HomeMy WebLinkAbout1045CITY OF KENT, WASHINGTON
RESOLUTION NO. It?~~
A RESOLUTION of the City Council of the City of
Kent, Washington, approving the issuance of an indus-
trial development bond by the City of Kent Economic
Development Corporation for $1,200,000, and approving
Resolution No. 1984-14 of the City of Kent Economic
Development Corporation authorizing the sale of a bond
to provide funds to finance certain industrial
development facilities for H & H Company, in the City
of Kent, Washington, and related matters; approving
execution and delivery by the City of Kent Economic
Development Corporation of a Bond Agreement dated as
of December 1, 1984.
WHEREAS, the City of Kent Economic Development Corporation
(the "Issuer") is authorized and empowered by the provisions of
Chapter 300, Laws of 1981 of the State of Washington (Chapter
39.84 RCW) (the "Act"), to issue nonrecourse revenue bonds for
the purpose of facilitating economic development and employment
opportunities and financing all or part of the cost of acquiring
and constructing industrial development facilities in the City
of Kent, Washington (the "City");
WHEREAS, the City is the municipality under whose auspices
the Issuer was created pursuant to the provisions of the Act;
WHEREAS, in order to facilitate economic development and
employment opportunities, H & H Company, a Washington general
partnership (the "Company"), intends to acquire and construct
certain industrial development facilities (the "Project•) in the
City;
WHEREAS, upon the request of the Company and after due
consideration of the acquisition, construction and financing of
the Project as promoting the purposes of the Act and the public
purposes of the Issuer, the Issuer by Resolution No. 1984-14
proposes to issue and sell its revenue bond in the principal
amount of $1,200,000 pursuant to the provisions of the Act for
the purpose of assisting in financing the costs of the Project;
and
WHEREAS, Section 6 of the Act requires the Issuer to obtain
the approval of the City prior to issuing its bonds, and Section
10(6) of the Act requires the City to approve by resolution any
agreement by the Issuer to issue bonds and further requires that
the City specifically approve the resolution of the Issuer
providing for the issuance of the bonds no more than sixty days
before the date of the sale of the bonds; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KENT,
WASHINGTON, as follows:
Section 1. The establishment and expansion of the
Company's warehousing business in the City and the State of
Washington will result in significant benefits to the City and
the State, will contribute to the alleviation of unemployment in
the City and the State, will have a favorable impact upon the
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economy of the City and the State and will promote the welfare
of the citizens of the City and the State.
Section 2. The City approves the issuance and sale by the
Issuer of its nonrecourse industrial development revenue bond or
other obligations (the "Bond") pursuant to the provisions of the
Act and further specifically approves the form of Resolution No.
1984-14 of the Issuer providing for the issuance of its Bond in
the principal amount of $1,200,000 to assist in financing the
cost of the Project, together with the costs incident to the
authorization, sale, issuance and delivery of the Bond.
Section 3. The City approves the form of and the execution
and delivery by the Issuer of the Bond Agreement dated as of
December 1, 1984, among the Issuer, the Company as the user of
the Project, and Rainier National Bank as the purchaser of the
Bond. The Issuer may make or approve such additions, modifica-
tions and deletions in such Bond Agreement and the Exhibits
thereto and certificates and other documents required thereby as
are deemed by the Issuer not to be inconsistent with the purpose
of this Resolution and in substantial conformity with the
documents hereby approved and as may be reasonable and necessary
to facilitate the issuance and sale of the Bond and the loan of
the proceeds thereof to the Company and the accomplishment of
any matters related thereto.
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The foregoing resolution was adopted by the City Council of
the City of Kent, Washington, and approved by the Mayor, at a
regular open public meeting this 28th day o
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Mayor Pt<.o -rem
ATTEST:
FORM APPROVED:
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