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HomeMy WebLinkAboutRes2003-097 I I I 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 .""tll"", '\'\'\. <'" 1:"1'::" "'~ ""<. O( "":;'~" " .... ",.J., . ........ ''l'~ '" (City Seal) $ "'.:~"'o":(>.?OR"ii::"'<> ~ .. v...r.) <::O"-=- ::.~ ..... - :-..1'-'- .... .. . -\~ ~...." .. . Sll~~" . '<<.l f.:i :: . : ' .tJ/,-:. ::-: .. . . 11II tilt \. ___ :.... .... tV . ~ ......,. ....... ~~ ~ Q\ '.If^tE: 1. ...~.., c*? ~ "f!o. /.'q,.,,::....... ~::> ...... ....""".c:- OF r>--~ ".... ""'...n"'"