HomeMy WebLinkAboutRES 2573 RESOLUTION NO. 2573
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
5 order to carr out the
y purposes of the Act; and
WHEREAS, the Corporation has received an application from
Arensberg Investments, a partnership (the "Partnership") for the
financing of the acquisition of land and the construction and
installation of a 112,000 square foot warehouse facility for the
distribution of automotive parts and supplies 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. 84-10 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 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
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
Economic 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 $2, 700,000 pursuant to a
resolution of the Board of Directors of the Corporation and
approved by the King County Council. The Bonds shall be entitled
-2- LMC284 84/10/31
"King County Economic Enterprise Corporation, King County, Washington,
Nonrecourse Revenue Bonds (Arensberg Investments Project) . " The
proceeds of the Bonds are to be used to. loan money to Arensberg
Investments to acquire and build the Project pursuant to a Loan
Agreement (Loan Agreement) . The Bonds shall be payable solely from
the Company' s 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 prupose of financing the 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.
PASSED BY THE CITY COUNCIL this 5th day of November, 1984.
o
Maxine E. Motor, City Clerk
APPROVED BY THE MAYOR this 5th day of Nobember, 1984 .
Barbara Y. �Shinp ch, Mayor
Approved as to form:
Lawrence J. - 6� err, City Attorney