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<br />I <br /> <br />I <br /> <br />I <br /> <br />Sponsored by: Shealy <br /> <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2004-16 <br /> <br />A RESOLUTION AUTHORIZING THE CITY OF SEWARD TO ISSUE <br />GENERAL OBLIGATION REFUNDING BONDS, 2004 IN THE PRINCIPAL <br />AMOUNT OF NOT TO EXCEED $5,500,000 TO REFUND CERTAIN <br />OUTSTANDING GENERAL OBLIGATION BONDS OF THE CITY, <br />FIXING CERTAIN DETAILS OF SUCH BONDS AND AUTHORIZING <br />THEIR SALE AND PROVIDING FOR RELATED MATTERS <br /> <br />WHEREAS, the City of Seward, Alaska (the "City") is a home rule city and under Section <br />11 of Article X ofthe Alaska Constitution may exercise all legislative power not prohibited by law <br />or the charter ofthe 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 /> <br />WHEREAS, there is now outstanding the principal amount of $4,705,000 of General <br />Obligation Bonds, 1996 ofthe City maturing on or after October 1, 2007 (the "1996 Bonds") issued <br />under Resolution No. 96-048 and Resolution No. 96-102 ofthe City; and <br /> <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 maturities ofthe 1996 Bonds <br />(the "Refunded Bonds") whose refunding the City Manager or City Finance Director determines will <br />produce the debt service savings specified in this resolution, by the issuance of general obligation <br />refunding bonds in the aggregate principal amount of not to exceed $5,500,000 (the "Bonds"); and <br /> <br />WHEREAS, Section 11.2( a) ofthe home rule charter ofthe City provides that the City may <br />issue general obligation refunding bonds without ratification ofthe voters; and <br /> <br />WHEREAS, the Council finds that it is necessary and appropriate to delegate to each ofthe <br />City Manager and City Finance Director authority to determine the maturity amounts, interest rates <br />and other details ofthe Bonds, and to determine other matters pertaining to the Bonds that are not <br />provided for in this resolution; and <br /> <br />WHEREAS, the Alaska Municipal Bond Bank and the City intend to enter into an <br />Amendatory Loan Agreement, which amends the Loan Agreement dated as of September 1, 1996 <br />between the Alaska Municipal Bond Bank and the City to provide for the refunding of the Refunded <br />Bonds through their exchange for refunding bonds to be issued by the City, and related matters. <br /> <br />Page - 1 - <br />