HomeMy WebLinkAboutres1989-0301
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79
INTRODUCED BY: Consent _
PROPOSED BY: PLANNING
DATE: 4 -6 -89
SUBSTITUTE RESOLUTION
RESOLUTION NO. 89-30
A RESOLUTION OF THE WHATCOM COUNTY COUNCIL APPROVING THE ACTION OF THE STATE
OF WASHINGTON COMMUNITY ECONOMIC REVITALIZATION BOARD AND THE ISSUANCE OF
NON- RECOURSE REVENUE BONDS TO FINANCE AN INDUSTRIAL DEVELOPMENT FACILITY
FOR D.J.S. & T. PRODUCT DEVELOPMENT AND ENGINEERING AND PROVIDING FOR OTHER
MATTERS PROPERLY RELATING THERETO.
WHEREAS, on January 21, 1989, the Community Economic Revitalization Board
( "CERB ") had presented to it Resolution No. U -89 -001 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 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 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 $575,000 pursuant to a Resolution of CERB. The proceeds of the Bonds are to
be lent to D.J.S.& T. Product Development and Engineering, 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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D.J.S. & T. Proo,. -ts
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
15 ATTEST:
16 17 Clerk Clerk of the Council
, 1989.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY,aASH LN
ald G.Adnsey /, Chairpers
18 APPROVED AS TO FORM:
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21 Dave Cott nngh m
22 Civil Dep rosecuting Attorney