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RES2574 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 VJ 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 -2- LMC313 84/10/31 w. I 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 rJ 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. -3- LMC313 84/10/31 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