HomeMy WebLinkAboutRES 3959CITY OF RENTON,WASHINGTON
RESOLUTION NO.3959
A RESOLUTION OF THE RENTON CITY COUNCIL APPROVING THE
ACTION OF THE STATE OF WASHINGTON ECONOMIC
DEVELOPMENT FINANCE AUTHORITY AND THE ISSUANCE OF
NON-RECOURSE REVENUE BONDS TO FINANCE AN ECONOMIC
DEVELOMENT FACILITY FOR PUGET SOUND BLOOD CENTER
("THE COMPANY"),AND PROVIDING FOR OTHER MATTERS
PROPERL Y RELATING THERETO.
WHEREAS,on April 18,2008,the Washington Economic Development Finance
Authority ("WEDFA")had presented to it Resolution No.W -2008-05 (the "Resolution"),a copy
of which is attached hereto as Exhibit A,relating to the issuance of non-recourse revenue bonds
wherein the proceeds of which would be loaned to the Company for the purchase of an existing
warehouse located at 701 SW 39th St.,Renton,WA,98055,make site improvements,purchase
equipment,and refinance the remaining portion of tax exempt bonds issued in 1998 (the
"Project"),all as authorized by the Economic Development Finance Authority Act of 1989,
R.C.W.Title 43,Chapter 163,as amended (the "Act");and
WHEREAS,on April 18,2008,WEDFA unanimously approved the Resolution;and
WHEREAS,it is the policy of the Washington Economic Development Finance
Authority not to issue revenue bonds except upon the approval of the county,city or town within
whose planning jurisdiction the proposed industrial development facility lies;and
WHEREAS,the Project lies within the boundaries of the City of Renton,King County,
Washington;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON,DOES RESOLVE AS FOLLOWS:
SECTION I.The above recitals are found to be true and correct in all respects.
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RESOLUTION NO.3959
SECTION II.The Renton City Council ("the Council"),pursuant to the request
of the Washington Economic Development Finance Authority,does hereby approve the issuance
of non-recourse revenue bonds (the "Bonds")by the Washington Economic Development
Finance Authority,for the purposes provided in the Act.
SECTION III.The Bonds shall be issued in the aggregate principal sum of not to
exceed $28,860,000 pursuant to a Resolution of WEDF A.The proceeds of the Bonds are to be
lent to the Company,pursuant to a loan agreement or other appropriate financing agreement,and
used for the purpose of acquiring, rehabilitating and equipping the Project,including the
necessary appurtenances,located within the boundaries of the City of Renton and to pay certain
costs of issuance of the Bonds.
SECTION IV.The Bonds shall not constitute an obligation of the State of
Washington or of the City of Renton,and no tax funds or revenues of the State of Washington or
of the City of Renton shall be used to pay the principal or interest on the Bonds.Neither the
faith and credit nor any taxing power of the State of Washington or the City of Renton shall be
pledged to pay the principal or interest of the Bonds.
SECTION V.The City of Renton hereby approves the issuance of Bonds by
WEDFA for the purpose of financing the Project as described herein,a qualified project under
the Act.However,such approval shall not waive any of the permitting requirements applicable
to this project.
SECTION VI.This Resolution is intended to constitute approval of the issuance
of revenue bonds within the meaning of the policy of the Washington Economic Development
Finance Authority.
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SECTION VII.
immediately.
RESOLUTION NO.3959
Upon passage and approval of this Resolution,it shall take effect
PASSED BY THE CITY COUNCIL this 21st day of __-=.:J-=.;u-'-l......y ,2008.
Bonnie 1.Walton,City Clerk
APPROVED BY THE MAYOR this 21st day of J _u_1_y ,2008.
~~-'
Denis Law,Mayor
;z.ppr ed as to form:
....'~~....~~r.....r~.o~
Lawrence J.Warren,City Attorney
RES.1356:7117/08:scr
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