HomeMy WebLinkAboutRes1968-680
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RESOLUTION NO. 680
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THE CITY OF SEWARD, ALASKA
WHEREAS, The City of Seward has for a number of years been receiv-
ing revenues from the water and electric distribution systems installed
in the Forest Acres Subdivision: and
WHEREAS, the water and electric distribution systems in the Forest
Acres subdivision were originally purchased from the War Assets Admin-
istration by the veterans'Housing Company, Inc.; and
WHEREAS, The city of Seward has not previously agreed upon a pur-
chase price of the water, sewer and electric distribution systems from
the Veterans' Housing Company, Inc.: and
WHEREAS, Mr. Charles C. coberly, President of the Veterans' Housing
Company, Inc. has agreed to sell all rights and interests in the water,
sewer and electric distribution systems, and to issue all rights of
ways and easements required to The City of Seward at a price of Fifteen
Thousand and No/100 ($15,000.00) Dollars with said debt being retired
at the rate of Two Thousand and No/100 ($2,000.00) Dollars per year,
with no interest on the unpaid balance, said payments to be made in
two (2) equal yearly payments per year with first payment to be due on
May 1, 1968, and second payment on November 1, 1968, and each semi-
yearly payment to fall due on same dates;
NOW, THEREFORE, BE IT RESOLVED that the city council of The City
of Seward, Alaska, agrees to purchase the water, sewer and electric
distribution systems in the Forest Acres Subdivision that were owned
by the Veterans' Housing Company, Inc. previous to the 1964 disaster
for a total price of $15,000.00. Payment of the purchase price shall
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be made in two (2) equal yearly payments of $1,000.00 each due on
May 1 and November 1 of each year until the total of $15,000.00 has
been paid, with the first such payment being due on May 1, 1968, with
no interest due the veterans' Housing Co., Inc. on the unpaid balance.
Tne veterans/Housing Company, Inc. shall furnish to the city of Seward
all right of ways and easements required for the operation, maintenance
and expansion of the water and sewer and electric distribution systems.
Future water main or sewer main extensions in the Subdivision shall be
made on a front foot assessment basis assessed against all real
property benefited by such installation.
This Resolution shall be effective on the date of passage and
approval. Passed and approved this 6th
day of February, 1968.
Attest:
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Beatrice E. Watts
city Clerk-Treasurer
R. IV. Kirk
Mayor
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IJI~TERANS HOUSING COHPANY, INC.,
PAYMENT SCHEDULE ON PURCHASE OF THE WATER AND ELECTRIC DISTRIBUTION
SYSTEH IN THE FOREST ACRES SUB DIVISION.
SCHEDULE APPROVED BY CITY COUNCIL UNDER RESOLUTION NO 680 DATED THE
6th DAY OF February , 1968.
PAYHENT NO. DATE WE
AMOUNT OF PAYl'lJ~11T ORIGINAL PURCHAS~ BALANCE. DU
PRICE AFTER PAn ., ,
1 Hay 1,1968 $ 1,000.00 $ 15.000.00 ;j; 14,000.0
2 Nov. 1, 1968 1,000.00
3 May 1, 1969 1,000.00
4 Nov. 1, 1969 1,000.00
5 lVlay 1, 1970 1,000.00
6 Nov 1, 1970 1,000.00 9.000.
7 May 1, 1971 1,000.00 8.000.
8 Nov. 1, 1971 1,000.00 7.000.
9 J.Vlay 1, 1972 1,000.00 6,000.
10 Nov. 1, 1972 1,000.00 5,000.
11 L"l8.y 1, 1973 1,000.00 4,000.
12 Nov. 1, 1973 1,000.00 3,000.
13 Hay 1, 1974 1,000.00 2,000.
11j, Nov. 1, 1974 1,000.00 1,000.
15 l"lay 1, 1975 1,000.OQ 0,000.
PAYMENTS MADE ON THIS FURCHASE SHALL BE l'flADE FROM BOTH WATER AND ELEc'rRIC
UTILITY FUNDS WITH ELECTRIC DEPARTMENT PAYING 85% AND WATER 15%.
EACH $ 1,000.00 PAYl1ENT SHALL BE $ 850.00 FRON ELECTRIC DEPARTl'fJENT AND
$ 150.00 FROH WATER DEPARTl1ENT.
15 PAYMENTS ELECTRICAL DEPARTlilENT = 15 x 850.00 $ 12.7.50.00
15 PAYMENTS WATER DEPARTHENT = 15 x 150.00 $ 2.250.00
"1 15.000.00