HomeMy WebLinkAboutRes2003-097
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Sponsored by: Shealy
CITY OF SEWARD, ALASKA
RESOLUTION 2003-97
A RESOLUTION AMENDING RESOLUTION 2003-80 WHICH
AUTHORIZED THE CITY OF SEWARD TO ISSUE
GENERAL OBLIGATION REFUNDING BONDS, 2003A IN
THE PRINCIPAL AMOUNT OF NOT TO EXCEED $3,000,000
TO REFUND CERTAIN OUTSTANDING GENERAL
OBLIGATION BONDS OF THE CITY, FIXING CERTAIN
DETAILS OF SUCH BONDS AND AUTHORIZING THEIR
SALE
WHEREAS, the Seward City Council approved Resolution 2003-80 on July 28,2003,
authorizing the refunding of certain outstanding general obligation bonds of the City, with the
explicit expectation that payments of principal on the refunding bonds would begin in 2004; and
WHEREAS, current market conditions result in a more favorable net savings structure if the
first principal payment occurs earlier than 2004, thus requiring Council approval to amend
Resolution 2003-80 to provide flexibility in repayment dates; and
WHEREAS, the administration desires to amend the original resolution in order to provide
maximum flexibility in structuring the bond repayment schedule so as to achieve the desired
minimum $100,000 net present value cost savings in a manner most favorable to the City.
NOW, THEREFORE, BE IT RESOLVED:
Section 1. Section 4 of Resolution 2003-80 is hereby amended to read as follows (strikeout-
deletions, bold italics = additions):
Section 4. Designation, Maturities. Interest Rates. and Other Details of Bonds. The Bonds
shall be designated "City of Seward, Alaska, General Obligation Refunding Bonds, 2003A."
The Bonds shall be in the denomination of $5,000 $1,000 or any integral multiple thereof,
shall be numbered separately in the manner and with such additional designation as the
Registrar deems necessary for purposes of identification, and may have endorsed thereon
such legends or text as may be necessary or appropriate to conform to the rules and
regulations of any governmental authority or any usage or requirement of law with respect
thereto.
CITY OF SEWARD, ALASKA
RESOLUTION 2003-97
A portion ofthe principal of the Bonds shall mature annually commencing in 2004 on
or after September 1, 2003 and continuing no later than WH 2015. The Bonds shall bear
interest from their date, payable commencing on a date on or after September 1, 2003 and
semi-annually thereafter in each year. Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months.
The dated date, the principal and interest payment dates, the aggregate principal
amount, the principal amount of each maturity, and the interest rates on the Bonds shall be
determined by the Finance Director at the time of execution of the Amendatory Loan
Agreement under Section 17.
Section 2. This resolution shall take effect upon adoption by the Seward City Council.
PASSED AND APPROVED by the City Council ofthe City of Seward, Alaska this 8th day
o(September, 2003.
THE CITY OF SEWARD, ALASKA
9(;I;L
Stu Clark, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Branson, Dunham, Orr, Valdatta, Amberg, Shafer
None
Clark
None
ATTEST:
JeLe~ s, City Clerk
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