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Sponsored by: Oates <br /> CITY OF SEWARD, ALASKA <br /> itrav <br /> RESOLUTION 2010 -129 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, AUTHORIZING THE ISSUANCE AND SALE OF GENERAL <br /> OBLIGATION BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> NOT TO EXCEED $3,730,000 TO PAY THE COSTS OF <br /> LIBRARY /MUSEUM CAPITAL IMPROVEMENTS IN THE CITY, <br /> FIXING CERTAIN DETAILS OF SUCH BONDS, AND PLEDGING THE <br /> FULL FAITH AND CREDIT OF THE CITY TO THE PAYMENT <br /> THEREOF <br /> WHEREAS, pursuant to Resolution 2009 -53 of the City of Seward (the "City ") passed <br /> and approved on June 22, 2009, the following question, referred to at the election held on <br /> October 6, 2009 as Proposition No. 3 ( "Proposition 3 "), was passed and approved: <br /> PROPOSITION NO. 3 <br /> General Obligation Bonds for Seward Community Library <br /> Museum Capital Improvements <br /> Shall the City of Seward incur debt and issue general obligation bonds in <br /> an amount not to exceed five million dollars ($5,000,000) to finance the <br /> construction of community library museum capital improvements in the City? <br /> Bonds may not be issued until the City has obtained additional funding through <br /> contributions and grants for the remainder of the costs of the project. <br /> The bonds shall be secured by a pledge of the full faith and credit of the <br /> City. It is expected that annual payments of principal and interest on the Bonds <br /> will not exceed the annual amount to be received by the City from a one -half <br /> percent sales tax. <br /> PROPOSITION NO. 3 <br /> YES <br /> NO <br /> A "Yes" vote authorizes the issuance of not to exceed $5 million <br /> dollars of general obligation bonds for capital costs for the library /museum <br /> project. <br /> A "No" vote does not authorize the issuance of not to exceed $5 <br />