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HomeMy WebLinkAboutRes1992-079 . . . Sponsored by: Schaefermeyer CITY OF SEWARD, ALASKA RESOLUTION NO. 92-079 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, PROVIDING FOR THE SUBMISSION TO THE QUALIFIED VOTERS OF THE CITY THE QUESTION OF THE ISSUANCE OF $1,000,000 OF GENERAL OBLIGATION BONDS OF THE CITY TO PAY THE CAPITAL COSTS OF RECONSTRUCTING THE LOWELL POINT SEWAGE TREATMENT PLANT IN THE CITY, AT THE ELECTION TO BE HELD FOR THAT PURPOSE IN THE CITY OF SEWARD, ALASKA, ON JUNE 23, 1992 WHEREAS, the city of Seward, Alaska, (the "City") is a home rule city and under Section 11 of Article X of the Alaska Constitution may exercise all legislative powers not prohibited by law or by the Charter of the City, and it has been determined that the matters set forth in this resolution are not prohibited by law or the Charter; and WHEREAS, the City intends to authorize the issuance of general obligat~on bonds (the "Bonds") to pay the capital costs of reconstructing the Lowell Point Sewage Treatment Plant in the City (the "Project"); and WHEREAS, the City considers that reconstructing the Lowell Point Sewage Treatment Plant and the financing of the same will promote the public purposes of the City; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, that: Section 1. It is hereby determined to be for a public purpose and in the public interest of the city of Seward to incur general obligation bonded indebtedness in an amount not to exceed $1,000,000, for the purpose of paying the capital costs of reconstructing the Lowell Point Sewage Treatment Plant in the City. Section 2. The sum of not to exceed $1,000,000 shall be borrowed by, for and on behalf of the city of Seward for the Project and shall be evidenced by the issuance of general obligation bonds of the City. The full faith, credit and taxing power of the City is pledged for the payment of principal of and interest on the Bonds. Section 3. An election shall be held on June 23, 1992, in and for the city of Seward, for the purpose of submitting a general obligation bond proposition to the qualified voters of the City for approval or rejection. The proposition must receive a majority vote of those in the City voting on the question to be approved. The proposition shall be substantially in the following form: . . . CITY OF SEWARD, ALASKA RESOLUTION NO. 92-079 PROPOSITION NO. SEWER GENERAL OBLIGATION BONDS Shall the City of Seward incur debt and issue general obligation bonds payable from taxes levied upon the taxable real and personal property in the City and from any other sources of revenue in an amount not to exceed $1,000,000, to pay the capital costs of reconstructing the Lowell Point Sewage Treatment Plant in the City and pledge the full faith, credit, and taxation power of the City, without limitation as to the rate or amount; to pay principal of or interest on the bonds? Section 4. The foregoing proposition shall be printed on a ballot which may set forth other propositions. 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 space provided for marking the ballot: PROPOSITION NO. YES NO Section 5. A person may vote at this election who (a) is qualified to vote in state elections under AS 15.05.010, (b) has been a resident of the City for at least 30 days immediately preceding the election, (c) is registered to vote in state elections at a residence address within the City at least 30 days before the election, and (d) is not disqualified under Article V of the Alaska Constitution. The election shall be conducted in compliance with the procedures established in Title 4 of the Seward City Code. Section 6. Publication of this resolution shall be made by posting a copy hereof on the City Hall bulletin board for a period of four weeks prior to the date of the election. In addition, copies of the resolution shall be made available at the City Clerk's Office for at least thirty days preceding the date of the election. Section 7. This resolution shall take effect immediately upon its adoption. PASSED AND APPROVED by the City Council of the city of Seward, Alaska, this 18th day of May, 1992. CITY OF SEWARD, ALASKA RESOLUTION NO. 92-079 . THE CITY OF SEWARD, ALASKA l ~ tc/?~/ ( c'~A-z-' Donald W. Cripps, Mayor AYES: NOES: ABSENT: ABSTAIN: Bencardino, Crane, Cripps, Dunham, Krasnansky, Swartz & White None None None ATTEST: APPROVED AS TO FORM: Perkins Coie, Attorneys for the city of Seward, Alaska . .Q~~ ...) -~ ~~ ~inda S. Murphy, CMC!AAE City Clerk ~ 1tI~ Fred B. Arvidson City Attorney (City Seal) .