HomeMy WebLinkAbout1074RESOLUTION No. \Q7L/
A RESOLUTION of the City Council of the City of Kent
approving the issuance of nonrecourse industrial
development refunding revenue bonds of the Indus-
trial Development Corporation of the Port of
Seattle, Washington pursuant to RCW 39.84.060.
WHEREAS, the Legislature of the State of Washington has
provided for the creation of public corporations by municipali-
ties, including port districts, 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 Washing-
ton; and
WHEREAS, pursuant to the Act, the Port Commission of the Port
of Seattle, has by resolution created and approved the charter of
a public corporation, designated as the "Industrial Development
Corporation of the Port of Seattle" (herein the "Development
Corporation") in order to carry out the purposes of the Act; and
WHEREAS, the Development Corporation in 1983 issued its
Revenue Bonds, Series 1983 (CCC Realty Project} in the aggregate
principal amount of $8,000,000 (the "Series 1983 Bonds"} for the
purposes of financing certain warehousing facilities in the
Northwest Business Park (228th and Russell Road) in the City of
Kent (the "Project") by CCC Realty, Inc.-II (the "Company"), an
Illinois corporation and indirect wholly owned subsidiary of CFS
Continental, Inc.; and
WHEREAS, prior to the issuance of the Series 1983 Bonds, the
City Council adopted its Resolution No. 996 approving the Project
and the Series 1983 Bonds in accordance with RCW 39.84.060; and
WHEREAS, the Development Corporation has been requested by
the Company to issue its nonrecourse revenue bonds for the purpose
of refunding and retiring the outstanding Series 1983 Bonds and
paying costs of issuance thereof; and
WHEREAS, the Development Corporation acting through its Bond
Counsel has advised the City that it proposes to approve the
application of the Company for the issuance of said refunding
bonds for the foregoing purposes; and
WHEREAS, the Act provides that each county, city or town
within whose planning jurisdiction the Project is located must
approve the issuance of revenue bonds by the Development Corpora-
tion for such purposes; and
WHEREAS, the Development Corporation, as the issuer of the
nonrecourse revenue bonds for the Project, has requested the
approval of the City Council of the City of Kent pursuant to the
Act; and
WHEREAS, the City Council 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 Development Corporation to
proceed with the issuance of such revenue bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF KENT, WASHINGTON, as follows:
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Section 1. The City Council of the City of Kent, Washington
(the "City"), pursuant to Chapter 39.84 RCW, does hereby approve
the issuance of refunding revenue bonds (the "1985 Bonds") by the
Industrial Development Corporation of the Port of Seattle,
Washington for the purposes of refunding the outstanding Series
1983 Bonds.
The 1985 Bonds are to be issued by the Development Corpora-
tion in the aggregate principal amount of not to exceed $8,000,000
pursuant to a resolution of the Board of Directors of the Develop-
ment Corporation, approved by the Port Commission of the Port of
Seattle. The 1985 Bonds shall be entitled "Industrial Development
Corporation of the Port of Seattle, Washington Adjustable Tender
Refunding Revenue Bonds (CCC Realty Project) Series 1985." The
proceeds of the 1985 Bonds are to be loaned to CCC Realty,
Inc.-II, (the "Company"), an Illinois corporation and indirect
wholly owned subsidiary of CFS Continental, Inc., pursuant to a
loan agreement, and used for the purpose of refunding the out-
standing Series 1983 Bonds and paying the costs of issuance of the
1985 Bonds.
The 1985 Bonds shall be payable solely from the Company's
repayments of the loan under the loan agreement and shall be addi-
tionally secured by a letter of credit from Union Bank of
Switzerland. The 1985 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
1985 Bonds. Neither the faith and credit nor any taxing power or
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revenues of the City shall ever be pledged to pay the principal
of, premium, if any, or the interest on the the 1985 Bonds.
The City Counci 1 of the City of Kent hereby approves the
issuance of the 1985 Bonds under the Act by the Development
Corporation for the purpose of refunding the Series 1983 Bonds and
paying costs of issuance.
Section 2. This resolution is intended solely to constitute
approval of the issuance of revenue bonds within the meaning of
RCW 39.84.060.
ADOPTED by the City Council of the City of Kent, Washington,
this Lj day of Nov. I 1985.
Concurred in by the Mayor of the City of Kent, this ~day
of Nov. 1 1985.
ATTEST:
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CERTIFICATE
I, the undersigned, City Clerk of the City of Kent,
Washington (herein called the "City"), DO HEREBY CERTIFY:
1. That the attached Resolution numbered ~(herein
called the "Resolution") is a true and correct copy of a resolu-
tion of the City as adopted at a meeting of the City Council held
on ~f , 1985 and duly recorded in my office.
2. That said meeting was duly convened and held in all
respects in accordance with law, and to the extent required by
law, due and proper notice of such meeting was given; that a legal
quorum was present throughout the meeting and a legally sufficient
number of members of the City Council voted in the proper manner
for the adoption of the Resolution; that all other requirements
and proceedings incident to the proper adoption of the Resolution
have been duly fulfilled, carried out and otherwise observed, and
that I am authorized to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City this ~ day of November, 1985.
[CITY SEAL]
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