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Sponsored by: Hunt <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2016-052 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br />ALASKA, AUTHORIZING THE CITY OF SEWARD TO ISSUE HARBOR <br />IMPROVEMENT REVENUE REFUNDING BOND, 2016 IN THE <br />PRINCIPAL AMOUNT OF NOT TO EXCEED $1,300,000 TO REFUND <br />CERTAIN OUTSTANDING HARBOR IMPROVEMENT REVENUE BONDS <br />OF THE CITY, FIXING CERTAIN DETAILS OF SUCH BOND, <br />AUTHORIZING THE SALE OF SUCH BOND, AND PROVIDING FOR <br />RELATED MATTERS <br />WHEREAS, the City of Seward, Alaska (the "City") is a home rule city and under Section <br />11 of Article X of the Alaska Constitution may exercise all legislative power not prohibited by law <br />or the Charter of the City, and it has been determined that the matters set forth in this resolution are <br />not prohibited by law or the Charter; and <br />WHEREAS, there is now outstanding the principal amount of $1,265,000 of Harbor <br />Improvement Revenue Refunding Bond, 2007 of the City (the "2007 Bond") issued under Resolution <br />Nos. 2000-094 and 2006-128 of the City; and <br />WHEREAS, the Council finds that it is in the best interest of the City to provide for the <br />refunding, including the payment of principal of and interest on, those principal installments of the <br />2007 Bond maturing on and after December 1, 2017, in the aggregate principal amount of <br />$1,075,000, whose refunding the City Manager or City Finance Director determines will produce the <br />debt service savings specified in this resolution, by the issuance of a harbor improvement revenue <br />refunding bond in the aggregate principal amount of not to exceed $1,300,000 (the "Bond"); and <br />WHEREAS, Section 11.2(a) of the home rule charter of the City provides that the City may <br />issue refunding bonds without ratification of the voters; and <br />WHEREAS, the Council finds that it is necessary and appropriate to delegate to each of the <br />City Manager and City Finance Director authority to determine the principal installment amounts, <br />interest rates and other details of the Bond, and to determine other matters pertaining to the Bond <br />that are not provided for in this resolution; and <br />WHEREAS, the Alaska Municipal Bond Bank (the "Bond Bank") will purchase the Bond <br />with proceeds of its general obligation bonds pursuant to the terms of an amendatory loan agreement <br />(the "Amendatory Loan Agreement"); and <br />WHEREAS, the Amendatory Loan Agreement will amend the Loan Agreement dated as of <br />December 1, 2000, as amended on January 1, 2007, to provide for the refunding of the herein defined <br />