HomeMy WebLinkAboutRes1967-625
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THE CITY OF SEWARD, ALASKA
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RESOLUTION NO. 625
BE IT RESOLVED that the City Council of The City of Seward, Alaska
hereby authorizes and approves borrowing funds from the National Bank
of Alaska to supply the construction or interim financing for the
EDA Project No. 07-1-00089, Seward Small Boat Harbor Industrial Site
Development, Dredging, DOck and Boat Lift, at the terms set forth in
a letter dated May 4, 1967 to Mr. Kester Dotts, city Manager, city of
Seward, from Mr. Thomas L. Schworer, Assistant Vice President, National
Bank of Alaska:
Up to $540,000 in such amounts as needed by The City of Seward,
at 4.5% per annum interest to be charged only for the amount
actually borrowed and for the time that the borrowing is actually
outstanding,
said loan to be secured by the Grant and Loan Agreement dated November
2, 1966 between the United States of America and The City of Seward
for the above described project: and
BE IT FURTHER RESOLVED that the city Manager and City Clerk-Treasurer
be and are hereby authorized to execute said loan agreement, to file
the Statement of Intent with Respect to An Economic Development Loan
dated March 20, 1967 provided by the United States of America for such
purpose, and to do all things necessary to secu~e the needed funds to
promptly pay such amounts as may correctly become due during the
construction of said Project, and at the same time to keep the loan
amounts minimum and for minimum periods of time.
This Resolution shall be effective on the date of passage and approval
and shall confirm filing said May 4, 1967 letter with the United States
of America prior to this
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approved this /L day of
Resolution becoming effective. Passed and
May, 1967.
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Mayor
Attest:
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Beatrice E. Watts
City Clerk-Treasurer