HomeMy WebLinkAboutres1985-0401
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INTRODUCED BY: Becker
PROPOSED BY: Executive i,
DATE August ,
RESOLUTION NO. 85 -40
A RESOLUTION of the County Council of Whatcom
County approving the issuance of economic development
revenue bonds of The Industrial Development Corporation
of the Port of Bellingham pursuant to RCW 39.84.060.
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 (Reg. Sess.) codified as
Chapter 39.84 RCW, as amended (the "Act "), for the purpose of
facilitating economic development and employment opportunities in
the State of Washington; and
WHEREAS, pursuant to the Act, the Port Commission of the Port
of Bellingham has by resolution created and approved the charter
of a public corporation designated as "The Industrial Development
Corporation of the Port of Bellingham" (herein the "Development
Corporation ") in order to carry out the purposes of the Act; and
WHEREAS, the Development Corporation has reviewed an
application for the financing of the acquisition and installation
of new air pollution control equipment to abate or control
atmospheric pollutants at the Intalco Aluminum Corporation
facilities located at 4050 Mountain View Road, which is within
the boundaries of the County (the "Project Facilities "); and has
evidenced its intention to issue its nonrecourse revenue bonds to
finance all or a portion of the costs of the Project Facilities
by its Resolution No. 5 adopted July 13, 1984; and
WHEREAS, the Act provides that each county, city or town
within whose planning jurisdiction the Project Facilities arp to
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1 be located must approve the issuance of revenue bonds by the
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3 Development Corporation for such Project; and
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5 WHEREAS, the Development Corporation, as the issuer of the
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7 nonrecourse revenue bonds for the Project Facilities, has
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9 requested the approval of Whatcom County pursuant to the Act; and
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11 WHEREAS, the County Council has been assured that there will
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13 be no financial liability accruing to the County as a result of
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15 such approval and that this approval shall constitute approval
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17 solely for the purpose of permitting the Development Corporation
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19 to proceed with the issuance of such revenue bonds;
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21 NOW, THEREFORE, BE IT RESOLVED BY THE COUNTY COUNCIL OF
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23 WHATCOM COUNTY, as follows:
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25 Section 1. The County Council of Whatcom County, Washington
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27 (the "County "), pursuant to Chapter 39.84 RCW, does hereby
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29 approve the issuance of revenue bonds (the "Bonds ") by the
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31 Development Corporation for the purposes of financing the
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33 above - described Project Facilities under the Act.
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35 The Bonds are to be issued by the Development Corporation �n
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37 the aggregate principal amount of not to exceed $5,500,000
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39 pursuant to a resolution of the Board of Directors of the
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41 Development Corporation and approved by the Port Commission of
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43 the Port of Bellingham. The Bonds shall be entitled "The
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45 Industrial Development Corporation of the Port of Bellingham
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47 Economic Development Revenue Bonds (Intalco Project) Series
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49 1985." The proceeds of the Bonds are to be lent to Intalco
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51 Aluminum Corporation, a Delaware corporation (the "Company "),
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53 pursuant to a loan agreement, and used for the purposes of paying
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55 all or a part of the costs of acquisition and installation of air
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57 pollution control equipment to abate or control atmospheric'
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59 pollutants within the boundaries of the Port of Bellingham and
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unincorporated Whatcom County. The Bonds shall be payable solely
from the Company's repayments of the loan under the loan
agreement and shall be additionally secured by a letter of credit
and a guaranty 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 the interest on the
Bonds.
The County Council of Whatcom County hereby approves the
issuance of the Bonds under the Act by the Development
Corporation for the purposes of financing the Project Facilities.
Section 2. This resolution is intended solely to constitute
approval of the issuance of revenue bonds within the meaning of
RCW 39.84.060 of the Act. This approval shall not in any way be
deemed to be a review or final approval of any development permit
for the Project Facilities which may be in process, or may be
submitted at a future date.
ADOPTED this 8th day of August, 1985.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
ATTEST:
By Carol Ebergs
Clerk of the Council
APPROVED AS TO FORM:
Prosecuting Attorney
Willia,m'P., Roejil Chairperson
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