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HomeMy WebLinkAbout2409 Resolution RESOLUTION NO. A RESOLUTION of the City Council of the City of Pasco, Washington, approving the issuance of a tax-exempt industrial revenue bond of the Port of Pasco Economic Development Corporation for the benefit of Reser's Fine Foods, Inc. pursuant to RCW 39.84.060. WHEREAS, the Legislature of the State of Washington has provided for the creation of public corporations by municipalities 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 Port of Pasco Economic Development Corporation (the"Development Corporation")was formed in order to carry out the purposes of the Act; and WHEREAS, the Development Corporation has received an application from Reser's Fine Foods, Inc., an Oregon corporation (the "Borrower") for the purpose of providing financing for the acquisition, construction and equipping of a manufacturing facility located at 5310 Industrial Way, Pasco, Washington (the "Project"), which is within the boundaries of the City of Pasco, Washington (the "City"); and WHEREAS, the Development Corporation and its bond counsel have reviewed the application of the Borrower and have determined that the Project qualifies as an "industrial development facility" within the meaning of the Act; and WHEREAS, the Development Corporation has taken official action with respect to the issuance of an industrial revenue bond in an amount not to exceed $9,500,000 (the "Bond") on May 14, 1998; 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 Development Corporation for such Project; and WHEREAS, the Development Corporation, as the issuer of the Bond 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 Development Corporation to proceed with the issuance of the Bond; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, as follows: Section 1. The City, pursuant to Chapter 39.84 RCW, does hereby approve the issuance of the Bond by the Development Corporation for the purposes of financing the Project under the Act. The Bond is anticipated to be issued by the Development Corporation in the aggregate principal amount of not to exceed $9,500,000 pursuant to a resolution of the Board of Directors of the Development Corporation for the purposes of financing the Project under the Act. The proceeds of the Bond will be loaned to the Borrower, pursuant to a Loan Agreement with the Development 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 Bond shall be payable solely from the Borrower'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 Bond. 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 Bond. Section 2. This resolution is intended solely to constitute approval of the issuance of the Bond 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- P:%CMMCMW30T 98/11/12 ADOPTED by the City Council of the City of Pasco, Washington, this 16th day of November, 1998. CITY OF PASCO, WASHINGTON c- Mayor ATTEST: Clerk APPROVED AS TO FORM: Lee Kerr, City Attorney -3- P:MMGMMOT 98711/12 CERTIFICATE 1,the undersigned, City Clerk of the City of Pasco (the"City"), do HEREBY CERTIFY: 1. That the attached Resolution No. (herein called the "Resolution") is a true and correct copy of a resolution of the City as adopted at a meeting of the City Council of the City held on November 16, 1998 and duly recorded in my office. 2. That said meeting was duly convened and held in all respects in accordance with law, and to the extent required by law, due and proper notice of such meeting was given; that a legal quorum was present throughout the meeting and a legally sufficient number of members of the City Council of the City voted in the proper manner for the adoption of the Resolution; that all other requirements and proceedings incident to the proper adoption of the Resolution have been duly fulfilled, carried out and otherwise observed, and that I am authorized to execute this certificate. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City this 16th day of November, 1998. City Clerk, City of Pasco, Washington [SEAL] P-XCMWlCMW30T 98111M2