HomeMy WebLinkAbout1075RESOLUTION No. /o?5
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 1982 issued its
Revenue Bonds, Series 1982 (Douglas/Lynden Project) in the
aggregate principal amount of $7,000,000 (the "Series 1982 Bonds")
for the purposes of financing certain trucking transshipment
facilities at 6520-228th Street South in the City of Kent (the
"Project") by Douglas Management Company and Lynden Incorporated
(collectively the "Company"); and
WHEREAS, prior to the issuance of the Series 1982 Bonds, the
City Council adopted its Resolution No. 966 approving the Project
and the Series 1982 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 1982 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,
within whose planning jurisdiction the Project is
city or town
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
1982 Bonds.
The 1985 Bonds are to be issued by the Development Corpora-
tion in the aggregate principal amount of not to exceed $5,400,000
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,
Bonds (Douglas/Lynden Project) 1985
Washington Refunding Revenue
Series." The proceeds of the
1985 Bonds are to be loaned to Douglas Management Company and
Lynden Incorporated (collectively the "Company"), pursuant to a
loan agreement, and used for the purpose of refunding the out-
standing Series 1982 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 Mellon Bank, N.A. 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 revenues of
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the City shall ever be pledged to pay the principal of, premium,
if any, or the interest on the the 1985 Bonds.
The City Council 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 1982 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,
_y } this -day of ,·) ~; ·, , 1985.
Concurred in by the Mayor of the City of Kent, this / t-.r· day
of ----~¥\~;;~~-~/_. -----' 1985.
ATTEST:
Clerk
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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 I a7S ;,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 &otJ l8tf'fp, 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 Clerk~
[CITY SEAL]
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