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HomeMy WebLinkAbout1069RESOLUTION NO. 1069 A RESOLUTION of the City Council of the City of Kent approving the issuance of the City of Kent Economic Development Corporation of its nonrecourse revenue bond (Elder Equipment, Inc. Project), in the aggregate amount of $1,300,000, and approving the Resolution of said Development Corporation author- izing said Bond, including the Loan Agreement. WHEREAS, the City of Kent ("the City"), by Ordinance No. 2419, has approved and authorized the creation of the City of Kent Economic Development Corporation ("Development Corporation") as a development corporation of the State of Washington pursuant to the provisions of Chapter 300, Laws of Washington 1981 (Reg. Sess. ) codified as Chapte_r 39.84 RCW, as amended (the "Act") to act on behalf of the City to issue nonrecourse revenue bonds for the purpose of financing the costs of qualified industrial development facilities within the meaning of the Act; and WHEREAS, the Development Corporation, by Resolution No. 1985-25 (the "Official Action Resolution") adopted on July 11, 1985, and Resolution No. 1985-29 (the "Bond Resolution") adopted on September 9, 1985, has authorized the issuance and sale of a certain issue in the amount of $1,300,000 of its Nonrecourse Revenue Bond (Elder Equipment, Inc. Project) to be initially issued as a single fully registered Bond No. R-1 (the "Bond") and by the Bond Resolution has authorized a Loan Agreement dated as of September 1, 1985, with the Trusts of Ann F. Weeks (also known as Ann F. Pena), Tracey M. McGrath, Bruce R. McGrath, and Barbara L. McGrath, Colorado Trusts dated December 6, 1974 (the "Trusts"); and WHEREAS, the Act requires that the governing body of the creating municipality approve the resolution of the Development Corporation authorizing the issuance of bonds approved by the Development Corporation; and WHEREAS, the City Council has reviewed the Bond Resolution and intends, by adoption of this resolution, and its agreement to issue the Bond upon to approve the same the terms set forth therein and in the various agreements approved therein in accord- ance with the Act; and WHEREAS, the City Council held a public hearing not less than fourteen (14) days after publication of notice in a newspaper of general circulation in the City, and having heard all of those who wished to speak, closed said hearing; and WHEREAS, the City is the planning jurisdiction within which the proposed industrial development facility lies and the City Council, pursuant to RCW 39.84.060, has determined that all planning requirements of the City for the project have been or may reasonably be expected to be satisfied and that the project should be approved; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Kent as follows: Section 1. The Corporation of its issuance and sale nonrecourse revenue -2-NMN147 85/09/09 by bond the Development in the aggregate amount of $1,300,000, the Official Action Resolution and the Bond Resolution, and all agreements to issue the Bond therein expressed and approved, are hereby approved in accordance with RCW 39.84.100. A copy of Resolutions No. 1985-25 and 1985-29 are attached hereto and incorporated herein by this reference. Section 2. This resolution shall take effect immediately from and after its adoption. ADOPTED by the City Council of the City of Kent this 9th day of September 1985. The City of Kent ATTEST ·~ City c~7 -3-NMN147 85/09/09 CERTIFICATE I, the undersigned, Clerk of the City Council of the City of Kent (herein called "the City") DO HEREBY CERTIFY: 1. That the attached Resolution numbered 1069 (herein called the "Resolution") is a true and correct copy of a resolu- tion of the City as adopted at a meeting of City Council of the City held on September 9, 1985, 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 City of Kent this 9th day of September, 1985. [CITY SEAL]