HomeMy WebLinkAboutres1984-0561
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INTRODUCED ii: Becker
PROPOSED BY: Bond Counsel
DATE December 20, 1984
RESOLUTION NO. 84 -56
A RESOLUTION of the County Council of Whatcom County
approving the issuance of 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 municipali-
ties, 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 Washing-
ton; 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 applica-
tion for the financing of the acquisition, construction and
installation of a manufacturing facility for the manufacture,
assembly, and warehousing of computer software and electronics
equipment at the Trillium Industrial Park, which is within the
boundaries of the County (the "Project Facilities "); has deter-
mined that the Project Facilities qualify as "industrial develop-
ment facilities" within the meaning of the Act; and has approved
the issuance of its nonrecourse revenue bonds to finance all or a
portion of the costs of the Project Facilities by its Resolution
No. 3 adopted March 2, 1984; and
WHEREAS, the Act provides that each county, city or town
within whose planning jurisdiction the Project Facilities are to
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be located must approve the issuance of revenue bonds by the
Development Corporation for such Project; and
WHEREAS, the Development Corporation, as the issuer of the
nonrecourse revenue bonds for the Project Facilities, has
requested the approval of Whatcom County pursuant to the Act; and
WHEREAS, the County Council has been assured that there will
be no financial liability accruing to the County as a result of
such approval and that this approval shall constitute approval
solely for the purpose of permitting the Development Corporation
to proceed with the issuance of such revenue bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNTY COUNCIL OF
WHATCOM COUNTY, as follows:
Section 1. The County Council of Whatcom County, Washington
(the "County "), pursuant to Chapter 39,84 RCW, does hereby
approve the issuance of revenue bonds (the "Bonds ") by the
Development Corporation for the purposes of financing the above-
,
described Project Facilities under the Act.
The Bonds are to be issued by the Development Corporation in
the aggregate principal amount of not to exceed $2,995,600
pursuant to a resolution of the Board of Directors of the Develop-
ment Corporation, and approved by the Port Commission of the Port
of Bellingham. The Bonds shall be entitled "The Industrial
Development Corporation of the Port of Bellingham Industrial
Development Revenue Bond, Series 1984 (Cordata I Limited Partner-
ship Project)." The proceeds of the Bonds are to be lent to
r
Cordata I Limited Partnership, a Washington limited partnership
(the "Partnership "), pursuant to a loan agreement, and used for
the purposes of paying all or a part of the costs of acquisition,
construction and installation of a manufacturing facility for the
manufacture, assembly, and warehousing of computer software and
electronics equipment within the boundaries of the Port of
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Bellingham and unincorporated Whatcom County (the "Project
Facilities "). The Bonds shall be payable solely from the Part-
nership's repayments of the loan under the loan agreement and
shall be additionally secured by a letter of credit and a deed of
trust on the Project Facilities. 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 Corpora-
tion for the purpose 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 20th day of December, 1984.
WHA COUNTY OU L
_ W TCOn CT� 71 ING)TON
ATTEST: ,
By Carol Ebergson
Clerk of the Cou cil
APPROVED AS TO FORM:
Special Deputy
Prosecuting Attorney
e, Chairper
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CERTIFICATE
I, the undersigned, Clerk of the County Council of Whatcom
County (herein called the "County ", DO HEREBY CERTIFY:
1. That the attached Resolution numbered 84 -56 (herein
called the "Resolution ") is a true and correct copy of a resolu-
tion of the County as adopted at a meeting of the County Council
held on the 20th day of December 1984, 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 number 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 other-
wise observed, and that I am authorized to execute this certifi-
cate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the County this 21stday of December, 1984.
[COUNTY SEAL]
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Carrel Fhergsnn Jerk
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