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HomeMy WebLinkAbout1037RESOLUTION No. /( ..,3'f A RESOLUTION of the City Council of the City of Kent, Washington approving the issuance of nonrecourse industrial development revenue bonds of the Industrial Development Corporation of the Port of Seattle 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 No. 2845 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 has received an applica- tion from Weyerhaeuser Company (the "Company") for the financing of a new secondary fibre resource recovery plant to house a new paper baler and ancillary equipment for waste paper recycling at 20815 76th Avenue South, Kent, Washington, which is within the boundari·es of the City (the "Project"); and WHEREAS, the Development Corporation has reviewed the appli- cation of the Company, has determined that the Project qualifies as an 11 industrial development facility 11 within the meaning of the Act and has approved the issuance of its nonrecourse revenue bonds to finance all or a portion of the costs of the Project by its Resolution No. 33 adopted on October 11, 1983; and WHEREAS, the Act provides that each county, city or town within whose planning jurisdiction the Project is to be located must approve the issuance of revenue bonds by the Development Corporation for such Project; and WHEREAS, the Development Corporation, as the issuer of the nonrecourse revenue bonds for the Project, has requested the approval of the City of Kent, Washington 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, WASHINGTON, as follows: Section 1. The City Council of the City of Kent, Washington, Washington (the 11 Ci ty 11 ), pursuant to Chapter 39. 84 RCW, does hereby approve the issuance of revenue bonds (the "Bonds") by the Industrial Development Corporation of the Port of Seattle for the purposes of financing the above-described Project under the Act. -2-MEY279 84/11/05 The Bonds are to be issued by the Development Corporation in the aggregate principal amount of not to exceed One Million Dollars pursuant to a resolution of the Board of Directors of the Development Corporation, Port of Seattle. The approved by the Port Commission of the Bonds shall be entitled "Industrial Development Revenue Bonds (Weyerhaeuser Company Project)." The proceeds of the Bonds are to be lent to Weyerhaeuser Company (the "Company"), pursuant to a loan agreement, and used for the pur- poses of paying all or a part of the costs of a new secondary fibre resource recovery plant to house a new paper bale within the boundaries of the Port of Seattle and City of Kent, Washington. The Bonds shall be payable solely from the Company's repayments of the loan under the loan agreement and to be additionally secured by a security agreement on certain equipment of the Company. The Bonds shall not constitute an obligation of the City, and no tax funds or other revenues of the the City shall be used to pay the principal of, premium, if any, or interest on the Bonds. Neither the faith and credit nor any taxing power or revenues of the the City shall ever be pledged to pay the principal of, premium, if any, or the interest on the Bonds. The City Council of the City of Kent, Washington hereby approves the issuance of the Bonds under the Act by the Development Corporation for the purpose of financing a new secondary fibre resource recovery plant to house a new paper bale. Section 2. This resolution is intended solely to constitute approval of the issuance of revenue bonds within the meaning of -3-MEY279 84/11/05 RCW 39.84.060 of the Act. This approval shall not in any way be deemed to be a review or final approval of any development permit for the Project which may be in process, or may be submitted at a future date. ADOPTED by the City Council of City of Kent, Washington, Washington, November ~ 1984 CITY OF KENT, WASHINGTON .~~l~ ATTEST: APPROVED AS TO FORM: ~~~Attorney -4-MEY279 84/11/05 CERTIFICATE Deputy I, the undersigned, City Clerk of the City Council of the City of Kent, Washington (herein called the "City", DO HEREBY CERTIFY: 1. That the attached Resolution numbered /CJ 3 7 (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 of the City held on November /!l 1984, 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 the City this~ day of November, 1984. Bettv G av, Dep y C1ty Clerk [CITY SEP.L j -5-MEY279 84/11/05