HomeMy WebLinkAboutres1983-0571
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Date: November 3, 1983
Introduced by:
Proposed by: _
RESOLUTION NO. 83 -57
Hansey
Bond Counsel
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 received an appli-
cation from Dale and Elaine Shintaffer (the "Borrower ") for the
financing of the acquisition, construction and installation of a
commercial warehouse for the storage of beverages at the
Bellingham Airport Industrial Park, which is within the bound-
aries of the County (the "Project Facilities "); and
WHEREAS, the Development Corporation reviewed the applica-
tion of Dale and Elaine Shintaffer determined that the Project
Facilities qualify as "industrial development facilities" within
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the meaning of the Act and approved the issuance of its non -
recourse revenue bonds to finance all or a portion of the costs
of the Project Facilities by its Resolution No. 1 adopted on
June 17, 1983; and
WHEREAS, Dale and Elaine Shintaffer, together with their
sons, have formed a general partnership, SFP Partnership, for the
purpose of undertaking the Project Facilities; and
WHEREAS, the Act provides that each county, city or town
within whose planning jurisdiction the Project Facilities is to
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 the 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 $1,500,000
pursuant to a resolution of the Board of Directors of the
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Development 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
Revenue Bond (Sound Beverage Project)." The proceeds of the
Bonds are to be lent to SFP Partnership, a Washington general
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 commercial
warehouse for the storage of beverages within the boundaries of
the Port of Bellingham and unincorporated Whatcom County (the
"Project Facilities "). The Bonds shall be payable solely from
the Partnership's repayments of the loan under the loan agreement
and shall be additionally secured by 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
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for the Project Facilities which may be in process, or may be
submitted at a future date.
Introduced this 3rd day of November 1983.
ADOPTED this 17th day of November , 1983.
WHATCOM COUNTY COUNCIL
W C M CO W H GTON
i
airpe
ATTEST:
&4411610ez
Clerk of the C uncil
Signed by the Whatcom County Executive this 18th day of
November 1983.
APPROVED AS TO FORM:
County Executive
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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 83 -57 (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 17th day of November 1983, 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 22nd day of November, 1983.
- - Clerk of the 'What m Gounty Council
'[COUNTY SEAL]
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