HomeMy WebLinkAboutRes1977-046
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 77-46
A RESOLUTION AMENDING THE LOAN AGREEMENT
BETWEEN THE ALASKA MUNICIPAL BOND BANK AUTHORITY
AND THE CITY OF SEWARD
WHEREAS, the City of Seward, Alaska, has earlier issued water
and sewer general obligation bonds in the amount of $1,200,000 to the
Alaska Municipal Bond Bank Authority, and
WHEREAS, the refunding of bonds of the said Bond Bank will re-
duce the interest rate payable by the City on its said bonds issued to
the said Bond Bank, and
WHEREAS, amendment of the Loan Agreement between the City of
Seward and the Bond Bank is necessary to allow the City to effect this
saving in interest;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City
of Seward, Alaska, that the Amendment to the Loan Agreement between the
Alaska Municipal Bond Bank Authority and the City of Seward attached
hereto is hereby adopted.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, this 19th day of October ,1977.
M/~
Mayor
AYES: Campbell, Gillespie, Hugli, Leer, Mott and Vincent
NOES: None
ABSENT:Potts
ATTEST: APPROVED AS TO FORM:
~,c~.
Jo nne E. Shanley
City Clerk-Treasurer
HUGHES, THORSNESS, GANTZ, POWELL & BRUNDIN
Attorneys for the City of Seward
R~~~
(City Seal)
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Keso~ut1on NO. 11-40
Attachment
N1ENDNENT TO LOAN AGREEl-lEN'f BETWEEN 'fHE
ALASKA MUNICIPAL BOND BANK AUTHORITY AND
THE CITY OF SEWARD, ALASKA.
day of
,
AGREEMENT, dated the
1977, bebleen the Alaska Municipal Bond Bank Authority and
"
the City of Seward, Alaska.
W I, T N E SSE T H:
, WHEREAS, pursuant to Chapter 58, Title 44, Alaska
Statutes, as amended (hereinafter referred to as the "Act"),
the Authority ~nd the Municipality have entered into a Loan
Agreement, dated l-lay 27, 1976 (hereinafter called the "Loan
Agreement"), providing for a loan by the Authority to the
Municipality in the amount of $1,200,090 and providing for
obligations of the Municipality and the Authority with
respect to said loan; and
l~EREAS, the Authority is now preparing to issue
a series of bonds to refund the bonds of the Authority with
which the loan to the Nunicipality was made; and
WHEREAS, the issuance of refunding bonds by the
Authority will substantially reduce the interest required to
be paid by the Municipality; and
WHEREAS, the refunding bonds to be issued by the
Authority will be redeemable one year later than the bonds
evidencing th~ loan by the Municipality from the Authority.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. The provisions of Section 7 of the Loan
Agreement are supplemented by adding the following thereto:
In the event the Authority Loan Obligations have
been refunded, the amount which the Municipality shall
be obligated to' payor the Authority shall receive
under item (iii) above, when the refunding Authority
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