HomeMy WebLinkAboutres1986-0121
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DATE INTRODUCED: "larch 20, 1986 INTRODUCED BY: Warner
PROPOSED BY: Rend Counsel
RESOLUTION NO. 86 -12
A RESOLUTION approving the issuance of Industrial
Development Revenue Bonds by the Industrial
Development Corporation of the Port of Bellingham
for Liquid Carbonic Carbon Dioxide Corporation.
WHEREAS, the Industrial Development Corporation of the Port
of Bellingham has stated its intent to issue Industrial Development
Revenue Bonds for the development of a project by Liquid Carbonic
Carbon Dioxide Corporation;
WHEREAS, the Washington State Industrial Development Bond
Act (RCW Chapter 39.84) requires that the city, town or county
with planning jurisdiction over projects financed with Industrial
Development Revenue Bonds approve the issuance of such bonds;
WHEREAS, Whatcom County is the county with planning juris-
diction over the Liquid Carbonic Carbon Dioxide Corporation
project;
WHEREAS, the Liquid Carbonic Carbon Dioxide Corporation
proposes to acquire, construct and install a second production
unit for producing liquid carbon dioxide and the installation of
a liquid storage tank and truck scale, and in so doing, will
create riew permanent jobs; and
WHEREAS, the Industrial Revenue Bonds will be paid solely
from revenue generated by the Liquid Carbonic Carbon Dioxide
Corporation and Whatcom County shares no financial obligation or
liability in the repayment of the Bonds; Now, Therefore,
BE IT RESOLVED BY THE COUNTY COUNCIL OF WHATCOM COUNTY:
Whatcom County, pursuant to Chapter 300 Laws of Washington
1981 (RCW Chapter 39.84), hereby approves the issuance of revenue
bonds by the Industrial Development Corporation of the Port of
RESOLUTION - 1
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Bellingham for the purpose of financing production facilities at
4466 Alder Grove Road in Ferndale, in unincorporated Whatcom
County, to be implemented by the Liquid Carbonic Carbon Dioxide
Corporation pursuant to;said Law.
The bonds are to be issued by the Industrial Development
Corporation of the Port of Bellingham in principal amount not to
exceed Two Million Five Hundred Thousand Dollars ($2,500,000) for
the Liquid Carbonic Carbon Dioxide Corporation, all pursuant to
appropriate actions of the Industrial Development Corporation of
the Port of Bellingham and the Port Commission of the Port of
Bellingham.
The proceeds of the bonds shall be lent to Liquid Carbonic
Carbon Dioxide Corporation, pursuant to a properly executed loan
agreement and trust indenture and used for the purpose of financing
the project described above.
The bonds shall be payable solely from repayments of the
loan pursuant to the loan agreement entered into between the
Industrial Development Corporation of the Port of Bellingham and
the Liquid Carbonic Carbon Dioxide Corporation. The proceeds of
the bonds shall be used solely for proper and eligible costs of
the project described above. The bonds shall not constitute or
become obligations of the County, and no tax money or other
revenues of the County shall be used to pay the principal of or
interest or any premium on the bonds. Neither the faith, credit
or taxing power or revenues of the County shall ever be pledged
to pay the principal of or the interest on the bonds.
BE IT FURTHER RESOLVED BY THE COUNTY COUNCIL OF WHATCOM COUNTY:
This resolution confers approval of the issuance of industrial
development revenue bonds within the meaning of RCW 39.84.060.
It does not in any way review or grant preliminary or final
approval of any permits, zoning changes, variances or other
11 RESOLUTION - 2
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actions associated with the Liquid Carbonic Carbon Dioxide
Corporation Project for purposes of County regulatory or land use
ordinances, nor affect the County's environmental review and
protection procedures. This approval shall not be construed as
affirmation of the validity of the bonds or the purpose for which
the proceeds of the bonds will be used.
ADOPTED by the County Council of Whatcom County, Washington,
this 20th day of March, 1986.
COM COUNTY, HI TON
rpers Zyof he County C ncil
ATTEST:
Clerk of the Co cil
APPROVED AS TO FORM:
Prosecuting ktly rney
I concur on behalf of the Executive branch:
". 00-- �
Shirley Vand Zante
Whatcom County Executive
II RESOLUTION - 3
CERTIFICATE
I, the undersigned, Clerk of the County Council of Whatcom
County, Washingtgn (herein called "the County ") DO HEREBY CERTIFY:
1. That the attached Resolution numbered 86 -12 (herein
called 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 Council. held on March 20 , 1986, 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.numbdr of members of the County Council 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 hand and affixed
the official seal of Whatcom County this 21st day of March, 1986.
Clerk
[COUNTY SEAL]