HomeMy WebLinkAbout966RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF
CITY OF KENT, WASHINGTON approving the issuance
of revenue bonds of the Industrial Development
Corporation of the Port of Seattle pursuant to
resolution authorizing the same.
WHEREAS, the Legislature of the State of Washington has
provided for the creation of public corporations by
municipalities, including port districts, pursuant to Chapter 300,
Laws of Washington, 1981 (regular session) codified as Chapter
39.84 RCW (the "Act 11 )for the purpose of facilitating economic
Jevelopment and employment opportunities in the State of
washington; and
WHEREAS~pursuant to the Act, the Port Commission of the
Port of Seattle, has by Resolution No. 2845 created and approved
the Charter of a public corporation, designated as the Industrial
Development Corporation of the Port of Seattle, (herein the
"Corporation" or the ·~ndustrial Development Corporation") in order
to carry out the purposes of the Act; and
WHEREAS, the Industrial Development Corporation bas
received a proposal from Douglas Management Company for the
acquisition, construction and installation of a container terminal
and trucking transshipment facility, which facility is to be
located within the boundaries of the City of Kent, Washington (the
"Project") through the issuance of the corporation's revenue bonds
and nas approved the issuance of such bonds; and
WHEREAS, the Act provides that each county, city or town
witilin whose planning jurisdiction the Project is to be located
must approve the issuance of revenue bonds by the Corporation for
the Project;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Kent, Washington, as follow:
Section 1. The City Council of the City of Kent,
Washington (the "City") pursuant to Chapter 300, Laws of
Washington, 1981 (Regular Session), codified as Chapter 39.84 RCW
does hereby approve the issuance of revenue bonds (the "Bonds") of
the Industrial Development Corporation of the Port of Seattle for
the purposes provided in the Act.
The Bonds shall be issued in the aggregate principal
amount of not to exceed $7,000,000, pursuant to resolution of the
Board of Directors of the Corporation, shall be entitled the
Industrial Development Corporation of the Port of Seattle, Revenue
Bonds, Series 1982 (Douglas Management company Project). The
proceeds of the Bonds are to be lent to Douglas Management Company
(the "Company") pursuant to a Loan Agreement, and used for the
purpose of paying part of the costs of acquiring, constructing and
iutalling a container terminal and transshipment facility ~vithin
the boundaries of the Port of Seattle, and the City of Kent. The
Bonds shall be payable solely from the Company's repayments of the
loan pursuant to the Loan Agreement. The Bonds shall not
constitute an obligation of the City, and no tax funds or revenues
of the City shall be used to pay the principal of or the interest
ou the Bonds. Neither the faith and credit nor any taxing power
of the City or the Industrical Development Corporation shall be
ledged to pay the principal of or the interest on the Bonds.
The City Council hereby approves the issuance of the
B011ds by the Industrial Development Corporation for the purpose of
financing the acquisition, construction and installation of a
container terminal and trucking transshipment facility, a
qualified project under the Act.
Section 2. This Resolution is intended to constitute
approval of the issuance of revenue bonds within the meaning of
tne Act.
PASSED at a Regular Meeting of the City Council of
the City of Kent, washington this ,.:2._j_ day of ~ , 1982.
(i /~~~
I !JABELHOGAN/ MAY
ATTEST:
~~ MARIE JEN~tLERK
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APPROVED
BARBARA Y ATTORNEY
I hereby certify that this is a true copy of
Resolution No. 9£;(:; , passed by the City Council of the City
of Kent, Washington, the •Af day of r'-"'--, 1982.
~~ MARIE J N, CITY CLERK
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