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<br />I <br /> <br />I <br /> <br />I <br /> <br />Sponsored by: Janke <br /> <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2000-094 <br /> <br />A RESOLUTION OF mE CITY COUNCIL OF THE CITY OF SEWARD, <br />ALASKA, PROVIDING FOR THE ISSUANCE OF HARBOR <br />IMPROVEMENT REVENUE BONDS OF THE CITY IN mE AGGREGATE <br />PRINCIPAL AMOUNT OF NOT TO EXCEED $3,000,000 FOR THE <br />PURPOSE OF PROVIDING AMOUNTS TO ACQUIRE, CONSTRUCT AND <br />INSTALL NECESSARY ADDITIONS AND IMPROVEMENTS TO THE <br />CITY'S HARBOR SYSTEM AND TO DO ALL mINGS NECESSARILY <br />INCIDENTAL THERETO, AND TO PAY THE COSTS OF BOND <br />ISSUANCE; FIXING CERTAIN COVENANTS AND PROTECTIVE <br />PROVISIONS SAFEGUARDING mE PAYMENT OF THE PRINCIPAL OF <br />AND INTEREST ON SAID BONDS; PROVIDING THAT ADDITIONAL <br />HARBOR IMPROVEMENT REVENUE BONDS MAY BE ISSUED ON A <br />PARITY WITH SUCH BONDS UPON COMPLIANCE WITH CERTAIN <br />CONDITIONS; AND PROVIDING FOR THE DATE, FORM, TERMS, <br />MATURITIES AND MANNER OF SALE OF THE BONDS. <br /> <br />WHEREAS, the City of Seward, Alaska, (the "City") owns, operates and maintains a harbor <br />system which is in need of certain additions, improvements and extensions; and <br /> <br />WHEREAS, the Constitution and statutes ofthe State of Alaska and the Charter of the City <br />permit the City to issue revenue bonds to finance any project which serves a public purpose which <br />bonds are secured only by the revenues of the project and which do not constitute a debt or pledge <br />of the faith and credit or taxing power of the City and which may be authorized by the Council and <br />do not require ratification by the electors of the City; and <br /> <br />WHEREAS, it is necessary to establish the fonn, conditions, covenants and method of sale <br />of such bonds and to make provision for establishing the amount, maturities, interest rates and <br />redemption rights and other terms thereof; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />SEWARD, ALASKA: <br /> <br />Section 1. Purpose. The purpose of this resolution is to authorize the issuance and sale <br />of not to exceed $3,000,000 of harbor improvement revenue bonds, to fix the form, covenants and <br />method of sale of said bonds, to provide for establishing the amount, maturities, interest rates, <br />redemption rights and other terms of said bonds and to fix the conditions under which additional <br />harbor improvement revenue bonds may be issued on a parity with the said bonds. <br /> <br />\\Pat\clerkc\Current Work\COUNCIL\Resolutions\OO-094a.wpd <br /> <br />Page I <br />