Loading...
HomeMy WebLinkAbout1076CITY OF KENT, WASHINGTON RESOLUTION NO. /0?0 A RESOLUTION of the City Council of the City of Kent, Washington, approving the issuance of an industrial development revenue bond by the City of Kent Economic Development Corporation for $1,250,000, and approving Resolution No. 1985-~ of the City of Kent Economic Development Corporation authorizing the sale of such bond to provide funds to finance certain industrial development facilities for Raymond P. Landry and Zoanne M. Landry, husband and wife, in the City of Kent, Washington, and related matters; approv- ing execution and delivery by the City of Kent Economic Development Corporation of a Bond Agreement dated as of November 1, 1985. WHEREAS, the City of Kent Economic Development Corporation (the "Issuer") is authorized and empowered by the provisions of Chapter 300, Laws of 1981 of the State of Washington (Chapter 39.84 RCW) (the "Act"), to issue nonrecourse revenue bonds for the purpose of facilitating economic development and employment opportunities and financing all or part of the cost of acquiring and constructing industrial development facilities in the City of Kent, Washington (the "City"); WHEREAS, in order to facilitate economic development and employment opportunities, Raymond P. Landry and Zoanne M. Landry, husband and wife (the "Borrowers"), intend to acquire and construct certain industrial development facilities (the "Project") in the City; WHEREAS, upon the request of the Borrowers and after due consideration of the acquisition, construction and financing of the Project as promoting the purposes of the Act and the public purposes of the Issuer, the Issuer by Resolution No. 1985-3tl proposes to issue and sell its industrial development revenue bond in the principal amount of $1,250,000 pursuant to the provisions of the Act for the purpose of assisting in financing the costs of the Project; and WHEREAS, the Act requires that such a proposal to issue nonrecourse industrial development revenue bonds be approved by the City inasmuch as the City exercises planning jurisdiction over the area in which the Project is located; and WHEREAS, the City Council of the City finds that all City planning requirements for the Project have been or reasonably may be expected to be satisfied and that the financing of the Project should be approved under Section 39.84.060 of· the Act; and WHEREAS, the City is the municipality under whose auspices the Issuer was created pursuant to the provisions of the Act; and WHEREAS, Section 39.84.060 of the Act requires the Issuer to obtain the approval of the City prior to issuing its bonds, and Section 39.84.100(6) of the Act requires the City to approve by resolution any agreement by the Issuer to issue bonds and further requires that the City specifically approve the resolu- tion of the Issuer providing for the issuance of the bonds no more than sixty days before the date of the sale of the bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, as follows: - 2 - Section 1. The establishment and expansion of the Borrowers' warehouse and freight distribution business in the City and the State of Washington will result in significant benefits to the City and the State, will contribute to the alleviation of unemployment in the City and the State, will have a favorable impact upon the economy of the City and the State and will promote the welfare of the citizens of the City and the State. Section 2. The City approves the issuance and sale by the Issuer of its nonrecourse industrial development revenue bond or other obligations (the "Bond") pursuant to the provisions of the Act and further specifically approves the form of Resolution No. 1985-3~ of the Issuer providing for the issuance of its Bond in the principal amount of $1,250,000 to assist in financing the cost of the Project, together with the costs incident to the authorization, sale, issuance and delivery of the Bond. Section 3. The City approves the form of and the execution and delivery by the Issuer of the Bond Agreement dated as of November 1. 1985, among the Issuer; the Borrowers as the users of the Project; and Savings Bank of Puget Sound, FSB, as the purchaser of the Bond. The Issuer may make or approve such additions, modifications and deletions in such Bond Agreement and the Exhibits thereto and certificates and other documents required thereby as are deemed by the Issuer not to be incon- sistent with the purpose of this Resolution and in substantial conformity with the documents hereby approved and as may be - 3 - reasonable and necessary to facilitate the issuance and sale of the Bond and the loan of the proceeds thereof to the Borrowers and the accomplishment of any matters related thereto. 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 this i g day of --'1'\"""".l ...... o"""-"'-t/ ____ _ 1985. Mayoik~ ~n John3CJ ATTEST: ~~ City Clerk' FORM APPROVED: 204lk - 4 - 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 /o?b (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 &oV lBtf~, 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. ~ < ~ Ci~k' [CITY SEAL] CERTIFICATE I, the undersigned, City Clerk of the City of Kent, Washington (herein called the "City"), DO HEREBY CERTIFY: 1. That the attached Resolution No. /_t>7{:, (herein called the "Resolution") is a true and correct copy of a resolution of the City as adopted at a meeting of the City Council held on NOV 1~, _, 19~ 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 proceed- ings 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 cQ. day of ~ , 19 8~ (CITY SEAL)