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HomeMy WebLinkAbout22-96 RESOLUTION NO. 22-96 A RESOLUTION of the City Council of the City of Port Angeles, Washington, approving the issuance of nonrecourse revenue bonds of The Industrial Development Corporation of the Port of Port Angeles for the benefit of Admiral Marine Works, Inc., and Buildings Plus, Inc., 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 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 of Port Angeles has created and approved the charter of a public corporation, designated as "The Industrial Development Corporation of the Port of Port Angeles" (the "Development Corporation") to carry out the purposes of the Act; and WHEREAS, the Development Corporation has received an application from Admiral Marine Works, Inc., and Buildings Plus, Inc., (together, the "Company") for the financing of the acqui- sition, construction and equipping of new manufacturing facilities within the Port of Port Angeles (the "Project"), which are within the boundaries of the City of Port Angeles (the "City"); and WHEREAS, the Development Corporation and its bond counsel have reviewed the application of the Company and have determined that the Project qualifies as an "industrial development facility" within the meaning of the Act; and WHEREAS, the Development Corporation expects to hold a special meeting on November 25, 1996, to consider the issuance of nonrecourse revenue bonds in an amount not to exceed $2,500,000; and WHEREAS, the Act provides that each city, town or county within whose planning jursidiction the Project is to be located must approve the issuance of nonrecourse 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, 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 nonrecourse revenue bonds; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port Angeles 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 nonrecourse revenue bonds (the "Bonds") by 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 $2,500,000 pur- suant to a resolution of the Board of Directors of the Development Corporation and approved by the Port Commission of the Port of Port Angeles. The proceeds of the Bonds are to be loaned to the Company pursuant to loan agreements, 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 Angeles. The Bonds shall be payable solely from the Company's repayments of the loans under the loan agreements. 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. Section 2. This Resolution is intended solely to constitute approval of the issuance of nonrecourse revenue bonds -2- 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 that may be in process, or may be submitted at a future date. PASSED by the City Council of the City of Port ~geles at a regular meeting of said Council held on the 19th day of November, 1996. ~M_~y O R-~ v ATTEST: Becky '~p~n, ~ty Clerk APPROVE~AS TO FORM: Craig D. \Knutson, City Attorney R~.i! -3-