Paid
Name of Paying Agent
Authorized Official
and Title
(enter
amounts)
(enter dates
for principal
and interest)
(leave blank) (blank) (blank)
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ATTACBED TO AND MADE A PART OF tHE MINUTES OF THE ~ARD CIn COUICIL
\~L 15 ~~~
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i / City Clerk-Treasurer
Leave one-half inch space between each
due date, etc., for manual interlining, if
necessary; also half a page at end for any
explanation which might be required)
Section 6. Any fully registered bond or bonds shall be
redeemable, in whole or in part, to the extent, at the time, in
the manner and at the prices set forth in Section 2 hereof, except
that there need be no pUblication of notice of redemption; provided,
however, that as long as the United States of America or any officer
or Department thereof owns any such fully registered bond, or any
definitive coupon bond, the United States of America, or such
officer or Department has waived and will waive the noncallable
provisions applicable and any specified premiums for redemption
set forth in that section.
Any fully registered bond or bonds may also be transferred
by the registered owner thereof, provided that such transfer relates
to the entire principal amount of the fully registered bond trans-
ferred, and any such transfer shall be noted on the bond registra-
tion book of the City.
Upon ninety days' written notice by the holder of any
fully registered bond, the City shall cause to be prepared and
shall deliver to such holder, at its sole cost and expense,
definitive coupon bonds of type composition and on bond paper
of weight and strength that is customarily used for serial bonds
of an issue comparable to this issue of Bonds.
Such definitive bonds shall be in the denomination of
$1,000 each, shall have coupons attached bearing datee representing
all installments of interest due on each of said bonds, shall be
in the total principal sum of the unpaid balance due on $uch fully
registered bond, shall be numbered and mature as provided in
section hereof on those dates of maturity which have not yet
occurred on the date of such exchange, except that if any prepay-
ment authorized herein shall have been effected, such prepayment
shall be deemed to have redeemed such definitive bonds in inverse
numerical order. Such definitive bonds and the coupons attached
thereto shall be executed and authenticated as herein provided for
the Bonds.
Section 7. The Bonds shall be sold after advertisement
on sealed proposals to the highest and best private bidder or
bidders submitting a bid or bids with an effective rate over the
life of the Bonds bid for of 6 3/4% or less, plus accrued interest
to the date of delivery. Such bidders may submit bids for consecu-
tive full annual maturities covering the first maturity and all
maturities thereafter through at least July 1, 1981.
If no such bid is received from a bidder other than
the United States of America or any officer or department thereof
for part or all of the Bonds, the Bonds shall be sold to the
United States of America or any such officer or department sub-
mitting a sealed bid at the rate agreed upon for the Bonds in
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An'AClED TO AID HADE A PART or THE MINt1TES or THE SEWARD CITY COUltCIL
,L 15 ~//
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City Clerk-Treasurer
the offer of the Economic Development Administration of the
United States Department of Commerce to purchase said Bonds,
dated February 11, 1971.
The City Manager is hereby authorized and directed to
cause a short form of the official notice of sale of the Bonds to
be given such circulation and to be published in such newspapers
or financial journals as he may deem necessary and advisable.
Section 8. A special account of the City known as the
"1971 Harbor Improvement Construction Account" (herein called the
"Construction Account") is hereby created. The proceeds of the
sale of the Bonds (except for accrued interest, which shall be
paid into the Sinking Fund Account hereinafter created) shall
be paid into the Construction Account and shall be expended solely
for the purpose of paying part of the cost of the capital improve-
ments to be constructed out of the proceeds of the sale of the Bonds
and all costs incidental thereto.
Any moneys remaining in the Construction Account after
all of the above-mentioned costs have been paid shall be promptly
used to the extent possible for the redemption of Bonds, and any
residue shall be deposited in such Sinking Fund Account for the
uses and purposes herein provided; provided, however, that the City
hereby reserves the right to withdraw any funds, other than moneys
received from the sale of the Bonds or grants received from the
Economic Development Administration, which it may have deposited
in the Construction Account which are found to be unnecessary for
such purpose.
Section 9. That there be and is hereby created another
special account of the City to be known as the "1971 General
Obligation Bond and Interest Sinking Fund Account" (herein called
the "Sinking Fund Account") which shall be at all times completely
segregated and set apart from all other funds of the City and shall
be a trust fund to be used solely for the security and payment of
the principal of and interest on the Bonds as the same shall become
due.
The City hereby irrevocably covenants that it will make
annual levies of ad valorem taxes upon all the taxable property
within the City without limitation as to rate or amount in amounts
which will be sufficient to pay the principal of and interest on
the Bonds as the same shall become due, and that it will pay such
taxes into the Sinking Fund Account upon collection thereof. The
full faith, credit and resources of the City are hereby irrevocably
pledged for the annual levy and collection of such taxes and the
prompt payment of such principal and interest as aforesaid.
In the event that money and/or direct obligations of the
United States of America maturing at such time or times and bearing
interest to be earned thereon in amounts sufficient to redeem and
retire the Bonds in accordance with their terms are set aside in
the Sinking Fund Account to effect such redemption or retirement,
and such money 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 into the Sinking Fund Account for the
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A!l''D~~ TO dO HADE A "'1' or TBB MIlfUTII at TO~. .' lID c. m COutlCD.
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{ C1t.y cterlt..'l"reasurH'
payment of the principal of and interest on the Bonds, and
the Bonds and the appurtenant coupons shall cease to be entitled
to any lien, benefit or security of this ordinance except the
right to receive the funds so set aside and pledged, and the
Bonds and/or such coupons shall be deemed not to be outstanding
hereunder.
Section 10. For so long as the bonds shall be held by
the United States of America or any office or department thereof,
the City covenants as follows:
(1) That it will not dispose of or encumber
its title or other interest in the facilities and
improvements constructed and made out of the proceeds
of the bonds, including the underlying realty, or its
interest in any property necessary for the access to
and the use thereof without first obtaining the written
consent of such bondholder.
(2) That it will carry insurance of such types
in such amounts and with such insurance carriers as are
acceptable to such bondholder.
Section 11. The bonds authorized herein shall be sold
at public sale, and bids for the same shall be received by the
City Manager at his office in the City Hall in Seward, Alaska,
until 12:00 Noon, Alaska Daylight Time, on June 28, 1971. The bids
will be opened, considered, and acted upon on the same date at
7:30 P.M., Alaska Daylight Time, by the City Council of the City
of Seward.
Each bid shall be accompanied by cash, certified check,
cashier's check or money order in an amount equal to 3% of the
par value of the bonds. Such deposit shall be evidence of good
faith on the part of the bidder and all deposits shall be returned
to unsuccessful bidders upon an award to the successful bidder.
The deposits of the successful bidder shall be retained until the
sale is fully consummated and if the bidder shall fail to consummate
the sale in accordance with the terms of his bid, then said deposit
shall be retained by the City as liquidated damages for the failure
and not as a penalty.
Bids not less than par and accrued interest, at an average
net interest cost not to exceed 6-3/4% for the amount of bonds bid,
will be considered for consecutive full annual maturities covering
the first maturity and all maturities thereafter through at least
July 1, 1981 provided: (1) coupon rates shall be in multiples of
one-eight or one-tenth of one percent (1/8 or 1/10 of 1%) with no
limit as to the number of rates; (2) all bonds maturing on the
same date shall bear the same rate of interest; (3) no bond shall
bear interest at more than one rate; and (4) the difference
between the lowest and highest interest rates named shall not
exceed two percent (2%). No supplementary interest coupons will
be permitted.
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AftACllt> TO .. lIAaI A IUI .'11I K1Htd . .... .
Preference in award will be given to bids for the
largest principal amount of bonds. If two or more bids are for
the same amount of Bonds, preference in award will be given to
the bid resulting in the lowest net interest cost. The lowest
net interest cost will be determined, after excluding the bid
of the Economic Development Administration, by deducting the
total amount of any premium bid from the amount of interest from
July 1, 1971 until their respective maturities.
After said sale, the proper city officials are hereby
authorized and directed to do everything necessary to complete
such sale and deliver said bonds to the purchaser thereof upon
payment of the purchase price therefor.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, THIS 24th day of May, 1971.
FIRST READING: April 26, 1971.
SECOND READING: May 10, 1971.
ADOPTION: May 24, 1971
AYES: Myr. Glud, elmrs. Richardson, Hulm, Vincent, Hill, Hardy
and Skinner
NOES: none
ABSENT: none
By
ATTEST: '
APPROVED AS TO FORM:
HUGHES, THORSNESS, LOWE, GANTZ & CLARK
Attorneya for City of Seward
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By(L~~~1f~.) '):~~:r~
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