HomeMy WebLinkAboutResolution 89-071-CCi�`
RESOLUTION NO. 89 -71 -CC (A)
A RESOLUTION OF THE GRANT COUNTY BOARD OF COMMISSIONERS APPROVING THE
ACTION OF THE STATE OF WASHINGTON COMMUNITY ECONOMIC
REVITALIZATION BOARD AND THE ISSUANCE OF NON-RECOURSE REVENUE
BONDS TO FINANCE AN INDUSTRIAL DEVELOPMENT FACILITY FOR BUSBY
INTERNATIONAL, INC. AND PROVIDING FOR OTHER MATTERS PROPERLY
RELATING THERETO.
WHEREAS, on July 20, 1989 the Community Economic
Revitalization Board ("CERB") had presented to it Resolution No.
U-89-017 (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 Compa-
ny for the construction of improvements and acquisition of a
manufacturing facility (the"Project"), all as authorized by the
Local Economic Development Act of 1981, R.C.W. Title 39,
Chapter 84, as amended (the "Act"); and
WHEREAS, on July 20, 1989, CERB unanimously approved the
Resolution; and
WHEREAS, the Act provides that no public corporation may
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, CERB will exercise the powers of a public
corporation pursuant to RCW 39.84.200.
WHEREAS, the Project lies within the boundaries of Grant
County, Washington; and
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND
ORDERED as follows:
Section 1: The Grant County Board of Commissioners (the
"Council"), pursuant to Chapter 300, Laws of Washington, 1981
(Regular Session), R.C.W. Chapter 39.84, does hereby approve the
issuance of non-recourse revenue bonds (the "Bonds") by the
Community Economic Revitalization Board, for the purposes
provided in the Act.
Section 2: The Bonds shall be issued in the aggregate
principal sum of not to exceed $650,000 pursuant to a Resolution
of CERB. The proceeds of the Bonds are to be lent to Busby
International, Inc., pursuant to a loan agreement or other
appropriate financing agreement, and used for the purpose of
paying the cost of the acquisition, construction and installation
of manufacturing facilities, including necessary appurtenances,
located within the boundaries of Grant County and to pay certain
costs of issuance of the Bonds.
Section 3: The Bonds shall not constitute an obligation
of the State of Washington or of Grant County, and no tax funds
or revenues of the State of Washington or of Grant County, shall
be used to pay the principal of or the interest on the Bonds.
Neither the faith and credit nor any taxing power of the State of
Washington or of Grant County, shall be pledged to pay the
principal of or interest on the Bonds.
Section 4: Grant County hereby approves the issuance of
the Bonds by CERB for the purpose of financing the Project as
described herein, a qualified project under the Act.
Section 5: This Resolution is intended to constitute
approval of the issuance of revenue bonds within the meaning of
RCW 39.84.060.
Section 6: Upon passage and approval of this
Resolution, it shall take effect immediately.
DATED this 31 day of Ju 6 , 1989.
AYES: 04
NOES:
ABSENT:
ABSTAINING: )"
GRANT
airperson
Approved as to form only:
LINDSAY, HART, NEIL & WEIGLER, Bond Counsel
By:
S
. srAreo�
5 �T
JOHN C. ANDERSON
Director y 1 89l��y
STATE OF WASHINGTON
DEPARTMENT OF TRADE & ECONOMIC DEVELOPMENT
General Administration Building • Olympia, Washington 98.504-0613 • (206) 753-5630 • (SCAN) 234-5630
July 27, 1989
Ms. Peggy Gregg
Grant County Board of Commissioners
C Street N.W.
Ephrata, WA 98823
Dear Ms. Gregg:
Attached are copies of the completed application, staff
recommendation and inducement resolution. These documents are
for Busby International, Inc. The information will serve as
background to familiarize the commissioners with the proposed
project. Busby International would like to construct a 30,000
square foot metal fabrication facility at the Grant County
Airport.
For more specific information on the project, please contact Mr.
P. Michael Mansfield, President of Busby International, Inc. at
(509) 762-5566.
We wish the Board of Commissioners to pass a Planning
Jurisdiction Approval (resolution), attached, in behalf of CERB
to issue industrial revenue bonds. We would like the Board of
Commissioners to consider this approval at its meeting scheduled
for July 31, 1989.
Mr. Mansfield will be there to represent Busby and Mr. David
Bailey will also be there to represent the Port of Moses Lake.
RECEIVED
JUL 2 8 9989
BOARD %COMMISSIONERS
GRANT COUNTY, WASHINGTON
3
Ms. Peggy Gregg
July 27, 1989
Page 2
Please contact Mr. Mansfield or this office at (206) 586-1667 if
you have further questions.
Sincerely,
Gwendolyn I. Allen
Umbrella Bond Administrator
cc: P. Michael Mansfield, Busby International Inc.
Rex Eads, Big Bend EDD
David Bailey, Port of Moses Lake