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HomeMy WebLinkAboutRes1984-090 . . . ~ e CITY OF SEWARD, ALASKA RESOLUTION NO. 84-90 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, PROVIDING FOR THE SUBMISSION TO THE QUALIFIED VOTERS OF THE CITY OF SEWARD, ALASKA, THE QUESTION OF THE ISSUANCE OF $5 MILLION OF GENERAL OBLIGATION BONDS OF THE CITY OF SEWARD TO PAY THE COSTS OF PLANNING, DESIGNING, CONSTRUCTION, AND LAND ACQUISITION FOR THE IMPROVEMENTS TO EXISTING FACILITIES AND FOR NEW ELECTRI- CAL TRANSMISSION FACILITIES OF THE ELECTRIC UTILITY OF THE CITY OF SEWARD, ALASKA, AT THE SPECIAL ELECTION TO BE HELD FOR THAT PURPOSE IN THE CITY OF SEWARD, ALASKA, ON AUGUST 21, 1984. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, that: 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 capital improvements to the electrical utility system of the City, including both the improvement of existing facilities and the construction of additional facilities, includ- ing, but not limited to, a new electrical transmission line, such proposed improvements and new construction to be located both with- in and outside of the municipal boundaries of the City of Seward, Alaska, and to inc'lr bonded indebtedness and issue general obliga- tion bonds of the City of Seward in an amount not to exceed $5 million for these purposes. Section 2. An amount not to exceed $5 million is to be borrowed by and for the City of Seward, Alaska, to pay for these improvements and new construction, and shall be evidenced by the issuance of general obligation bonds of the City. The bond pro- ceeds shall be used for these improvements and new construction, or to payor reimburse funds which have already been expended for that purpose. Section 3. A special election is to be held on August 21, 1984, in the City of Seward, Alaska, for the purpose of submitting the following general obligation bond proposition to the qualified voters of the City of Seward for approval or rejection. A majority of qualified voters voting in favor of the proposition is required for approval. PROPOSITION NO. 1 Shall the City of Seward, Alaska, incur indebtedness and issue its general obligation bonds payable from taxes levied upon the taxable real and personal property in the City and from any other sources of revenue in an amount not to exceed Five Million Dollars ($5,000,000) for the purpose of planning, designing, construction, and land acquisition for improvements to existing facilities and for new facilities of the -1- . . . . . electrical transmission and distribution system of the City of Seward, Alaska, such improvements and new facilities being located both within and outside of the boundaries of the City of Seward, Alaska, and pledge its full faith and credit for the payment of the bonds? Section 4. The foregoing proposition shall be printed on a ballot which may set forth other propositions, and the proposition set forth in Section 3 shall be printed in full and the following words shall be added as appropriate and next to a space provided for marking the ballot: PROPOSITION NO. 1 Yes No Section 5. A person may vote at this election who possesses the qualifications set forth in AS 15.05.010 and who has registered to vote pursuant to Chapter 7 of Title 15 of the Alaska Statutes (AS 15.07.010, et seq.) The election shall be conducted in compliance with the procedures established in Chapter 8 of the Seward City Code. Section 6. Publication of this resolution shall be made by posting a copy hereof on the City Hall bulletin board for a period of four weeks prior to the date of the election. In addition, copies of the resolution shall be made available at the City Clerk's office for at least thirty (30) days preceding the date of the election. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, this 23rd day of July, 1984. AYES: Cripps, Gi 11espie, Hil ton, Meehan, Wi 11 iams NOES: None ABSENT: Swartz, Wilson ABSTAIN: None THE CITY OF SEWARD, ALASKA QD~~' MAYOR ATTEST: APPROVED AS TO FORM: HUGHES, THORSNESS, GANTZ, POWELL & BRUNDIN, Attorneys for the City of Seward, Alaska 7~ fJI~ Fred B. Arvidson, City Attorney (Ci ty -2- . . . ASSIGNMENT FOR VALUE RECEIVED the Alaska Municipal Bond Bank hereby sells, assigns and transfers unto the within Bond and hereby irrevocably contstitutes and appoints attorney, to transfer the same on the books of the City with full power of substitution in the premises. DATED: ALASKA MUNICIPAL BOND BANK By: Title: WITNESS: CERTIFICATE OF DELIVERY I, the undersigned City Manager of the City of Seward, do hereby certify that partial payments on the principal of this Bond were duly received on the dates and in the amounts herein- after shown. Date Amount of Principal Payment Signature of City Manager REGISTRATION CERTIFICATE This books of principal bond is registered in the name of the holder on the the City in the office of the City Clerk as to both and interest and noted in the registration blank below. -5- . . . No transfer hereof shall be valid unless made by the registered owner or his duly authorized agent in writing, and similarly noted hereon. All payments of principal and interest on this Bond shall be made by the City with full acquittance by the City Comptroller's check, or by warrant of the city drawn on the Comptroller, made payable to the last registered holder as shown hereon and on the registration books of the City and delivered to such holder or mailed to him at his address noted hereon and on the registration books of the city. Date of Registration Name and Address of Registered Holder signature of Registrar section 5. the City by its and shall have thereon. The Bond shall be signed on behalf of Mayor, shall be attested by its City Clerk, the official seal of the City impressed section 6. There 1S hereby created another special fund of the City to be known as the "1980 General Obligation Bond Redemption Fund II which Fund is created for the sole purpose of paying the principal of and interest on the Bond. The City hereby irrevocably covenants and pledges for as long as the Bond is outstanding that it will include in its annual budgets and make annual levies of ad valorem taxes upon all the property wi thin the City subj ect to taxation, without limitation as to rate or amount, and in amounts sufficient, together with such other moneys avail- able for such purposes as the Council may from time to time appropriate and order transferred to the Bond Redemption Fund, to pay the principal of and interest on the Bond as the same shall become due. All of the ad valorem property taxes so collected and such other moneys as may be so appropriated shall be depos- ited to the credit of the Bond Redemption Fund and shall be used solely for the payment of the principal of and interest on the Bond as the same shall become due, and these moneys are hereby irrevocably pledged, set aside and appropriated for this purpose. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and col- lection of taxes and for the prompt payment of the principal and interest as the same shall become due. Section 7. The Municipal Bond Interest Payments shall be not less than the interest the Bank is required to pay on the 1980 Series B Coastal Energy Bonds and shall be scheduled by the City in such a manner and at such times -6- . (notwi thstanding the dates of payment as stated ln the Municipal Bonds) as to provide funds sufficient to pay interest as the same becomes due on the 1980 Series B Coastal Energy Bonds and the City shall make such funds available to the Bank at least seven business days prior to each interest payment date or shall pay said funds directly to the Government by the due date if so directed by the Bank. section 8. The Municipal Bond Principal Payments shall not be less than the principal the Bank is required to pay on the 1980 Series B Coastal Energy Bonds and shall be scheduled by the City in such manner and at such times (notwi thstanding the dates of payment as stated in the Municipal Bonds) as to provide funds sufficient to pay the principal of the Loan as the same matures and the City shall make such funds available to the Bank at least seven busi- ness days prior to each principal payment date or shall pay said funds directly to the Government by the due date if so directed by the Bank. . Section 9. The Bond may be transferred by the registered owner thereof, provided that such transfer relates to the entire principal amount of the Bond, and such transfer is noted on the bond registration book of the City. Section 10. Upon ninety days written notice by the holder of the Bond, the City shall cause to be prepared and shall deliver to the holder, at the sole cost and expense of the holder, 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 the princi- pal amount of the Bond. The coupon bonds shall be in the denomination of $5/000 each, shall be numbered in inverse chronological order, and shall be in the total principal sum of the unpaid install- ments of principal of the Bond. The coupon bonds shall correspond to $5/000 increments of the unpaid installments of the Bond and shall bear inter- est at the rates borne by the respective installments which they represent and shall mature at the time the respective installments become due and payable. Coupon bonds shall be callable in inverse numerical order at the same times and the same prices at which installments of the Bond may be prepaid. Notice of any intended redemption shall be given by one publication thereof in a financial journal of general circulation in the City of New York, New York, not less than fifty days prior to the redemption date / and by mailing a like notice at the same time to the holder of the Bond at the time of its conversion into coupon bonds at its last addresss as it appeared on the registration books of the City. Interest on any coupon bond so called for redemption shall cease on the redemption date. . Coupon bonds shall be in substantially the following form: -7- . . . UNITED STATES OF AMERICA No. $5,000 STATE OF ALASKA CITY OF SEWARD GENERAL OBLIGATION BOND, 1980 The city of Seward, a municipal corporation of the State of Alaska (hereinafter called the "City"), hereby acknowledges itself indebted and for value received promises to pay to bearer on the first day of January 198_, the principal sum of FIVE THOUSAND DOLLARS together with interest thereon payable Janaury 1, 1981, and semiannually thereafter on the first days of January and July of each year from date hereof at the rate of 7% per annum to date of maturity as evidenced by coupons attached hereto, upon presenta- tion and surrender of such interest coupons as they severally become due, or until such principal amount shall have been paid or duly provided for. Both principal and interest on this bond are payable in lawful money of the united States of America at the office of the Comptroller, City of Seward, Alaska. The city has reserved the right to redeem any or all of the outstanding bonds of this issue in whole, or in part in inverse numerical order, on any interest payment date, at a price calcu- lated with respect to each bond to be redeemed, equal to the principal amount thereof plus accrued interest to the date of redemption. Notice of any such intended redemption shall be given by one publication thereof in a financial journal of general circulation in the City of New York, New York, not less than fifty days prior to the redemption date, and by mailing a like notice at the same time to This bond is one of an issue of General Obligation Bonds of the City of like amount, date and tenor except as to number, interest rate and date of maturity and is issued pursuant to the Constitution and laws of the State of Alaska, the city Charter, a vote of the qualified electors of the City, and fully adopted ordinances and resolutions thereof, for the purpose of providing funds to pay the cost of planning and constructing an electric substation and making the improvements to the electrical system of the City. This bond and the bonds of the issue of which it is one are payable as to both principal and interest out of the special fund of the City entitled "1980 General Obligation Bond Redemption Fund" created by Ordinance No. 489 of the city. The City has obligated and bound itself to make annual levies of ad valorem taxes upon all the taxable property within the City without limitation as to rate or amount and in amounts sufficient, with such other moneys of the city available for such purposes as the Council may, from time to time appropriate and order transferred to such Bond Redemption Fund, to pay the prin- cipal of and interest on this bond and 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 of such taxes and the prompt payment of such principal and interest. -8- . . . It lS hereby certified and declared that all acts, con- di tions 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 with the facsimile signature of its Mayor, attested by its Clerk, the official seal of the City impressed hereon, and the interest coupons pertaining hereto signed with the facsimile signature of the city Clerk this day of July, 1980. CITY OF SEWARD, ALASKA By: Mayor ATTEST: City Clerk The interest coupons attached to the coupon bonds shall be in substantially the following form: No. $ ON THE FIRST DAY OF , the City of Seward, Alaska, will pay to bearer at the office of the comptroller of the City of Seward, Alaska, the amount shown hereon in lawful money of the united States of America, this amount being the semiannual inter- est due that date on its General Obligation Bond, Series 1980, dated , 1980, and numbered CITY OF SEWARD, ALASKA By: city Clerk The coupon bonds shall be signed on behalf of the City with the signature of its Mayor, shall be attested by its city Clerk, and shall have the official seal of the City impressed thereon. Each of the attached interest coupons shall be signed with the facsimile signature of said city Clerk. Section 11. The City covenants to the purchaser of the Bond that it will make no use of the proceeds of the Bond at any time during the term thereof which, if such use, at the date the Bond is issued, would reasonably be expected to have caused the Bond to be an arbitrage bond within the meaning of section 103 (d) of the united states Internal Revenue Code of 1954, as amended, and applicable regulations thereunder. Section 12. This ordinance will not be published in the Seward city Code. -9- . . . ATTEST: q 1 ~/}1~~. [:Ja1~L C1ty Clerk (J Seward, 1980. PASSED AND APPROVED by the City Council of the City of Alaska, at a regular meeting on the 14th day of July, CIT~ OF SEWARD?J)ASKA .' (}! / L/&)-------Y \. . /) By: Mayor APPROVED AS TO FORM GANTZ By' FIRST READING: July 10, 1980 SECOND READING AND PASSAGE: July July 24, 1980 EFFECTIVE DATE: AYES: NOES: ABSENT: CAMPBELL, GILLESPIE, HUGLI, LEER, SORIANO ~~ SWARTZ NONE CRIPPS -10-