HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 04/21/1986 (3) CITY OF KENT
ECONOMIC DEVELOPMENT CORPORATION
SPECIAL MEETING
April 21 , 1986
The special meeting of the Kent Economic Development Corporation was called to
order by Chairman of the Board Tim Leahy.
Present: BOARD MEMBERS: Tim Leahy, Chairman of the Board
Tom Bailey
Walt Ramsey
OFFICERS: Steve DiJulio, General Counsel
Marie Jensen, Secretary of the Board
CASCADE DEVELOPMENT COMPANY PROJECT
DiJulio noted that this meeting was called following the request of bond
counsel Roberts & Shefelman to address the Cascade Development Company project.
Seattle First National Bank, the remarketing agent for the bonds for this
issue, has advised that it is having difficulty remarketing the bonds because
of the provisions restricting the interest rate to between 80 and 120 percent
• of the floating rate index, which is specified in the bond indenture.
A resolution has been prepared by bond counsel which will remove the
restrictions and this will allow the bank to reset the interest rate in the
manner provided by the indenture. DiJulio introduced Resolution 1986-43
approving a first supplemental indenture of trust and amendment No. 1 to the
loan agreement.
Bailey moved to adopt Resolution 1986-43. Ramsey seconded, and the motion
carried.
DiJulio noted that this item will go before the City Council tonight in the
form of a resolution. He pointed out that on April 29 the issuer will convert
to a fixed interest rate of 7.25 percent for this $3.5 million issue for a
fixed rate period of five years and that we will execute the documents on
April 30.
There was no other business scheduled, and the meeting adjourned at 7:39 a.m.
MARIE JENSEN
SECRETARY OF THE BOARD
0024C-01C
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