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HomeMy WebLinkAbout1464RESOLUTION NO. I L/ht/ A RESOLUTION of the City Council of the City of Kent, Washington, approving the issuance of tax-exempt nonrecourse revenue bonds of King County Economic Enterprise Corporation for the benefit of NRG Barriers Pacific, Inc. pursuant to RCW 39.84.060. WHEREAS, the Legislature of the State of Washington has provided for the creation of Enterprise Corporations by municipalities, including counties, pursuant to Chapter 300, Laws of Washington, 1981 (Regular Session) codified as Chapter 39.84 RCW, as amended (the "Act"), for the purpose of facilitating economic development and employment opportunities in the State of Washington; and WHEREAS, pursuant to the Act, the King County Economic Enterprise Corporation (the "Enterprise Corporation") was formed in order to carry out the purposes of the Act; and WHEREAS, the Enterprise Corporation has received an application from NRG Barriers Pacific, Inc. (the "Company") for the purpose of providing financing for the equipping of facilities leased by the Company at 7615 South 212 Street, Kent, Washington (the "Project''), which is within the boundaries of the City of Kent, Washington (the "City"); and BONDS (NRG PROJECT) WHEREAS, the Enterprise Corporation and its bond counsel have reviewed the application of the Company and have determined that the Project qualifies as an "industrial development facility'' within the meaning of the Act; and WHEREAS, the Enterprise Corporation has scheduled a special meeting to approve the issuance of nonrecourse revenue bonds in an amount not to exceed $6,000,000 (the "Bonds") to be held on March 19, 1996; and WHEREAS, the Act provides that each county, city or town within whose planning jurisdiction the Project is to be located must approve the issuance of revenue bonds by the Enterprise Corporation for such Project; and WHEREAS, the Enterprise Corporation, as the issuer of the Bonds for the Project, has requested the approval of the City pursuant to the Act; and WHEREAS, the City has been assured that there will be no financial liability accruing to the City as a result of such approval and that this approval shall constitute approval solely for the purpose of permitting the Enterprise Corporation to proceed with the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, as follows: 2 Section 1. The City, pursuant to Chapter 39.84 RCW, does hereby approve the issuance of the Bonds by the Enterprise Corporation for the purposes of financing the Project under the Act. The Bonds are anticipated to be issued by the Enterprise Corporation in the aggregate principal amount of not to exceed $6,000,000 pursuant to a resolution of the Board of Directors of the Enterprise Corporation for the purposes of financing the Project under the Act. The proceeds of the Bonds will be loaned to the Company, pursuant to a loan agreement with the Enterprise Corporation, and the proceeds will be used for the purpose of paying all or a part of the costs of a new Project within the boundaries of the City. The Bonds shall be payable solely from the Company's repayments of the loan under the loan agreement. The Bonds shall not constitute an obligation of the City, and no tax funds or other revenues of the City shall be used to pay the principal of, premium, if any, or interest on the Bonds. Neither the faith and credit nor any taxing power or revenues of the City shall ever be pledged to pay the principal of, premium, if any, or interest on the Bonds. Section 2. This resolution is intended solely to constitute approval of the issuance of the Bonds within the meaning of RCW 39.84.060. This approval shall not in any way be deemed to be a review or approval of any development permit for the Project which may be in process, or may be submitted at a future date for the project. Passed at a regular meeting of the City Council of the City of Kent, Washington this /1 day of )JM~ , 1996. 3 Concurred in by the Mayor of the City of Kent, this dD +k day of mARCH 1 1996. ATTEST: ~oAJJtJA 5(.J.)f1uJePL(/Y R~MVA JACOBER, CITY CLERK APPROVED AS TO FORM: ~~ ::~ .. LUBOVICH, CITY I hereby certify that this is a true and correct copy of Resolution No. IL/-h L/-, passed by the City Council of the City of Kent, Washington, the BONDS.res fJ~ .lu,>-z2,&) (SEAL) -RRENDA JACOBBR I cITY CLERK I ]) € PL< ry ])oi()AJA SwAw 4 1 1996.