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Ordinance No . 4048
(Amending or Repealing Ordinances)
CFN= 825 - Economic Development Corporation
Passed - 10/2/2012
Dissolving the City of Kent, Economic Development Corporation
Repealing Chapter 3.09 of the Kent City Code
The date [`Beginning July 1, 1998°1 has led to confusion This date will be deleted from cover sheets of
ordinance/resolution revision pages. This cover sheet will be deleted on electronic pages only, no other
deletions or changes have been made to the document—6/21/2012
ORDINANCE NO. 404 o
AN ORDINANCE of the City Council of the
City of Kent, Washington, dissolving the City of
Kent Economic Development Corporation.
RECITALS
A. On August 1, 1983, Ordinance 2419 created the City of Kent
Economic Development Corporation, now codified in Chapter 3.09 of the
Kent City Code.
B. The Economic Development Corporation was established for the
purpose of facilitating economic development and employment
opportunities through the financing of industrial development facilities by
non-recourse revenue obligations.
C. Section 3.09,010 of the Kent City Code, pertaining to the operation
of the City of Kent Economic Development Corporation, and Article 11 of
the Charter of the City of Kent Economic Development Corporation both
provide that the city, by ordinance, may dissolve the corporation if any
contracts entered into by the corporation are not impaired, if the
corporation has no remaining funds or property to administer, except
those funds or properties that will be paid or transferred to the city, and if
all of the corporation's outstanding obligations have been satisfied.
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D. In 2011, United Warehouses (the last company with outstanding
bonds issued with the assistance of the corporation) was sold and the
outstanding revenue bonds were settled by the purchaser who paid the
outstanding principal on the bonds.
E. The City of Kent Economic Development Corporation has no other
outstanding obligations, no funds or properties to administer for the
benefit of any party except the city, and no contracts with any other
parties that will be impaired by dissolution of the corporation.
F. Accordingly, dissolving this public corporation is appropriate.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF KENT,
WASHINGTON, DOES HEREBY ORDAIN AS FOLLOWS:
ORDINANCE
SECTION 1. Recitals Incor off. The foregoing recitals are
incorporated into this ordinance.
SECTION 2. - Dissolution of Corporation. The City of Kent
Economic Development Corporation is hereby dissolved. Any remaining
funds or property in the possession of the City of Kent Economic
Development Corporation shall be paid or transferred to the city.
SECTION 3. - Repeale Chapter 3.09 of the Kent City Code is
repealed in its entirety.
SECTION 4. - Corrections by City Clerk or Code Reviser. Upon
approval of the city attorney, the city clerk and the code reviser are
authorized to make necessary corrections to this ordinance, including the
correction of clerical errors; references to other local, state or federal laws,
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codes, rules, or regulations; or ordinance numbering and
section/subsection numbering.
SECTION 5. - Effective Date. This ordinance shall take effect and
be in force thirty (30) days from and after its passage, as provided by law.
PASSED by the City Council of the City of Kent, Washington, at a
regular open public meeting held this day of October, 2012.
CITY OF KENT, WASHINGTON
Mayor
ATTEST:
-
BRENDA]ACOBER, CI LERK _
APPROVED AS TO FORM:
ft UA,,
T BRUBAKLOIR, CITY ATTORNEY
PASSED: 02-- day of 12012.
APPROVED: day of , 2012.
PUBLISHED: day of , 2012.
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I hereby certify that this is a true copy of Ordinance No. D�g
passed by the City Council of the City of Kent, Washington, and approved
by the Mayor of the City of Kent as hereon indicated.
(SEAL)
BRENDA JACOBE , CITY CLERK
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