HomeMy WebLinkAboutRes1991-098
.
.
.
Sponsored by: Schaeferrnever
CITY OF SEWARD, ALASKA
RESOLUTION NO. 91-098
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, PROVIDING FOR THE SUBMISSIO
TO THE QUALIFIED VOTERS OF THE CITY THE QUESTIO OF
THE INCURRING OF INDEBTEDNESS AND THE ISSUANC OF
$5,600,000 OF GENERAL OBLIGATION BONDS OF TH CITY
TO PAY THE COST OF PLANNING, DESIGNING, CONS RUCTING
AND ACQUIRING LAND FOR ROAD, ELECTRICAL, WA: R, SEWER,
STREET AND SIDEWALK CAPITAL IMPROVEMENTS N LOCAL
IMPROVEMENT DISTRICTS OR SERVICE AREAS REAFTER TO
BE CREATED IN THE CITY, AT THE ELECTIO TO BE HELD
FOR THAT PURPOSE IN THE CITY OF SEW D, ALASKA,
ON OCTOBER 1, 1991
w~.
.D ll~^- y\..Z) *
~1l_~
C~'
CITY OF SEWARD,
BE IT RESOLVED
ALASKA, that:
Section 1. It is hereby deterrn' ed to be for a public purpose
and in the public interest of the c'ty of Seward, Alaska, to incur
indebtedness and issue general obl'gation bonds in an amount not to
exceed $5,600,000 to pay the c t of planning, designing, con-
structing and acquiring land f road, electrical, water, sewer,
street and sidewalk capital mprovements in local improvement
districts or service areas h eafter to be created in the city.
Section 2. An amou not to exceed $5,600,000 is to be
borrowed by and for the ity of Seward, Alaska, to pay for the
aforesaid public impro ements and shall be evidenced by the
issuance of general 0 ligation bonds of the city. The bond
proceeds shall be use for the aforesaid public improvements or to
payor reimburse fun s which have already been expended for that
purpose. The full ith and credit of the city is pledged for the
payment of the pr ncipal of and interest on the bonds, and ad
valorem taxes upo all of the taxable property in the city shall be
levied without 1 mitation as to rate or amount to pay the principal
of and intere on the bonds when due. The principal of and
interest on t e bonds is to be paid first from general ad valorem
taxes levie and collected in, or special assessments levied
against pro erties specially benefitted by the improvements located
in, improv' ment districts or service areas hereafter to be created
by the c' y.
Section 3. An election is to be held on October 1, 1991, in
the city of Seward, Alaska, 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 of
the vote of those in the city voting on the question, to be
-1-
.
.
.
CITY OF SEWARD, ALASKA
RESOLUTION NO. 91-098
approved. The proposition shall be in substantially the following
form:
PROPOSITION NO. 1
Shall the city of Seward, Alaska, incur indebtedness
and issue its general obligation bonds in an amount not
to exceed $5,600,000 for the purpose of paying the costs
of planning, designing, constructing and acquiring land
for road, electrical, water, sewer, street and sidewalk
capital improvements in local improvement districts or
service areas hereafter to be formed in the city, and
pledge its full faith and credit to secure the payment of
the bonds? The bonds shall be paid first from taxes
levied and collected within improvement districts or
service areas in which the improvements are located or
from assessments against property specially benefitted by
such improvements.
Section 4. The foregoing proposition shall be printed on a
ballot which may set forth other 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 space provided
for marking the ballot:
PROPOSITION NO. 1
Yes
No
Section 5. A person may vote at this election who possesses
the qualifications set forth in AS 15.05.010 and who has registered
to vote pursuant to Chapter 7 of Title 15 of the Alaska Statutes
(AS 15.07.101, et seq.) 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 seeks 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 (30) days preceding the date of
the election.
PASSED AND APPROVED by the City Council of the city of Seward,
Alaska, this 26th day of August, 1991.
-2-