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CITY OF SEWARD, ALASKA
RESOLUTION 2011 -047
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, AMENDING RESOLUTION 2010 -129 WHICH AUTHORIZES
THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS TO PAY
COSTS OF LIBRARY /MUSEUM CAPITAL IMPROVEMENTS
WHEREAS, the City of Seward (the "City ") passed and approved Resolution 2010 -129 (the
"Resolution "), authorizing the issuance of not to exceed $3,730,000 of City of Seward General
Obligation Library /Museum Bonds (the "Bonds "); and
WHEREAS, the City has not yet issued the Bonds; and
WHEREAS, after further consideration it has been determined to be in the best interests of
the City that the principal amount of the Bonds not exceed $3,700,000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA that:
Section 1. The amount of Bonds authorized to be issued pursuant to the terms of the
Resolution is limited to the aggregate principal amount of not to exceed $3,700,000. Principal and
interest on the Bonds will be paid in full on or before December 31, 2037.
Section 2. This resolution shall take affect 30 days following adoption and posting.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 13`"
day of June, 2011.
THE CITY 0 SEWARD, ALASKA
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Willard E. 1 unham, Mayor
AYES: Valdatta, Smith, Keil, Shafer, Casagranda, Dunham
NOES: Bardarson
ABSENT: None
ire. ABSTAIN: None
CITY OF SEWARD, ALASKA
RESOLUTION 2011 -047
ATTEST:
4
ohanna Kinney, CMC
City Clerk
(City Seal)
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Council Agenda Statement a { of SF�,q
Meeting Date: June 13, 2011 J
From: Phillip Oates, City Manager , /"C--11
Agenda Item: Amending the resolution associated with GO bonds for library /museum
BACKGROUND & JUSTIFICATION:
The Seward City Council approved Resolution 2010 -129 on January 4, 2011, authorizing the
issuance of not to exceed $3,730,000 of general obligation bonds of the City of Seward, for the
purpose o f constructing the library /museum. The Council has determined to reduce the amount ofthe
bonds to a not to exceed price of $3,700,000. The bonds are intended to be repaid over a period of
25 years, with a final maturity not later than 2037.
INTENT:
To reduce the maximum amount of general obligation bonds for the library /museum project by
$30,000 to $3,700,000, and to set a final maturity date not later than 2037.
CONSISTENCY CHECKLIST: Where applicable, this agenda statement is consistent with the
Seward City Code, Charter, Comprehensive Plans, Land Use Plans, Strategic Plan and City Council
Rules of Procedures or Other Plans or Policies:
FISCAL NOTE:
The final source of funding for the general obligation bond repayment has yet to be determined, as has
the amount of the bond issue, as Council is still considering the possibility of utilizing a portion of
General Fund Undesignated reserves to fund a portion of the project in cash.
Approved by Finance Department: ikitiA
ATTORNEY REVIEW: Yes X No
RECOMMENDATION:
Council adopt Resolution 2011 - , amending the resolution authorizing the issuance and sale of
general obligation bonds to pay the costs of the library /museum capital improvements.
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