HomeMy WebLinkAboutRes1967-668
r
RESOLtJIION NO. 668
lmEREAS, The City of Seward antlered into a Grant and Loan Agreement with the
United Sts,tes Department of Commerce, Economic Development Administration for
EDA Project No. OJ-l-00089, The City of Seward, 1967 Seward Municipal Boat Harbor
Dredging and Facilities Project, as authorized by Resolution No. 579 passed and
approved by ~he City Cbuncil on the 21st day of November, 1966; and
rmEREAS, Section VIII of said Agreement requires the City to pay the difference
between the total costs of said Project and the funds from the EDA Grant and Loan;
and
~~REAS, by Resolution No. 630 passed and approved on the 15th day of May, 1967,
the City Council guaranteed to Economic Development Administration that it would
pay such sum in the approximate amount of $20,079.00; and
WHEREAS, Section 11.1(a)(3) of the Seward Home Rule Charter provides for notes
for loans from the accumulated reserves of the City on a definite plan for re-
payment thereof and of interest thereon as provided by the Council; and
WHEREAS, The City of Seward. Electric Department has accumulated working funds
sufficient to loan to The City of Seward, Municipal Small Boat Harbor the sum
below stated; and
WHEREAS, the short term loan authorized from these funds by Resolution No. 620
paased and approved by the City Council on the first day of May, 1967, was not
used;
NOW, THEREFORE, BE IT RESOLVED that The City of Seward, Municipal Small Boat
Harbor Division, be and is hereby authorized to borrow and The City of Seward
Electric Department be and is hereby authorized to loan not more than the dif-
ference between the total costs of The City of Seward, 1967 Seward Municipal
Boat Harbor Dredging and Facilities Project, EDA Project No. 07-1-00089 and the
revenue from the grant and loan of said Project as established by Government
audit, currently estimated to be:
Costs:
Phase I-Dredging Phase II-Dock & Boat Lift
Total
Construction
$236,000.00
$246,275.59 $482,275.59
Equipment
32,187.50
32,187.50
Design & Inspection 9,500.00
Interest combined
20,600.00 30,100.00
3,820.00 3,820.00
5,125.00 5.125.00
$553,508.09
-540.000.00
Legal & Administrative combined
Less Grant & Loan Funds
Estimated Difference
$13,508.09
for a term of Ii.. (. ) ~.
paid as follows: eqwtl lM'aU_u 01 __fifth _ ($
to be re-
)
shall be paid against the loan principal on or before the lun
day of each
.a. ,_
cotrmenc1ng with the 'Un day of ... tr..
1968 ; until the entire loan plus interest at the rate of four and one-half per
cent (4.5%) per annum on the declining principal balance has been paid in full; and
BE IT FURTHER RESOLVED that the Mayor and City Clerk-Treasurer be and are hereby
instructed to sign a note for said loan, which shall include all of the foregoing
conditions.
This Resolution shall be effective on the date of passage and approval. Passed and
approved by the City Council of The City of Seward, Alaska this
UtIa
day of
December. 1967.
,w~
R. H. Kirkpatric
Mayor
Attest:
'-/?~~-tu c~ ~4-<4 '
Beatrice E. Ustts
City Clerk-Treasurer