HomeMy WebLinkAboutres2007-030WHA TCOM COUNTY COUNCIL AGENDA BILL NO.
2007-265
CLEARANCES
initial
Date
Date Received in Council Qffice
Agenda Date
Assigned to.
Sm
617107
June 19, 2007
FbiancelCouncil
Originator
Division Head:
2C,0 7
0 U
Dept. Read:
Prosecutor:
Purchasin /Bud
1_11 IN,
ExeculiVe 7
TITLE OF T)OctJMENT.
Resolution regarding issuance of non-recourse revenue bonds of the Industrial Development Corporation of
the Port of Bellingham
ATTACHMENTS. Resolution and letter (with accompanying Resolutions of Port Commission and the
Industrial Development Corporation)
SEPA review required? ) Yes ) NO
Should Clerk schedule a hearing ? Yes (X) NO
SEPA review completed? ) Yes ) NO
Requested Date:
SUVAMRYSTATEMENT OR LEGAL NOTICE LANGUAGE. of this item is an ordinance or requires a public
hearing, you must provide the language for use in the required public notice. Be specific and cite RCWor WCC as appropriate.
Be clear in explaining the intent of the action.)
Resolution regarding an increase in the principal amount of non-recourse revenue bonds of the
Industrial Development Corporation of the Port of Bellingham, the proceeds of which will be used
for industrial development facilities within the County by Atlantic Richfield company, now known
as BP West Coast Products LLC.
COMMITTEE ACTION. •
COUNCIL ACTION:
6/19/2007: Forwarded to Council for approval
6/19/2007: Council Approved 6-0 Nelson
absent Res. 2007-030
Related County Contract #:
Related File Numbers:
Ordinance or Resolution
Number: Res. 2007-030
Please Note: Once adopted and signed, ordinances and resolutions are available for viewing and printing
on the CounVswebsite at. www.co.wliatconi.wa.u.vlcouncit
SPONSORED BY: Consent
PROPOSED BY: Executive
INTRODUCTION DATE: 6/19/2007
RESOLUTION NO. 2007 -030
A RESOLUTION of the County Council of Whatcom County,
Washington, amending Resolution No. 2001 -061 to increase the
principal amount of its nonrecourse revenue bonds to be issued in
an amount not to exceed $300,000,000 approving, as planning
jurisdiction solely for the purposes of RCW 39.84.060, the issuance of
nonrecourse revenue bonds of the Industrial Development Corporation of
the Port of Bellingham, the proceeds of which will be used for industrial
development facilities within the County by Atlantic Richfield
Company, now known as BP West Coast Products LLC.
WHEREAS, the Legislature of the State of Washington has provided for the creation of public
corporations by municipalities, including counties., pursuant to Cbapter 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 Washington; and
WHEREAS, Whatcom County (the "County") has been advised that pursuant to the Act, the
Port Commission of the Port of Bellingham has created and approved the charter of a development
corporation, designated as the "Industrial Development Corporation of the Port of Bellingham" (the
"Development Corporation") to carry out the purposes of the Act; and
WHEREAS, the County has been advised that the Development Corporation has received an
application from Atlantic Richfield Company which is now owned by BP West Coast Products
LLC (the "Company ") for the financing the acquisition of equipment and improvements, including
solids product handling, solid waste, industrial sewage disposal facilities, dock and storage facilities at
the existing Cherry Point Refinery of the Company (collectively, the "Projects') located at 4519
Grandview Road, Blaine, which location is within the unincorporated area of the County, and
WHEREAS, the Company is a subsidiary of BP America Inc., a Delaware corporation
and indirect subsidiary of BP p.l.c., a company organized and existing under the laws of
England and Wales; and
WHEREAS, the Development Corporation's bond counsel has provided the County with its
proposed opinion that the Projects qualify as an "industrial development facility" within the meaning of
the Act; and
WHEREAS, the County provided with a copy of the Development Corporation's original
resolution taking official action on October 7, 1997 and providing preliminary approval for the
issuance of its nonrecourse revenue bonds in the amount of up to $70,000,000; and
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WHEREAS, the County has been advised that the Company has expended funds for the Project
and expects to expend additional funds on the Project in the future; and
WHEREAS, the County has been provided with a copy of the Development Corporation's
resolutions approved on December 4, 2001 confirming its intent to issue nonrecourse revenue bonds and
increasing the dollar amount of bonds to be issued to a total amount of not to exceed $130,000,000 and a
draft resolution of the Development Corporation to be adopted on June 5, 2007 increasing the dollar
amount of bonds to $300,000,000 (the "Bonds "); and
WHEREAS; the Act provides that no revenue bonds may be issued by the Development
Corporation for such Projects unless each county, city or town within whose planning jurisdiction the
Project is to be located has approved the issuance of revenue bonds; and
WHEREAS, the County adopted Resolution No. 2001 -061 on December 11, 2001 approving
the issuance of nonrecourse revenue bonds of the Development Corporation; and
WHEREAS, the Development Corporation has issued four series of bonds in the aggregate
amount of $119,000,000; and
WHEREAS, the County Council has been advised that the cost of the Projects has
increased; and
WHEREAS, the County has been assured that there will be no financial liability accruing to the
County 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 the Bonds;
NOW, THEREFORE, BE 1T RESOLVED BY THE COUNTY COUNCIL OF WHATCOM
COUNTY, WASHINGTON, as follows:
Section 1. The County Council, pursuant to Chapter 39.84 RCW, does hereby approve, as
planning jurisdiction, the issuance of the Bonds by the Development Corporation for the purposes of
financing the Projects under the Act.
The aggregate principal amount of the nonrecourse bonds to be issued by the Development
Corporation, originally approved by Resolution 2001 -061, is hereby increased to an amount of not to
exceed $300,000,000 (the `Bonds).
Section 2. This resolution is intended solely to constitute approval of the issuance of the Bonds
within the meaning of RCW 39.84.060. This approval shall not in anyway be deemed to be a review or
final approval of any development permit for any portion of the Projects which may be in process, or
may be submitted at a future date.
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APPROVED by the County Council ofWhatcom County, Washington, this 19 day of
June, 2007.
ATTEST: �.��.( G 0 (JAl.
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15ana.U;twnV VsVV tie Council
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APPROVED'kf, TO -FO
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Civil Deputy Pro for
WHATCOM COUNTY COUNCIL
WHATOOM COUNTY, WASHINGTON
Carl Weimer, Council Chair
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