HomeMy WebLinkAboutOrd1955-253
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ORDINANCE NO. 253
AN ORDINANCE of the City of Seward, Alaska, calling a
special election for the purpose of submitting to
the qualified electors of the city a proposition of
whether or not the city should issue its electric
utility revenue bonds in the principal sum of not
to exceed $3,500,000 for the purpose of providing
funds to acquire, construct and install certain
improvements to the electric utility system of the
city.
WHEREAS, the City of Seward now owns, operates and maintains
an electric utility system which is in need of the acquisition, construc-
tion and installation of additional hydro-electric generating, transmission
and distribution facilites in order to furnish the city, its inhabitants,
and people living in the vicinity thereof with an adequate supply of
electricity; and
WHEREAS, it is to the best interest and welfare of the city
and its inhabitants that it issue and sell its electric utility revenue
bonds in the principal sum of not to exceed $3,500,000 in order to pro-
vide funds for such purposes; and
WHEREAS, the laws of the United States of America and the
Territory of Alaska provide that the question of whether or not such
bonds may be issued for such purpose must be submitted to the qualified
electors of the city for their ratification or rejection;
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the
City of Seward, Alaska, as follows:
Section 1.
It is hereby found and declared that the public
welfare requires the city to acquire, construct and install a hydro-
electric generating plant drawing water from Crescent Lake of not to
exceed 5,000 kilowatt installed capacity, or such lesser capacity as
the Council may determine to be necessary to serve anticipated load,
r-
together with the necessary dam, intake, channels and penstock, a
transmission line to Seward, a transmission line to Kenai Junction,
and necessary local distribution facilities appurtenant to said trans-
mission lines, including all substations, equipment and accessories
therefor. It is a part of this plan that all or part of the aforesaid
improvements may be constructed and same may be constructed at such
times and in such stages as the Council may determine to be necessary.
Section 2.
The city does hereby propose as an integral
part of the plan for the acquisition, construction and installation of
said generating, transmission and distribution facilities and for paying
the cost thereof and all costs incidental thereto, that it issue and
sell its bonds in the principal sum of not to exceed $3,500,000 payable
from the revenues of its electric utility system.
Said bonds shall bear interest at a rate of not to exceed
5~ ~er annum payable semiannually, and shall mature serially in not to
exceed thirty years from date of issue. The exact date, form, terms
and maturities of said bonds shall be as hereafter fixed by ordinance.
Section 3.
The foregoing plan for the issuance of said
bonds to pay the cost of the acquisition, construction and installation
of such generating, transmission and distribution facilities shall be
submitted to the qualified electors of the city for their ratification
or rejection at a special election to be held therein on the 23rd day
of
Februarv
, 1955.
The proposition to be so submitted shall be as follows:
PROPOSITION
Shall the City of Seward, Alaska, issue its bonds payable
out of the revenue of its electric utility system in the
principal sum of not to exceed $3,500,OOO,~uch bonds to
bear interest at a rate of not to exceed 5 % per annum and
to mature serially in not to exceed thirty y~ars from date
of issue, for the purpose of providing funds to acquire,
2.
oonstruot and install a hydro-eleotric generating plant,
transmission and distribution facilities, as a part of
its eleotric utility system, all as more fully provided
in Ordinanoe No. ~53 of the oi ty, adopted January 2.,
19551
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BONDS, YES .
BONDS, NO
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The polling plaoe for said special election shall be
THE CITY HAT"!'.
Said polling place shall be open from 8:00 a.m. to 7:00 p.m.
The election officials to serve at such polling place shall
be as follows:
Mild red E. Kirkpatrick
Inspector-Judge
Eda. J. Mye ra
Judge
Lenore Robbin.
Clerk
Lena. Myrick
Judge
Wil1llll. Lind
Clerk
All qualified and registered voters of the city shall be
entitled to vote at said election.
The registration for such election, the manner of giving
notice of and conducting the same, and the canvass of the returns of
such election shall be in accordance with the requirements of law and
ordinances of the city for general and special elections held within
the city.
Section 4"
This ordinanoe shall take effect immediately
upon its passage, approval and execution, and shall be posted on the
bulletin board of the City Hall in Seward, Alaska, for a period of
twenty days prior to the date of election, and shall be published once
a week for two consecutive weeks in a newspaper of general circulation
in the City of Seward.
3.
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PASSED and apprend thb 24th day of January, 1955.
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ATTEST :
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ity Clerk