HomeMy WebLinkAbout1053CITY OF KENT, WASHINGTON
RESOLUTION NO. /OS.3
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
the Supplemental Indenture of Trust dated as of March
1, 1985.
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,
rehabilitating and installing "industrial development facili-
ties,• as defined in the Act; and
WHEREAS, on December 14, 1984, the Board of Directors of
the Issuer adopted Resolution No. 1984-13 authorizing the
financing of the acquisition, remodeling, equipping and
rehabilitation of certain industrial development facilities and
the issuance of $9,500,000 principal amount of the Issuer's
nonrecourse revenue bonds designated as Floating/Fixed Rate
Industrial Development Revenue Bonds, Series 1984 (Associated
Grocers Project) (the •Bonds•) and the loan of the proceeds of
the Bonds to Associated Grocers, Incorporated (the •company")
pursuant to a Loan Agreement dated as of December l, 1984 by and
between the Issuer and the 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 December l, 1984, 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 Issuer, prior to the time of original issuance
of the Bonds on December 18, 1984, had submitted a request to
Moody•s Investor•s Service, Inc. ("Moody•s•) that Moody•s issue
its rating on the Bonds but Moody•s had not completed the rating
process at the time of original issuance of the Bonds; and
WHEREAS, Moody•s has now completed its rating process in
connection with the Bonds, has rated the Bonds in its Aa-1
rating category and has requested that certain technical and
clarifying amendments be made in the Indenture as a basis for
its rating on the Bonds; and
WHEREAS, the Issuer and the Trustee caused a Supplemental
Indenture of Trust (the •supplemental Indenture") dated as of
March 1, 1985, to be prepared in order to accomplish the
amendments to the Indenture required by Moody•s and have
determined that none of the amendments set forth in the
Supplemental Indenture will adversely affect the interests of
the Owners of the Bonds; and
WHEREAS, the sole Owner of Outstanding Bonds, the Credit
Bank and the Company have each consented in writing to the
execution and delivery of the Supplemental Indenture; and
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WHEREAS, Bond Counsel have delivered to the Trustee, the
Company, and the Credit Bank their opinion that the Supple-
mental Indenture is authorized and permitted by the Indenture
and the Act and complies with the respective terms thereof,
will, upon execution and delivery hereof, be valid and binding
upon the Issuer in accordance with its 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 Supplemental Indenture of Trust
dated as of March 1, 1985, among the Issuer, California First
Bank as Trustee, and J. Henry Schroder Bank and Trust Company as
Paying Agent/Registrar.
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 th~~a~~
ATTEST:
~~ C ty C erk
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1638k
I, MARIE JENSEN, City Clerk of the City of Kent,
Washington, certify that the attached copy of Resolution
No. /o'5.3 is a true and correct copy of the original
Resolution passed on the 15th day of April, 1985.
DATED this _....,L'-b __ day of ~ 1985
~~ }~RIE JE EN, C1ty Clerk
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