HomeMy WebLinkAbout1081RESOLUTION NO. !0(~1
A RESOLUTION of the City Council of the City of Kent
approving the issuance of the City of Kent Economic
Development Corporation of l. -r.s Pollution Control
Revenue Bonds, 1985 Series (Reynolds Metals Company
Project), in the aggregate amount of $750,000, and
approving the Resolution of said Development
Corporation authorizing said Bonds, including the
Loan Agreement.
WHEREAS, the City of Kent (the "City"), by Ordinance No.
2419, has approved and authorized the creation of the City of Kent
Economic Development Corporation (the "Development Corporation")
as a public corporation of the State of Washington pursuant to the
provisions of Chapter 300, Laws of \r~ashington 1981 (Reg. Sess. )
codified as Chapter 39.84 RCW, as amended (the "Act") to act on
behalf of the City to issue nonrecourse revenue bonds for the
purpose of financing the costs of qualified industrial development
facilities within the meaning of the Acti and
WHEREAS, the Development Corporation, by Resolution
No. (the "Bond Resolution") adopted on December 2,
1985, has authorized the issuance and sale of a certain issue,
amounting to $750,000 of its Pollution Control Revenue Bonds, 1985
Series (Reynolds Metals Company Project) to be initially issued as
fully registered Bonds (the "Bonds") and by the Bond Resolution
has authorized a Loan Agreement to be dated as of December 1,
1985, with Reynolds Metals Company (the "Companyn)i and
WHEREAS, the Act requires that the governing body of the
creating municipality approve the resolution of the Development
Corporation authorizing the issuance of bonds approved by the
Development Corporation; and
WHEREAS, the Act further requires that each municipality with
planning jurisdiction approve the Project and the Bonds; and
WHEREAS, the City Council has reviewed the Bond Resolution
and intends, by adoption o£ this resolution, to approve the same
and its agreement to issue the Bonds upon the terms set forth
therein and in the various agreements approved therein in accord-
ance with the Act;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
KENT, as follows:
Section 1. The issuance of the Bonds and the Bond Resolution
and the agreements to issue the Bonds therein expressed and
approved, in the amount and for the purpose therein described and
referred to in the preamble of this resolution, are hereby
approved in accordance with RCW §§ 39.84.060 and 39.84.100, a copy
of which is on file among the records of this meeting.
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Section 2. This resolution shall take effect immediately
from and after its adoption.
ADOPTED by the City Council of the City of Kent this .~L ...\
day of December, 1985, and duly authenticated in open session by
the signatures of the City Councilmembers voting and the seal of
the City duly affixed.
City Cler /
L-
Approved as to form:
CITY OF KENT
-3-CMW1578 85/12/02
CERTIFICATE
I, the undersigned, Clerk of the City of Kent (herein called
the "City") DO HEREBY CERTIFY:
1. That the attached Resolution numbered 1UEl (herein
called the "Resolution") is a true and correct copy of a resolu-
tion of the City Council as adopted at a meeting of the City
Council held on December 2, 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 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 of Kent this b day of December,
1985.
[CITY SEAL]