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HomeMy WebLinkAboutRES 3318 1 RESOLUTION NO. 3 318 A RESOLUTION of the City Council of the City of Renton, Washington, approving the issuance of tax-exempt variable rate demand industrial revenue bonds of the King County Economic Enterprise Corporation for the benefit of Puget Sound Blood Center and Program 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 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 Washington; and WHEREAS, pursuant to the Act, the King County Economic Enterprise Corporation (the "Enterprise Corporation")was formed in order to carry out the purposes of the Act; and WHEREAS, the Enterprise Corporation has received an application from Puget Sound Blood Center and Program, a Washington nonprofit corporation (the "Company") for the purpose of providing financing .for the acquisition, construction and equipping of facilities for the processing, storing and distributing of blood products and tissue located at 501 S.W. 39th Street, Renton, Washington (the "Project"), which is within the boundaries of the City of Renton, Washington (the "City"); and WHEREAS, the Enterprise 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 Enterprise Corporation intends to issue its variable rate demand 501(c)(3) revenue bonds in an amount not to exceed $7,500,000 (the "Bonds"); and WHEREAS, the Act 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 Enterprise Corporation for such Project; and RESOLUTION NO. 3318 WHEREAS, the Enterprise Corporation, as the issuer of the 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 Enterprise Corporation to proceed with the issuance of the Bonds; 1- NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, as follows: Section 1. The City,pursuant to Chapter 39.84 RCW, does hereby approve the issuance of the Bonds by the Enterprise Corporation for the purposes of financing the Project under the Act. The Bonds are anticipated to be issued by the Enterprise Corporation in the aggregate principal amount of not to exceed $7,500,000 pursuant to a resolution of the Board of Directors • of the Enterprise Corporation for the purposes of financing the Project under the Act.. The proceeds of the Bonds will be loaned to the Company, pursuant to a loan agreement with the Enterprise Corporation, and used for the purposes of paying all or a part of the costs of the Project within the boundaries of the City. The Bonds shall be payable solely from the Company's repayments of the loan under the loan agreement. The Bond 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 the 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. -2- DOTOPP.DOC 98/03/02 RESOLUTION NO. 3318 ADOPTED by the City Council of the City of Renton, Washington, this 6th day of April , 1998. CITY OF RENTON, WASHINGTON e9te-04-4- c:704.64. Mayor ATTEST: lerk g -3- DOTOPP.DOC 98/03/02