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<br /> <br />ft" <br /> <br />r ~... <br /> <br />RESOLUTION NO. 114 <br /> <br />iNHEREAS, the people of the City of Seward, through their common council <br />and the City of Seward Electric System seek the benefits to be derived from <br />the development of hydroelectric power facilities, and <br /> <br />WHEREAS, the sums of money required for such hydroelectric power <br />facilities are provided from the proceeds of the sale of revenue bonds, and <br /> <br />WHEREAS, in the several ordinances providing for the issuance of <br />said bonds the payment of the principal of and interest on said bonds are <br />secured by alien upon the electrical utility revenues as security for such <br />paymen t s, and <br /> <br />\fHEREAS, in pertinent ordinances it is further provided that in the <br />operation of the Seward Electric System all service charges shall be <br />levied fairly, collected promptly and that service shall be discontinued <br />for non-payment of such charges, and <br /> <br />lNHEREAS, in such ordinances it is also expressly provided that no <br />free services are to be extended which are chargeable to or reductive of <br />such electrical utility revenues, and <br /> <br />\llliEREAS, such ordinances are in effect contracts and covenants with <br />and to the holders of the City of Seward Electrical Utility Revenue Bonds, end <br /> <br />WHEREAS, in the General .fund operations of the City of Seward the <br />accrued charges for electric service by its utility system are in arrears, and <br /> <br />WHEREAS, it is the moral and contractual obligation of the people of <br />the City of Seward to provide for prompt payment of utility service charges <br />for the benefit of its revenue bond holders and for the protection of its <br />crem t. <br /> <br />NOW THEREFORE BE IT RESOLVED, and it is hereby resolved, that the <br />City Treasurer of the City of Seward be instructed and authorized and he <br />is hereby instructed and authorized to make prompt payment of current and <br />just utility service charges as rendered monthly during thelifetime of <br />presently outstanding revenue bonds and/or any such bonds that may in future <br />issue, and <br /> <br />B1 IT FUR'IHl:R REOOLVED and it is hereby further resolved that the <br />City Treasurer be further instructed and authorized and he is hereby further <br />instructed and authorized to make payment of the earliest monthly billing <br />for utility service charges which are now in arrears and to make such <br />monthly payments each month concurrently with his payment of currend billings <br />beginning with the current billing for services provided during the month <br />of July 1957 and to continue such concurrent payments monthly thereafter <br />until such arrearage shall be entirely satisfied, and <br /> <br />BE IT FURTHER RESOLVED, that the rules governing the passage of <br />Resolution are hereby suspended and this Resolution shall be effective <br />immediately upon its introduction and passage. <br /> <br />Passed and approved <br /> <br />this j!! day Offr 1957. <br /> <br />~ ) )~'!/ <br />.' " ^, h>>j'~~j . '- <br /> <br />A'rrESr : <br /> <br />~a:~ J/~/) , <br />CITY CLERK <br /> <br />I <br />I, <br />