HomeMy WebLinkAbout18-91
RESOLUTION NO. 18-91
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A RESOLUTION of the city Council of the City of
Port Angeles approving the issuance of
nonrecourse industrial development revenue
bonds of the Industrial Development
Corporation of the Port of Port Angeles for
the benefit of Daishowa America co., Ltd. pur-
suant to RCW 39.84.060.
WHEREAS, the Legislature of the State of Washington has
provided for the creation of development corporations by
municipalities, including ports, pursuant to Chapter 300, Laws of
Washington, 1981 (Regular Session) 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 of Angeles has, by
Resolution No. 529, created and approved the charter of a
development corporation, designated as "Industrial Development
corporation of the Port of Port Angeles" (the "Development Corpora-
tion") in order to carry out the purposes of the Act; and
WHEREAS, the Development Corporation has received an applica-
tion from Daishowa America Co., Ltd. (the "Company") for the
financing of a new solid waste disposal facility, which will be
utilized for de-inking newsprint (the "Project"), which is within
the boundaries of the City of Port Angeles (the "City"); and
WHEREAS, the Development Corporation has reviewed the appli-
cation of the Company, has determined that the Project qualifies
as an "industrial development facility" within the meaning of the
~ Act and has approved the issuance of its nonrecourse revenue bonds
in Resolution No. __ adopted on May 13, 1991; and
WHEREAS, the Act (RCW 39.84.060) provides that each county,
city or town within whose planning jurisdiction the Project is to
be located must approve the issuance of revenue bonds by the
Development Corporation for such Project; and
4t WHEREAS, the Development Corporation, as the issuer of the
nonrecourse revenue bonds for the proj ect, has requested the
approval of the City pursuant to the Act; and
WHEREAS, the city has been assured that there will be no
financial liability accruing to the City 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 CITY COUNCIL OF THE CITY
OF PORT ANGELES, WASHINGTON, as follows:
Section 1. The city Council of the city of Port Angeles,
Washington (the "City"), pursuant to Chapter 39.84 RCW, does hereby
approve the issuance of revenue bonds (the "Bonds") by the
Industrial Development Corporation of the Port of Port Angeles (the
"Development Corporation") for the purposes of financing the above-
described Project under the Act.
The Bonds are to be issued by the Development Corporation in
the aggregate principal amount of not to exceed $40,000,000 of
which an initial amount of $13,200,000 will be issued pursuant to
a resolution of the Board of Directors of the Development Corpora-
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tion adopted on and approved by the Port Commission of the Port of
Port Angeles on May 13, 1991. The proceeds of the Bonds are to be
loaned to the Company, pursuant to a loan agreement, and used for
the purposes of paying all or a part of the costs of industrial
development facilities within the boundaries of the City of Port
e Angeles. The Bonds shall be payable solely from the Company's
repayments of the loan under the loan agreement. The Bonds shall
not constitute an obligation of the City, and no tax funds or other
revenues of the city 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 City shall ever be
pledged to pay the principal of, premium, if any, or interest on
the Bonds.
The City Council of the city of Port Angeles hereby approves
the issuance of the Bonds under the Act by the Development
Corporation for the purpose of financing the industrial development
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. This approval shall not in any way be deemed to be
a review or final approval of any development permit for the
Project which may be in process, or may be submitted at a future
date.
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PASSED by the City Council of the City of Port Angeles
at a regular meeting of said Council held on the 21st day of May,
1991.
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ATTEST:
cJ-;!i~~
6o~SQ~Q' )).~"-
Becky J. pto City lerk
AS TO FORM:
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