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Sponsored by: Corbridge
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CITY OF SEWARD, ALASKA
RESOLUTION 2005-87
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, AMENDING RESOLUTION 2005-57 TO
CHANGE THE NET PRESENT VALUE DEBT SERVICE SAVINGS
REQUIRED TO REFUND THE OUTSTANDING 1995 ELECTRIC
REVENUE BONDS OF THE CITY
WHEREAS, on June 27, 2005 the City Council for the City of Seward, Alaska passed and
approved Resolution 2005-57 authorizing the sale of not to exceed $2,300,0000 in principal amount
of Electric Revenue Refunding Bonds, 2005; and
WHEREAS, Section 8 of Resolution 2005-57 required a minimum debt service savings of at
least $180,000, net of all issuance costs and underwriting discount, on a present value basis; and
WHEREAS, the market for bonds and the interest rates on bonds generally have undergone
change since June 27, 2005, reflecting the need to adjust the minimum amount of net present value
savmgs.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA that:
Section 1. Section 8 of Resolution 2005-57, passed and approved on June 27,2005 is hereby
deleted and replaced with the following:
Section 8. Designation of Refunded Bonds. The City Manager and the City Finance
Director each is authorized to designate which maturities of the 1995 Bonds
authorized to be refunded in this Resolution shall be refunded, provided that the
refunding of the 1995 Bonds so designated shall realize a debt service savings of at
least $130,000, net of all issuance costs and underwriting discount, on a present value
basis.
Section 2. This resolution shall take effect 30 days following adoption.
PASSED AND APPROVED by the City Council of the city of Seward, Alaska this 19th day
of September, 2005.
THE CJTY OF SEWARD, ALAS~
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CITY OF SEWARD, ALASKA
RESOLUTION 2005-87
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AYES:
NOES:
ABSENT:
ABSTAIN:
Valdatta, Dunham, Lorenz, Amberg, Branson
None
Shafer, Clark
None
ATTEST:
JeW} Lewis, CMC,Ci Clerk
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