HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 12/21/1992 City of Kent
Economic Development Corporation
December 21 , 1992
A special meeting of the Economic Development Corporation was called
to order at 4 : 30 p .m. by Chairman White . Present : Boardmembers Johnson ,
Woods , Banister, General Counsel Lubovich, Treasurer McCarthy, and
Secretary Jacober .
Lubovich explained that in 1985 , there was a bond issuance by EDC in
the amount of $2 , 300 ,000 to Northwest Aluminum, and another in 1986 in
the amount of $700, 000. He noted that Northwest Aluminum has now been
reorganized as a division of Jeld-Wen, Inc . , and that Shearson Lehman,
the remarketing agent under the earlier bonds , had resigned effective
today. He noted that the company has asked EDC to approve the Remarket-
ing Agreement with SeaFirst and approve the appointment of SeaFirst as
the remarketing agent . He noted that two Remarketing Agreements have
been drafted, one for each bond issuance , as well as a Supplemental
Indenture of Trust for each. He added that the only change to the
Remarketing Agreement is the change of agents from Shearson Lehman to
SeaFirst, and that SeaFirst requested that the Indenture of Trust be
changed so that the tender for purchase to the remarketing agent can
only be made on the day interest payments are made . He noted that
approval of the Indenture is conditioned upon approval by the bond-
holders , and that they are currently in the process of approving it.
WOODS MOVED to approve the Remarketing Agreement with Seattle First
National Bank as remarketing agent relating to the $2 , 300, 000 City of
Kent Cconomic Development Corporation Floating Rate Demand Revenue Bonds ,
Series 1985 , relating to the Northwest Aluminum Products , Inc. project.
Johnson seconded and the motion carried .
WOODS MOVED to approve the Remarketing Agreement with Seattle First
National Bank as remarketing agent relating to the $700 ,000 City of Kent
Economic Development Corporation Floating Rate Demand Revenue Bonds ,
Series 1986 , relating to the Northwest Aluminum Products , Inc . project .
Johnson seconded and the motion carried.
WOODS MOVED to approve the Supplemental Indenture related to the $2 , 300, 000
City of Kent Economic Development Corporation Floating Rate Demand Revenue
Bonds , Series 1985 , relating to the Northwest. Aluminum Products , Inc .
project, and to authorize the Chairman and Secretary of the EDC to execute
the Supplemental Indenture of Trust. Johnson seconded and the motion carried
WOODS MOVED to approve the Supplemental Indenture related to the $700 , 000
City of Kent Economic Development Corporation Floating Rate Demand Revenue
Bonds , Series 1986 , relating to the Northwest Aluminum Products , Inc .
project, and to authorize the Chairman and Secretary of the EDC to
execute the Supplemental Indenture of Trust. Johnson seconded and the
motion carried .
There was no further business to come before the Board and the meeting
adjourned at 4 : 40 p.m.
Brenda Jdob Secretarhe Board