HomeMy WebLinkAboutres2003-017WHATCOM COUNTY COUNCIL AGENDA BILL NO. 2003 -087
CLEARANCES
itial
Da.
Date Received In Council Office
Agenda Dote
Assionedto:
-
Council
,,_6 sums:
Division Head.
'
CJ7
_
�� r•o LE
R /ullrs� FEB 4 q- 2003
p!eY COO" GDUW$ ss
U l ouAcPl
2111103
Dept Head:
Prosecutor
hvlo3
PurchasumB udgn.
i/./
i
Ereru rive :
�
SUBJECT: RESOLUTIONAPPROFrING THE ACTION OF THE STATE OF WASHINGTON ECONOMIC
DEVELOPMENT FINANCE AUTHORITYAND THE ISSUANCE OFNON- RECOURSE REVENUE BONDS
TO FINANCE AN ECONOMIC DEVELOPMENT FACILITY FOR ABSORPTION CORPORATION (`the
COMPANY''), AND PROVIDING FOR OTHER MATTERS PROPERLYRELATING THERETO
ATTACHMENTS: RESOLUTION
SEPA review required? ( ) Yes (
SEPA review completed? ( ) Yes (
) NO
) NO
Should Clerk schedule a hearing ? ( ) Yes ( ) NO
Requested Date:
SUMMARY STATEMENT:
Distribution Request
Indicate those who should receive a copy Jeer Council action.
List specific names m the right
ADS Facilities Management
ADSFinance
ADS Human Resources
ADSIrtin Services
Assessor
Auditor
Cooperadve Extension
Didrid Court
Executive
Health
Hearing Examiner
Jail
COUNCIL ACTION TAKEN:
2003 -87 2/11103. Approved 7-0. Res. #200 &017
Juvenile
Parks
Planning
Prosecutor
Public works
Sheriff
Superior Court
Remted County Contract #:
Treasurer
othere1
Related File Numbers:
Ordinance or Resolution Number
(this item): Res. 2003 -017
SPONSORED BY: Executive
PROPOSED BY: Executive,
ive
INTRODUCTION DATE: 2/11/03
RESOLUTION N0P003 -017
RESOLUTION APPROVING THE ACTION OF THE STATE OF WASHINGTON
ECONOMIC DEVELOPMENT FINANCE AUTHORITY AND THE ISSUANCE OF NON -
RECOURSE REVENUE BONDS TO FINANCE AN ECONOMIC DEVELOPMENT
FACILITY FOR ABSORPTION CORPORATION ( "the COMPANY "), AND PROVIDING
FOR OTHER MATTERS PROPERLY RELATING THERETO
WHEREAS, on October 30, 2001, the Washington Economic Development Finance Authority
( "WEDFA ") had presented to it Resolution No. W- 2001 -030 (the "Resolution'), a copy of
which is attached hereto as Exhibit A, relating to the issuance of non - recourse revenue bonds
wherein the proceeds of which would be loaned to the Company for the acquisition of land and
construction and equipping of a facility for the manufacture of animal pet bedding and litter
applications and industrial uses (the "Project'), all as authorized by the Economic
Development Finance Authority Act of 1989, R.C.W. Title 43, Chapter 163, as amended (the
"Act "); and
WHEREAS, ON October 30, 2001, WEDFA unanimously approved the Resolution; and
WHEREAS, it is the policy of the Washington Economic Development Finance Authority not
to issue revenue bonds except upon the approval of the county, city or town within whose
planning jurisdiction the proposed industrial development facility lies; and
WHEREAS, the Project lies within the boundaries of unincorporated Whatcom County,
Washington;
NOW, THEREFORE, BE IT RESOLVED by the Whatcom County Council that:
Section 1: The Whatcom County Council (the "Council") pursuant to the request of the
Washington Economic Development Finance Authority, does hereby approve the issuance of
non - recourse revenue bonds (the "Bonds ") by the Washington Economic Development Finance
Authority, for the purposes provided in the Act.
Section 2: The Bonds shall be issued in the aggregate principal sum of not to exceed
M
$7,288,500 pursuant to a Resolution of WEDFA. The proceeds of the Bonds are to be lent to
the Company, pursuant to a loan agreement or other appropriate financing agreement, and
used for the purpose of (constructing and) equipping the Project, including the necessary
appurtenances, located within the boundaries of Whatcom County and to pay certain costs of
issuance of the Bonds.
Section 3: The Bonds shall not constitute an obligation of the State of Washington or of
Whatcom County, and no tax funds or revenues of the State of Washington or of Wbatcom
County shall be used to pay the principal or interest on the Bonds. Neither the faith and credit
nor any taxing power of the State of Washington or of Whatcom County shall be pledged to
pay the principal or interest on the Bonds.
Section 4: The Whatcom County Council hereby approves the issuance of bonds by WEDFA
for the purpose of financing the Project as described herein, a qualified project under the Act.
However, such approval shall not waive any of the permitting requirements applicable to this
project.
Section 5: This Resolution is intended to constitute approval of the issuance of revenue bonds
within the meaning of the policy of the Washington Economic Development Finance
Authority.
Section 6: Upon passage and approval of the Resolution, it shall take effect immediately.
APPROVED this I I day of February, 2003.
ATTEST:
L L -
Dana Brown- Davis, Clerk of the Council
APPROVED AS TO FORM:
Civil Deputy Prosecutor
�7
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
Dan McShane, Council Chair