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HomeMy WebLinkAbout1075RESOLUTION No. /o?5 A RESOLUTION of the City Council of the City of Kent approving the issuance of nonrecourse industrial development refunding revenue bonds of the Indus- trial Development Corporation of the Port of Seattle, Washington 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 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 in 1982 issued its Revenue Bonds, Series 1982 (Douglas/Lynden Project) in the aggregate principal amount of $7,000,000 (the "Series 1982 Bonds") for the purposes of financing certain trucking transshipment facilities at 6520-228th Street South in the City of Kent (the "Project") by Douglas Management Company and Lynden Incorporated (collectively the "Company"); and WHEREAS, prior to the issuance of the Series 1982 Bonds, the City Council adopted its Resolution No. 966 approving the Project and the Series 1982 Bonds in accordance with RCW 39.84. 060; and WHEREAS, the Development Corporation has been requested by the Company to issue its nonrecourse revenue bonds for the purpose of refunding and retiring the outstanding Series 1982 Bonds and paying costs of issuance thereof; and WHEREAS, the Development Corporation acting through its Bond Counsel has advised the City that it proposes to approve the application of the Company for the issuance of said refunding bonds for the foregoing purposes; and WHEREAS, the Act provides that each county, within whose planning jurisdiction the Project is city or town located must approve the issuance of revenue bonds by the Development Corpora- tion for such purposes; and WHEREAS, the Development Corporation, as the issuer of the nonrecourse revenue bonds for the Project, has requested the approval of the City Council of the City of Kent 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, as follows: -2-CMW1555 85/11/06 Section 1. The City Council of the City of Kent, Washington (the "City"), pursuant to Chapter 39.84 RCW, does hereby approve the issuance of refunding revenue bonds (the "1985 Bonds") by the Industrial Development Corporation of the Port of Seattle, Washington for the purposes of refunding the outstanding Series 1982 Bonds. The 1985 Bonds are to be issued by the Development Corpora- tion in the aggregate principal amount of not to exceed $5,400,000 pursuant to a resolution of the Board of Directors of the Develop- ment Corporation, approved by the Port Commission of the Port of Seattle. The 1985 Bonds shall be entitled "Industrial Development Corporation of the Port of Seattle, Bonds (Douglas/Lynden Project) 1985 Washington Refunding Revenue Series." The proceeds of the 1985 Bonds are to be loaned to Douglas Management Company and Lynden Incorporated (collectively the "Company"), pursuant to a loan agreement, and used for the purpose of refunding the out- standing Series 1982 Bonds and paying the costs of issuance of the 1985 Bonds. The 1985 Bonds shall be payable solely from the Company's repayments of the loan under the loan agreement and shall be addi- tionally secured by a letter of credit from Mellon Bank, N.A. The 1985 Bonds shall not constitute an obligation of the City, and no tax funds or other revenues of the City shall be used to pay the principal of, premium, if any, or interest on the 1985 Bonds. Neither the faith and credit nor any taxing power or revenues of -3-CMW1555 85/11/06 the City shall ever be pledged to pay the principal of, premium, if any, or the interest on the the 1985 Bonds. The City Council of the City of Kent hereby approves the issuance of the 1985 Bonds under the Act by the Development Corporation for the purpose of refunding the Series 1982 Bonds and paying costs of issuance. Section 2. This resolution is intended solely to constitute approval of the issuance of revenue bonds within the meaning of RCW 39.84.060. ADOPTED by the City Council of the City of Kent, Washington, _y } this -day of ,·) ~; ·, , 1985. Concurred in by the Mayor of the City of Kent, this / t-.r· day of ----~¥\~;;~~-~/_. -----' 1985. ATTEST: Clerk -4-CMW1555 85/11/06 CERTIFICATE I, the undersigned, City Clerk of the City of Kent, Washington (herein called the "City"), DO HEREBY CERTIFY: 1. That the attached Resolution numbered I a7S ;,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 held on &otJ l8tf'fp, 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 this ~ day of November, 1985. ~.'~ City Clerk~ [CITY SEAL] -5-CMW1555 85/11/06