HomeMy WebLinkAboutRES 2574 RESOLUTION NO. 2574
A RESOLUTION OF THE COUNCIL OF THE CITY OF RENTON,
WASHINGTON, approving the issuance of revenue bonds
of The King County Economic Enterprise Corporation
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 counties, 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, King County (the County) has by
Ordinance No. 6628 (the Ordinance) created and approved the
charter of a public corporation, designated as "The King County
Economic Enterprise Corporation" (herein the "Corporation") in
order to carry out the purposes of the Act; and
WHEREAS, the Corporation has received an application from
William C. Hunt, an individual (the "Individual" ) for the
financing of , the acquisition of land and the construction and
installation of a 70,000 square foot building facility for the.
manufacture of close tolerance machined and sheet metaled parts
for aerospace, computer and electronic industries at a location
which is within the boundaries of the City of Renton (the
"Project" ) ; and
WHEREAS, the Corporation has reviewed the application of the
Company, has determined that the Project qualifies as an "indus-
trial development facility" 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 by its Resolution
No. 84-11 adopted on September 7, 1984; and
WHEREAS, the Act provides that each city within whose plan-
ning jurisdiction the Project is to be located must approve the
issuance of revenue bonds by the Corporation for such Project; and
WHEREAS, the 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 Council of the City of Renton has been assured
that there will be no financial liability accruing�. y g to the City as
a result of such approval and that this approval shall constitute
approval solely for the purpose of permitting the Corporation to
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proceed with the issuance of such revenue bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
RENTON, WASHINGTON, as follows:
Section 1. The City Council of the City of Renton,
Washington, pursuant to RCW 39.84.060 does hereby approve the
issuance of revenue bonds (the "Bonds" ) by The King County Eco-
nomic Enterprise Corporation, King County, Washington for the
purposes of financing the above-described Project under the Act.
The Bonds are to be issued by the Corporation in the aggre-
gate principal amount of not to exceed
P $2,646,431 pursuant to a
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resolution of the Board of Directors of the Corporation to be
approved by the King County Council. The Bonds shall be entitled
"King County Economic Enterprise Corporation, King County,
Washington, Nonrecourse Revenue Bonds (William C. Hunt Project) . "
The proceeds of the Bonds are to be used to loan money to
William C. Hunt to acquire and build the Project pursuant to a
Loan Agreement (Loan Agreement) . The Bonds shall be payable
solely from the Individuals obligations to repay 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 the interest on the Bonds.
This Council hereby approves the issuance of the Bonds under
the Act by the Corporation for the purpose of financing the
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Project.
Section 2. This resolution is intended solely to constitute
approval of the issuance of revenue bonds within the meaning of
RCW 39.84.060.
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PASSED BY THE CITY COUNCIL this 5th day of November, 1984.
Maxine E. Motor, City Clerk
APPROVED BY THE MAYOR this 5th day of November, 1984 .
Barbara Y. hinpoch, Mayor
Approved as to form:
G�-man,•
Lawrence J. Warren, City Attorney