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Sponsored by: Hunt <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2017-024 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, INCREASING THE MILL RATE FROM 3.12 MILLS TO 3.84 <br /> MILLS TO ACCOUNT FOR COSTS ASSOCIATED WITH THE <br /> ISSUANCE OF $3 MILLION IN GENERAL OBLIGATION BONDS FOR <br /> ROAD IMPROVEMENTS IN ACCORDANCE WITH RESOLUTION 2017- <br /> 003 <br /> WHEREAS, the Seward City Council passed Resolution 2016-045 on July 25, 2016 <br /> providing for a proposition to be placed on the ballot at the election on October 4, 2016, seeking <br /> voter approval to issue up to $3 million in general obligation bonds of the City for the purpose of <br /> planning, designing and constructing road improvements; and <br /> WHEREAS, the results of said election were as follows: "Yes" votes were 297 and <br /> "No" votes were 108, for a 74% favorable vote affirming the issuance of general obligation <br /> bonds; and <br /> WHEREAS, the ballot proposition language stated that, "The bonds shall be secured by a <br /> pledge of the full faith and credit of the City. It is expected that annual payment of principal and <br /> interest on the Bonds will be Two Hundred Thirty Thousand Dollars ($230,000), or a 0.72 <br /> increase in the mill rate (from 3.12 mills to 3.84 mills, equal to an increase of$72 per $100,000 <br /> in property value) or the approximate equivalent of a one-fifth of one percent (0.005) sales tax <br /> (from 4.0%to 4.2%)"; and <br /> WHEREAS, the City has secured $2.8 million in additional state and federal funds to <br /> address a large portion of local road improvement needs, and the additional $3.0 million in local <br /> funding will enable the City to complete the majority of its identified road projects; and <br /> WHEREAS, the City has no outstanding debt related to roads or sidewalks, and the only <br /> general obligation bonds are for the Library/Museum with an outstanding balance at December <br /> 31, 2016 of$3,210,000; and <br /> WHEREAS, the State of Alaska Department of Transportation will be managing the <br /> road improvements project and the contract for the project will be let by the State of Alaska in <br /> accordance with State competitive procurement requirements, with additional work on the <br /> project on the City's behalf, to be considered additive to the main State contract. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF SEWARD, ALASKA, that: <br />