HomeMy WebLinkAbout1099CITY OF KENT, WASHINGTON
RESOLUTION NO. /t:· 99
A RESOLUTION of the City Council of the City of
Kent, Washington, approving execution and delivery by
the City of Kent Economic Development Corporation of
a First Supplemental Indenture of Trust and Amendment
No. l to the Loan Agreement in connection with its
Floating/Fixed Rate Industrial Development Revenue
Bonds, Series 1985 (Cascade Development Company
Project).
WHEREAS, the City of Kent Economic Development Corporation
(the "Issuer") is a public corporation created by the City of
Kent, Washington (the "City"), pursuant to Chapter 39.84 RCW, as
amended (the "Act"); and
WHEREAS, the Issuer is authorized pursuant to the Act to
issue its nonrecourse revenue bonds for the purpose, among
others, of financing the cost of acquiring, constructing, equip-
ping and installing "industrial development facilities," as
defined in the Act; and
WHEREAS, on April 22, 1985, the Board of Directors of the
Issuer adopted Resolution No. 1985-22 authorizing the financing
of the acquisition, construction, equipping and installing of
certain industrial development facilities and the issuance of
$3,750,000 principal amount of the Issuer's nonrecourse revenue
bonds designated as Floating/Fixed Rate Industrial Development
Revenue Bonds, Series 1985 (Cascade Development Company Project)
(the "Bonds") and the loan of the proceeds of the Bonds to
Cascade Development Company (the "Company") pursuant to a Loan
~greement dated as of April 1, 1985 by and between the Issuer
:!nd ~he Company (the "Loan Agreement"); and
WHEREAS, the Issuer, the Trustee and the Paying Agent/
Registrar entered into an Indenture of Trust (the "Indenture")
dated as of April 1, 1985, providing for the issuance by the
Issuer of the Bonds and the security for payment by the Issuer
of the principal of, premium, if any, and interest on the Bonds;
and
WHEREAS, the Company and the Issuer (at the request of the
Company) desire to effect certain amendments to the Indenture
and the Loan Agreement in order to permit the Bonds to be
remarketed at Fixed Interest Rates for Fixed Rate Periods or at
Floating Interest Rates (as such terms are defined in the
Indenture) as determined by Seattle-First National Bank as
Remarketing Agent in accordance with the Indenture; and
WHEREAS, the Issuer and the Trustee have caused a First
Supplemental Indenture of Trust (the "Supplemental Indenture")
and Amendment No. 1 to the Loan Agreement both dated as of April
1, 1986, to be prepared in order to accomplish the amendments to
the Indenture and the Loan Agreement desired by the Company; and
WHEREAS, the Trustee as sole Owner of Outstanding Bonds for
the benefit of the Credit Bank, the Credit Bank as issuer of the
Letter of Credit, the Trustee and the Company have each
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consented in writing to the execution and delivery of the
Supplemental Indenture and Amendment No. l to the Loan Agreement
and the Lessee of the Project has been given notice thereof; and
WHEREAS, Bond Counsel have delivered to the Issuer,
Trustee, the Company, and the Credit Bank their opinion that the
Supplemental Indenture and Amendment No. l to the Loan Agreement
are authorized and permitted by the Indenture and the Act and
comply with the respective terms thereof, will, upon execution
and delivery hereof, be valid and binding upon the Issuer in
accordance with their terms, and will not adversely affect the
exemption from federal income taxation of interest on the Bonds;
WHEREAS, the Act requires the City to approve by resolution
any agreement by the Issuer to issue bonds; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KENT,
WASHINGTON, as follows:
The City hereby approves the form of and the execution and
delivery by the Issuer of the First Supplemental Indenture of
Trust dated as of April l, 1986, among the Issuer, California
First Bank as Trustee, and J. Henry Schroder Bank & Trust
Company as Paying Agent/Registrar and Amendment No. l to the
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Loan Agreement dated as of April 1, 1986 by and between the
Issuer and the Company.
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 21st day of April, 1986.
Mayor
ATTEST:
FORM APPROVED:
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I, MARIE JENSEN, City Clerk of the City of Kent, Washington,
certify that the attached copy of Resolution No./~ is a true
and correct copy of the original Resolution passed on the~
day of April, 1986.
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DATED this ~ day of ~t
;,j
1 1986.
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MARIE Jf&SEN, City Clerk