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CITY OF SEWARD, ALASKA
RESOLUTION NO. 829
A RESOLUTION PROVIDING FOR THE SUBMISSION
TO THE QUALIFIED ELECTORS OF THE CITY OF
SEWARD, ALASKA, THE QUESTIONS OF WATER AND
SEWER SYSTEM IMPROVEMENTS AND THE ISSUANCE
OF $600,000.00 OF GENERAL OBLIGATION BONDS
TO DEFRAY THE COSTS OF THESE IMPROVEMENTS,
AND THE AMENDMENT OF RESOLUTION NO. 464 TO
PROVIDE FOR AN ALLOWABLE MATURITY OF 30
YEARS, BOTH QUESTIONS TO BE SUBMITTED TO
THE ELECTORS AT AN ELECTION TO BE HELD FOR
THAT PURPOSE ON OCTOBER 5, 1971
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD:
Section 1. It is hereby determined to be in the
public interest, convenience and necessity of the people of
the City of Seward to effect improvements to the water and
sewer system of the City, and to incur bond indebtedness
and issue general obligation bonds of the City in an amount
not to exceed Six Hundred Thousand Dollars ($600,000.00) for
these purposes. These general obligation bonds shall mature
within a period not to exceed forty (40) years from the date
of issue, and shall bear interest at a rate of not to exceed
ei~ht percent (8%) per annum.
Section 2. The sum of Six Hundred Thousand Dollars
($600,000.00) is to be borrowed by and for the City of Seward
for these improvements, and is payable in general obligation
bonds of the City of Seward. These bonds will mature within
a period not to exceed forty (40) years from the date of issue
and will bear interest at a rate not to exceed eight percent
(8%) per annum.
Section 3. It is hereby determined to be in the
public interest, convenience and necessity of the people of
the City of Seward that the period of maturity limitation of
twenty (20) years be amended and changed to thirty (30) years
as a condition of and limitation upon the sale of unsold and
unissued harbor improvement general obligation bonds, including
those bonds in the amount of Seventy Two Thousand Dollars
($72,000.00) presently to be sold to the Economic Development
Administration, as authorized by Ordinance No. 360 and
Resolution No. 464 and by the qualified electors of the City
at the October 5, 1965, special bond election held for the
purpose of such authorization.
Section 4. A special election is to be held on
Tuesday, October 5, 1971, in the City of Seward, in conjunction
with the general election to be held on that date, for the pur-
pose of submitting the following general obligation bond propo-
,
ATTACHED TO AND MADE A PART OF THE MINUTES OF
WARD CITY COUNCIL
L 15 ~~EJJff
ames R. Fi~
City Clerk-Treasurer
CITY OF SEWARD, ALASKA
RESOLUTION NO. 829
A RESOLUTION PROVIDING FOR THE SUBMISSION
TO THE QUALIFIED ELECTORS OF THE CITY OF
SEWARD, ALASKA, THE QUESTIONS OF WATER AND
SEWER SYSTEM IMPROVEMENTS AND THE ISSUANCE
OF $600,000.00 OF GENERAL OBLIGATION BONDS
TO DEFRAY THE COSTS OF THESE IMPROVEMENTS,
AND THE AMENDMENT OF RESOLUTION NO. 464 TO
PROVIDE FOR AN ALLOWABLE MATURITY OF 30
YEARS, BOTH QUESTIONS TO BE SUBMITTED TO
THE ELECTORS AT AN ELECTION TO BE HELD FOR
THAT PURPOSE ON OCTOBER 5, 1971
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD:
Section 1. It is hereby determined to be in the
public interest, convenience and necessity of the people of
the City of Seward to effect improvements to the water and
sewer system of the City, and to incur bond indebtedness
and issue general obligation bonds of the City in an amount
not to exceed Six Hundred Thousand Dollars ($600,000.00) for
these purposes. These general obligation bonds shall mature
within a period not to exceed forty (40) years from the date
of issue, and shall bear interest at a rate of not to exceed
eight percent (8%) per annum.
Section 2. The sum of Six Hundred Thousand Dollars
($600,000.00) is to be borrowed by and for the City of Seward
for these improvements, and is payable in general obligation
bonds of the City of Seward. These bonds will mature within
a period not to exceed forty (40) years from the date of issue
and will bear interest at a rate not to exceed eight percent
(8%) per annum.
Section 3. It is hereby determined to be in the
public interest, convenience and necessity of the people of
the City of Seward that the period of maturity limitation of
twenty (20) years be amended and changed to thirty (30) years
as a condition of and limitation upon the sale of unsold and
unissued harbor improvement general obligation bonds, including
those bonds in the amount of Seventy Two Thousand Dollars
($72,000.00) presently to be sold to the Economic Development
Administration, as authorized by Ordinance No. 360 and
Resolution No. 464 and by the qualified electors of the City
at the October 5, 1965, special bond election held for the
purpose of such authorization.
Section 4. A special election is to be held on
Tuesday, October 5, 1971, in the City of Seward, in conjunction
with the general election to be held on that date, for the pur-
pose of sUbmitting the following general Obligation bond propo-