HomeMy WebLinkAboutRes1996-135
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Sponsored by: Wohlforth
CITY OF SEWARD, ALASKA
RESOLUTION NO. 96-135
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, AUTHORIZING THE EXECUTION OF A
SUPPLEMENTAL INDENTURE TO CORRECT A DEFECT IN THE
TRUST INDENTURE DATED MAY 1, 1996, BETWEEN THE CITY AND
FIRST TRUST WASHINGTON WHICH INDENTURE SECURED THE
$17,500,000 REVENUE BONDS, 1996 (ALASKA SEA LIFE CENTER PROJECT)
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 power not prohibited by law
or 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 issued and sold its $17,500,000 Revenue Bonds, 1996 (Alaska SeaLife
Center Project) (the "Bonds") to provide funds to finance the construction and acquisition of the
Alaska SeaLife Center Project; and
WHEREAS, the Bonds were issued under and pursuant to and are secured by a Trust
Indenture (the "Indenture") between the City and First Trust National Association (previously First
Trust Washington), as Trustee, dated May 1, 1996; and
WHEREAS, pursuant to Section 1002(a) ofthe Indenture a Supplemental Indenture may be
authorized by a resolution adopted by the issuer (the "City") to cure any ambiguity, supply any
omission, or cure or correct a defect or inconsistent provision; and
WHEREAS, it is necessary to supplement the Indenture to cure a defect in Section 503(b)
ofthe Indenture; and
WHEREAS, there has been presented to the City a form of Supplemental Indenture to amend
Section 503(b) as follows:
(b) [Not less than 10 Business Days before] On or before each Interest
Payment Date for the 1996 Bonds on or before April 1, 1998, the
Trustee shall transfer from the Capitalized Interest Account to the
Interest Account the amount of interest due on the Bonds on such
Interest Payment Date.
WHEREAS, it appears that the Supplemental Indenture which is now before the City is in
appropriate form and is an appropriate document for the purposes intended;
CITY OF SEWARD, ALASKA
RESOLUTION NO. 96-135
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The form and content of the Supplemental Indenture is in all respects authorized,
approved and confirmed, and the City Manager hereby is authorized, empowered and directed to
execute and deliver said Supplemental Indenture on behalf of the City, in substantially the form and
content now before this meeting, and from and after the execution and delivery of said Supplemental
Indenture, the City Manager and City Clerk each hereby is authorized, empowered and directed to
do all acts and things and to execute all documents as may be necessary to carry out and comply with
the provisions of the Supplemental Indenture as executed.
Section 2. This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council of the city of Seward, Alaska, this 14th day
of October, 1996.
THE CITY OF SEWARD, ALASKA
AYES:
NOES:
ABSENT:
ABSTAIN:
Anderson, Crane, Keil, King, Sieminski
None
Bencardino, Deeter
None
ATTEST:
{)ri:XJ, ~~. n, ~ ~. ~ . b~~
-~D r Linda S. Murphy, CMC/AAE
City Clerk
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