A resolution involving $5 million in bonds and a 0.5 percent raw fish tax was approved by the Cordova City Council during its Dec. 5 meeting and subsequently added to Cordova’s 2019 regular general election ballot.
Resolution 12-18-30, if passed by voters on the March 5 election, would authorize the city to purchase bonds, not to exceed $5 million, to finance the planning, design, construction, and acquisition of harbor and related capital improvements in the city.
If the city supplies $5 million, the state Harbor Grant Program will match that amount, for a potential $10 million to go toward harbor improvements.
The city will have a repayment schedule for the bonds, typically over the course of 20 years, with negotiated interest rates, said City Manager Alan Lanning.
Resolution 12-18-31 is for a 0.5 percent tax on fish landed commercially in the city, with proceeds of the tax dedicated to pay the cost of harbor improvements, repair and maintenance, including without limitation payment of debt service on bonds issued to pay the cost of harbor and related capital improvements.
After the first of the year, public meetings will be scheduled to go through these items and answer public questions, Lanning said.
The council also adopted increases of mostly five and 10 percent in harbor fees and rates, intended to provide income to pay for bonds. The proposed 2019 harbor rates and fees also see a new calculation for wharfage as a per-gallon instead of a per-barrel rate.
Jan. 8 begins the period of declaration of candidacy for the nine open council seats including: mayor, City Council seat A, currently held by James Burton who is termed-out and cannot run again; City Council seat F, held by David Allison; City Council seat G, held by James Wiese; two Cordova School District School Board seats held by Barb Jewell and Tammy Altermot; and three Cordova Community Medical Center board of directors seats held by Greg Meyer, April Horton and Gary Graham.
Each of the nine available seats have a term length of three years.
