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Sponsored by: Hunt <br /> CITY OF SEWARD,ALASKA <br /> RESOLUTION 2016-002 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, CONFIRMING THAT THE CITY'S MORAL OBLIGATION <br /> SET FORTH IN THE CITY'S RESOLUTION NO. 2007-050 EXTENDS TO <br /> LONG TERM CARE FACILITY REVENUE REFUNDING BONDS, AND <br /> BONDS ISSUED ON PARTY THEREWITH <br /> WHEREAS, the City of Seward, Alaska (the "City") issued $27,000,000 principal <br /> amount of Long Term Care Facility Revenue Bonds, 2008 (the "2008 Bonds") pursuant to <br /> Resolution 2006-28 (the "2006 Resolution), as amended by Resolution 2007-050 (the "2007 <br /> Resolution"); and <br /> WHEREAS, the 2007 Resolution includes a moral obligation of the City to allocate one <br /> percent (1%) of the City's sales tax revenues for healthcare purposes, including, but not limited <br /> to, payment of debt service on long term care facility revenue bonds; and <br /> WHEREAS, the City adopted Resolution 2015-115 authorizing the issuance of not to <br /> exceed $25,900,000 principal amount of a long term care facility revenue refunding bond (the <br /> "2016 Refunding Bond") for purposes of refunding all or a portion of the outstanding 2008 <br /> Bonds; and <br /> WHEREAS, by this Resolution, the City confirms that the moral obligation set forth in <br /> the 2007 Resolution applies equally to the 2008 Bonds, the 2016 Refunding Bond and any bonds <br /> issued on a parity therewith. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br /> SEWARD, ALASKA: <br /> Section 1. The City hereby confirms that the moral obligation of the City to request, on <br /> an annual basis, allocation of one percent (1%) sales tax revenues for healthcare purposes, <br /> including payment of the principal of, and interest on long term care facility revenue bonds, <br /> applies to the 2008 Bonds, the 2016 Bond and bonds issued on a parity therewith. <br /> Section 2. The recitals to this Resolution are incorporated herein, and by this reference, <br /> are made a part hereof as if fully set forth herein. <br /> Section 3.This Resolution shall take effect immediately and endure for the life of the <br /> 2008 Bonds, the 2016 Bond and any bonds issued on a parity therewith. <br />