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INTRODUCED BY: Consent _
PROPOSED BY: PLANNING
DATE: 4 -6 -89
SUBSTITUTE RESOLUTION
RESOLUTION NO. 89-29
A RESOLUTION OF THE WHATCOM COUNTY COUNCIL APPROVING THE ACTION OF THE STATE
(IF WASHINGTON COMMUNITY ECONOMIC REVITALIZATION BOARD AND THE ISSUANCE OF
NON- RECOURSE REVENUE BONDS TO FINANCE AN INDUSTRIAL DEVELOPMENT FACILITY
FOR GRANNY'S GOURMET MUFFINS, INC. AND PROVIDING FOR OTHER MATTERS PROPERLY
RELATING THERETO.
WHEREAS, on January 21, 1989, the Community Economic Revitalization Board
( "CERB ") had presented to it Resolutions No. U -89 -003 and U -89 -005 copies of which
are attached hereto as Exhibit A and B, relating to the issuance of non - recourse
revenue bonds wherein the proceeds of which would be loaned to the Company for the
construction of improvements and acquisition of a manufacturing facility (the
"Project "), all as authorized by the Local Economic Development Act of 1981, R.C.W.
Title 39, Chapter 84, as amended (the "Act "); and
WHEREAS, on January 21, 1989, CERB unanimously approved the Resolution; and
WHEREAS, the Project will be located in Cordata Business Park in unincorporated
Whatcom County, the original description referencing Bellingham being in error; and
WHEREAS, the Act provides that no public corporation may 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, CERB will exercise the powers of a public corporation pursuant to RCW
39.84.200;
NOW THEREFORE BE IT RESOLVED by the Whatcom County Council:
Section 1: The Whatcom County Council pursuant to Chapter 300, Laws of
Washington, 1981 (Regular Session), RCW Chapter 39.84, does hereby approve the
issuance of non - recourse revenue bonds by the Community Economic Revitalization Board,
for the purposes provided in the Act.
Section 2: The Bonds shall be issued in the aggregate principal sum of not to
exceed $2,000,000 pursuant to a Resolution of CERB. The proceeds of the Bonds are to
be lent to Granny's Gourmet Muffins, Inc., pursuant to a loan agreement or other
appropriate financing agreement, and used for the purpose of paying the cost of
acquisition, construction and installation of manufacturing facilities, including
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 Whatcom County shall be used to pay the principal of or the 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 of or interest
on the Bonds.
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Granny's Gourmet Muffins
CERB Loan, Page Two
Section 4: Whatcom County hereby approves the issuance of the Bonds by CERB for
the purpose of financing the Project as described herein, a qualified project under
the Act.
Section 5: This Resolution is intended to constitute approval of the issuance
of revenue bonds within the meaning of RCW 39.84.060.
Section 6: Upon passage and approval of this Resolution, it shall take effect
immediately.
PASSED this 6th day of April 1 1989.
ATTEST:
_- .� -----
Cl e.rk, of the Council
APPROVED AS TO FORM:
Dave Cott' g am
Civil Depu Prosecuting Attorney
WHATCOM COUNTY CIL
WHATCOM COUNTY INOTON
a`ld G. H#(se)', Chairper