HomeMy WebLinkAboutres2006-047WHATCOM COUNTY COUNCIL AGENDA BILL NO.
2006 --315
CLEARANCES
Initial
Date
Date Received in Council Office
A ends Date
Assigned to:
Originator:
PK
7/17/06
_
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JUL 1 8 1006
WHATCOM COuuy
V f S y 1 L
7/25/06
Finance/
Council
Division Head:
Dept. Head:
Prosecutor:
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Purchasirt /Bud et
j
Executive:
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TITLE OF DOCUMENT.•
Resolution of the County Council of Whatcom County, Washington, 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 Wood Stone Corporation.
ATTACHMENTS:
Memorandum and Resolution
SEPA review required? ( ) Yes ( ) NO
Should Clerk schedule a hearing ? ( ) Yes ( X ) NO
SEPA review completed? ( ) Yes ( ) NO
Requested Date:
SUMMARYSTATEMENT OR LEGAL NOTICE LANGUAGE: (If 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 RCW or WCC as appropriate.
Be clear in explaining the intent of the action.)
Resolution regarding 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 by Wood Stone
Corporation.
COMMITTEE ACTION. •
COUNCIL ACTION:
7/25/06: Forwarded to Council for approval
7/25/06: Council Approved 6 -0, McShane
absent Res. 2006 -047
Related County Contract #:
Related File Numbers:
Ordinance or Resolution
Number. Res. 2006 -047
Please Note: Once adopted and signed, ordinances and resolutions are available for viewing and printing
on the County's website at: www.co.whatcomwausleouncil.
SPONSORED BY: Executive
PROPOSED BY: Executive
INTRODUCTION DATE: 7125106
RESOLUTION NO. 2006 -047
A RESOLUTION of the County Council of Whatcom County,
Washington, 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 Wood Stone
Corporation.
WHEREAS, the Legislature of the State of Washington has provided for the creation of
public corporations by municipalities, 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 industrial development and employment opportunities in the State of
Washington; and
WHEREAS, pursuant to the Act, the Industrial Development Corporation of the Port of
Bellingham (the "Development Corporation ") was formed in order to carry out the purposes of the
Act; and
WHEREAS, the Development Corporation has received an application from Wood Stone
Corporation (the "Company ") for the purpose of providing financing for the acquisition,
construction, and equipping of a facility for the manufacture, assembly and warehousing of
cooking equipment at 1791 West Bakerview Road in unincorporated Whatcom County (the
"Project "); and
WHEREAS, the Development Corporation and its bond counsel have reviewed the
application of the Company and have determined that the project qualifies as an "industrial
development facility" within the meaning of the Act; and
WHEREAS, the Development Corporation has scheduled a special meeting to approve the
issuance of nonrecourse revenue bonds in the amount not to exceed $8,000,000 (the "Bonds ") on
July 18, 2006; and
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WHEREAS, the Act provides that each county or town within whose planning jurisdiction
the Project is to be located must approve the issuance of revenue bonds by the Development
Corporation for such Project; and
WHEREAS, the Development Corporation, as the issuer of the Bonds for the Project, has
requested the approval of Whatcom County (the "County") pursuant to the Act; 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 IT RESOLVED BY THE COUNTY COUNCIL OF
WHATCOM COUNTY, WASHINGTON, as follows:
Section 1. The County, pursuant to Chapter 39.84 RCW, does hereby approve the
issuance of the Bonds by the Development Corporation for the purposes of financing the Project
under the Act.
The Bonds are anticipated to be issued by the Development Corporation in the aggregate
principal amount not to exceed $8,000,000 pursuant to a resolution of the Board of Directors of
the Development Corporation for the purposes of financing the Project under the Act.
The proceeds of the Bonds will be loaned to the Company, pursuant to a loan agreement
with the Development Corporation, and the proceeds will be used for the purpose of paying all or
a part of the costs of the Project within unincorporated Whatcom County. The Bonds shall be
payable solely from the Company's repayments of the loan under the loan agreement. The Bonds
shall not constitute an obligation of the County, and no tax funds or other revenues of the County
shall be used to pay the principal of, premium, if any, or interest on the Bonds. Neither the faith
and credit nor any taxing power or revenues of the County shall ever be pledged to pay the
principal of, premium, if any, or interest on 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 any way be deemed
to be a review or final approval of any development permit for the Project that may be in process,
or may be submitted at a future date.
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ADOPTED by the County Council of Whatcom County, Washington, this 25 day of
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APPROVED AS TO FORM:
Civil Deputy P o ut r
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WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
S C, i L,-�
aurie Caskey- Schreiber, C uncil Chair
CERTIFICATE
I, the undersigned, Clerk of the County Council of Whatcom County, Washington (the
"County "), DO HEREBY CERTIFY:
That the attached Resolution No.2006 -047 (the "Resolution ") is a true and correct
copy of a resolution of the County as adopted at a meeting of the County Council of the County
held on July 25, 2006 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 County Council of the County 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 1� �'1 1 fbg day of July 2006.
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Clerk nftlie- (:c
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