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HomeMy WebLinkAboutRes1975-925 r- ~"_.'-'.~ CITY OF SEWARD, ALASKA ATTACHED TO AND HADE A 'PART OF THE HINUTES OF THE SEHAlm CITY CO 1 CIL-VOLTJHE 17 JamesPA~~~ City Clerk-Treasurer RESOLUTION NO. 925 A RESOLUTION PROVIDING FOR THE SUBMISSION TO THE QUALIFIED ELECTORS OF THE CITY OF SEWARD, ALASKA, THE QUESTION OF DOCK, CAUSEWAY, PIER AND TERMINAL IMPROVEMENTS AND EQUIPMENT TO THE PORT OF SAID CITY AND THE ISSUANCE OF TWO MILLION DOLLARS ($2,000,000.00) OF PORT REVENUE BONDS OF SAID CITY TO DEFRAY THE COSTS OF SAID IMPROVEMENTS AT AN ELECTION TO BE HELD FOR THAT PURPOSE IN AND FOR THE CITY OF SEWARD ON OCTOBER 7, 1975. THE CITY OF SEWARD RESOLVES: Section 1. It is hereby determined to be for a public purpose and in the public interest of the City of Seward to incur indebtedness and to issue port revenue bonds of said City in an amount not to exceed Two Million Dollars ($2,000,000.00) for the purpose of modifying, extending and improving the port facilities of the City of Seward by construc- tion of new, or modification of existing, dock, causeway, pler and terminal facilities; purchase all necessary equipment, appliances and fixtures and otherwise doing all that is neces- sary to expand, improve and extend the city-owned port facility. All said port revenue bonds shall mature within Forty (40) years from the date of issue and shall bear interest at a rate not to exceed Eight and One-Half Percent (8 1/2%) per annum, and shall be payable solely from the unpledged revenues derived from the operation of the port facilities of the City of Seward. Section 2. The sum of Two Million Dollars ($2,000,000) shall be borrowed by, for and on behalf of the City of Seward for the aforesaid Port improvements and lS payable in port revenue bonds of the City of Seward. The bonds shall mature within Forty (40) years from the date of issue and bear interest at a rate not to exceed Eight and One--Half Percent (8 1/2%) per annum and shall be payable solely from the unpledged revenues derived from the port facilities of the City of Seward. Section 3. An election is to be held on October 7, 1975, in and for the City of Seward, Alaska, for the purpose of submitting the following revenue bond proposition to the qualified electors of the City of Seward for approval or rejec- tion. A majority of those electors qualifying and voting in favor of the proposition is required for approval. PROPOSITION NO. Shall the City of Seward, Alaska, incur indebted- ness and issue port revenue bonds in an amount not to exceed Two Million Dollars ($2,000,000) for the purpose of modifying, extending and improving the port facilities of the City of Seward by construction of new, or modification of existing, dock, causeway, pier and terminal facilities; purchase all necessary equipment, appliances and fixtures and otherwise doing all that is necessary to expand, improve and extend the City-owned port facility. All said port revenue bonds shall mature within Porty (40) years from the date of issue and shall bear interest at a rate not to exceed Eight and One- Half Percent (8 1/2%) per annum, and shall be payable solely from the unpledged revenues derived from the operations of the port facilities of the Ci ty of Seward. Section 4. The foregoing proposition shall be printed on a ballot which may set forth other general obligation and revenue bond propositions, and the proposition set forth In Section 3 shall be printed in full and the following words shall be added as appropriate and next to a square provided for mark- ing the ballot: YES / / NO /~ PROPOSITION NO. Section 5. A person may vote at said election who possesses the qualifications set forth in AS 15.05.010 and who has registered pursuant to Chapter 7 of Title 15 of the Alaska r Statutes (AS 15.07.030, et seq.). The election shall be con- ducted in compliance with the procedures established in Chapter 8 of the Code of Ordinances of the City of Seward. Section 6. ~ublication of this resolution shall be made by posting a copy hereof on the City Hall Bulletin Board for a period of Ten (10) days following its passage and approval. PASSED AND APPROVED by the City Council of the City of Seward, Alaska on the 11th day of August, 1975. ! ) , -, "--0<-:)' I //, Ii I (..~ II Mayor ~- ..~