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1/10/2017 12:14:55 PM
City of Seward Legislative Hist
Doc Type - Legislative History
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Sponsored By: Hunt <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2017-003 <br />A RESOLUTION OF THE CITY COUNCIL OF SEWARD, ALASKA, <br />AUTHORIZING THE ISSUANCE OF A GENERAL OBLIGATION BOND <br />OF THE CITY IN A PRINCIPAL AMOUNT NOT TO EXCEED $3,000,000 <br />TO FINANCE COSTS OF CAPITAL IMPROVEMENTS TO ROADS IN <br />THE CITY, AS AUTHORIZED BY RESOLUTION 2016-045 AND <br />RATIFIED BY THE CITY'S VOTERS AT AN ELECTION HELD ON <br />OCTOBER 4, 2016; AUTHORIZING TAX LEVIES TO PAY THE <br />PRINCIPAL THEREOF AND INTEREST THEREON; AND <br />AUTHORIZING THE SALE OF THE BOND TO THE ALASKA <br />MUNICIPAL BOND BANK ON THE TERMS AND CONDITIONS <br />PROVIDED IN THIS RESOLUTION <br />WHEREAS, at an election held in Seward, Alaska (the "City"), on October 4, 2016, the <br />number and proportion of qualified electors of the City as required by law for the adoption <br />thereof voted in favor of the proposition authorizing the issuance of general obligation bonds of <br />the City in a principal amount not to exceed $3,000,000 to finance capital improvements to roads <br />in the City (the "Project"), as authorized by Resolution 2016-045 of the City passed on July 25, <br />2016 (the "Election Legislation"); and <br />WHEREAS, the Council wishes to authorize the issuance of not to exceed $3,000,000 <br />principal amount of the general obligation bonds authorized by the Election Legislation and <br />approved by the City's voters; and <br />WHEREAS, it is in the best interest of the City to sell the bonds to the Alaska Municipal <br />Bond Bank (the "Bond Bank") on the terms and conditions set forth herein and in a loan <br />agreement authorized by this resolution to he entered into by the City Manager or Finance <br />Director. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF SEWARD, ALASKA that: <br />Section 1. Definitions. As used in this resolution, the following words have the <br />following meanings, unless a different meaning clearly appears from the context: <br />"Bond" means the City of Seward, Alaska, General Obligation Road Bond, 2017, in a <br />principal amount not to exceed $3,000,000, authorized to be issued and sold to the Bond Bank <br />pursuant to this resolution. <br />"Bond Bank" means the Alaska Municipal Bond Bank, a public corporation and <br />instrumentality of the State of Alaska, created pursuant to the provisions of Chapter 85, Title 44, <br />Alaska Statutes, as amended. <br />
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