HomeMy WebLinkAboutRes1979-035
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 79-35
A RESOLUTION PROVIDING FOR THE SUBMISSION
TO THE QUALIFIED ELECTORS OF THE CITY OF
SEWARD, ALASKA, THE QUESTION OF THE ISSUANCE
OF $1,700,000.00 OF GENERAL OBLIGATION
BONDS TO FINANCE THE CONSTRUCTION OF AN
ELECTRIC SUBSTATION AND MAKE OTHER IMPROVE-
MENTS TO THE ELECTRICAL SYSTEM OF THE CITY
OF SEWARD, ALASKA, AT A GENERAL ELECTION TO
BE HELD FOR THAT PURPOSE ON TUESDAY, OCTOBER
2, 1979.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, that:
Section 1. It is hereby determined to be in the public
interest, convenlence and necessity of the people of the city of
Seward, Alaska, to effect the construction of an electric
substation and make other improvements to the electrical system
of the City of Seward, Alaska, and to incur bonded indebtedness
and issue general Obligation bonds of the City in an amount not
to exceed One Million Seven Hundred Thousand Dollars
($1,700,000.00) for this purpose. 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 more
than seven and one-half percent (7~2%) per annum.
Section 2. The amount of One Million Seven Hundred
Thousand Dollars ($1,700,000.00) will be borrowed by the City of
Seward to finance the construction of the substation and other
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 seven and one-half percent (7~2%)
per annum.
section 3. A general election is to be held on
Tuesday, October 2, 1979, in the City of Seward, Alaska, in
conjunction with the general election to be held on that date,
for the pu~ose of submittin9 the following general Obligation
bond proposltion to the quallfied electors of the city of Seward
for approval or rejection. A majority of electors qualified and
voting in favor of the proposition is required for approval.
PROPOSITION NO. 1
Shall the City of Seward, Alaska, incur indebtedness
and issue its general obligation bonds in an amount not to exceed
One Million Seven Hundred Thousand Dollars ($1,700,000.00) for
the purpose of planning and constructing an electric substation
and other improvements to the electrical system of the City of
Seward. These general obligation bonds shall mature within a
period not to exceed forty (40) years and shall bear interest at
a rate of not to exceed seven and one-half percent (7~) per
annum.
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section 4. The foregoing proposition shall be printed
on a ballot whlch 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 marking
the ballot:
YES / /
NO / /
section 5. A person may vote at this election who
possesses the quallficatlons set forth in AS 15.05.010 and who
has registered pursuant to Chapter 7 of Title 15 of the Alaska
Statutes (AS 15.07.030, et ~.). The election shall be
conducted in compliance WIt~e procedures established in
Chapter 8 of the Code of Ordinances of the City of Seward.
PROPOSITION NO. 1
section 6. Publication of this resolution shall be
made by postlng a copy hereof on the city Hall Bulletin Board for
a period of Ten (lO) days following its passage and approval.
PASSED AND APPROVED by the city council of the City of
Seward, Alaska, this 13th day of August, 1979.
CITY 0; SEWARD, )ALA:j!\
.' r;
--I' . /.
. Cy----- . .
Mayor
ATTEST:
~t'dj~ 0. /Pdf rDeputy
l y C er
(City Seal)
~ 1l(p1i1
Ranald H. Jarrell
AYES:
NOES:
ABSENT:
Campbell, Gillespie, Leer, Soriano, Swatz, Hugli
None
Potts
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