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Sponsored by: Hunt <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2016-045 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> SEWARD, ALASKA, PROVIDING FOR THE SUBMISSION TO THE <br /> QUALIFIED VOTERS OF THE CITY OF SEWARD THE QUESTION <br /> OF AUTHORIZING THE ISSUANCE OF NOT TO EXCEED <br /> $3,000,000 IN GENERAL OBLIGATION BONDS OF THE CITY TO <br /> FINANCE ALL OR A PORTION OF THE PLANNING, DESIGN AND <br /> CONSTRUCTION OF ROAD IMPROVEMENT PROJECTS, AT AN <br /> ELECTION IN AND FOR THE CITY OF SEWARD ON OCTOBER 4, <br /> 2016 <br /> WHEREAS, there is identified in the City a substantial and immediate need for <br /> repair and repaving of many City streets and roads; and <br /> WHEREAS, the City has successfully secured an initial $2.3 million and more recently <br /> $530,000 in Federal and State pass through funding that will address nearly 80% of the identified <br /> priorities; and <br /> WHEREAS, the State is administering the road repaving contract as a condition of <br /> the Federal grant, with work scheduled to begin in 2017; and <br /> WHEREAS, the City has an opportunity to realize substantial savings through <br /> economies of scale, time and location by adding to the contractor's scope of work to include <br /> additional roads and road sections not otherwise scheduled for improvement, provided <br /> sufficient funding is identified beforehand; and <br /> WHEREAS, the additional funding is designed to complete sections of roads in Forest <br /> Acres, pave Oak Street to Seward Mountain Haven, and pave Dieckgraeff Road from the Seward <br /> Highway to Dimond Boulevard; and <br /> WHEREAS, under provisions of Alaska Statutes a municipality may incur general <br /> obligation debt only after a bond authorization is approved by a majority of those voting on the <br /> question at a regular or special election. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF SEWARD, ALASKA that: <br /> Section 1. It is hereby determined to be for a public purpose and in the public interest of <br /> the City to borrow through the issuance of general obligation bonded indebtedness in an amount <br /> not to exceed $3,000,000 for the purpose of financing the capital costs of planning, design and <br /> construction of road improvements in the City. The sum of$3,000,000 shall be borrowed by, for <br /> and on behalf of the City of Seward for the road improvements and shall be evidenced by the <br />