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RES2576 1 t RESOLUTION NO. 2576 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 munici- palities, including counties, pursuant to Chapter 300, Laws of Washington, 1981 CRegular SessionZ codified as Chapter 39. 84 RCW, as amended (the "Act" ). , for the purpose of faci- litating economic development and employment opportunities in the State of Washington; 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 "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 Franck/Thomas Partnership (the "Partnership") for the i i he acquisition f land and the construction financing of t acqu o a and installation of a warehouse facility and service area of approximately 20 ,000 square feet for the warehousing of industrial equipment and materials at a location which is within the boundaries of the City of Renton (the "Project") ; and r WHEREAS, the Corporation has reviewed the application of the Partnership, has determined that the Project qualifies as an "industrial development facility" within the meaning of the Act and has approved the issuance of its revenue bonds to finance all or a portion of the costs of the Project by its Resolution No. 84-12 adopted on September 7, 1984; and WHEREAS, the Act provides. that each- city within whose planning jurisdiction the Project i.s 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 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, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO RESOLV4 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, Wash- ington for the purposes of financing -the above-described Project under the Act. The Bonds are to be issued by the Corporation in the aggregate principal amount of not to exceed $800, 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 "King County Economic Enterprise Corporation, King County, Washington, Revenue Bonds (Franck/Thomas. Partnership Project) . " The proceeds of the Bonds are to be used to loan money to Franck/Thomas Partnership to acquire and build the Project pursuant to a Loan Agreement (the "Loan Agreement") . The Bonds shall be payable solely from the. Partnership' s obligations, to repay under the Loan Agreement. The Bonds shall not constitute an. obli.gation 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 i.ntere.st 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 Project. Section 2 . This resolution is intended solely to constitute approval of the issuance. of revenue bonds within 1 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. PASSED BY THE CITY COUNCIL this 19th day of November, 1984 . Maxine E. Motor, City Clerk APPROVED BY THE MAYOR this 19th day of November, 2984 . Barbara Y. Sh' npoch, M yor Approved as to form: L rence 3._ W re6, City Attorney