HomeMy WebLinkAboutResolution 01-145-CCBOARD OF COUNTY COMMISSIONERS
GRANT COUNTY, WASHINGTON
A RESOLUTION OF GRANT COUNTY,
WASHINGTON APPROVING THE ISSUANCE
OF REVENUE REFUNDING BONDS OF THE
PORT OF MOSES LAKE PUBLIC
CORPORATION PURSUANT TO
RESOLUTION AUTHORIZING THE SAME
Resolution No. 01- / �T -CC
WHEREAS, the Legislature of the State of Washington has provided for the creation of
public corporations by municipalities, including port districts, pursuant to Chapter 300, Laws
1981 (RCW 39.84), as the same has been 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 Commission of the Port of Moses Lake (Grant
County Port District No. 10), Washington has by Resolution No. 520 dated February 22, 1982
created and approved the Charter of a public corporation designated as "Port of Moses Lake
Public Corporation" (herein the "Corporation") in order to carry out the purposes of the Act; and
WHEREAS, the Act provides that each county, city or town within whose planning
jurisdiction a proposed industrial development facility is to be located must approve the issuance
of revenue bonds by the Corporation for the financing of such proposed industrial development
facility; and
WHEREAS, by Resolution No. 82 -58 -CC and by Resolution No. 85 -120 -CC, the Board
of County Commissioners of Grant County, Washington previously approved in accordance with
the Act the issuance of two issues of pollution control revenue bonds (collectively, the
"Refunded Bonds") by the Corporation on behalf of Union Carbide Corporation (the
"Company") for the purpose of financing the acquisition of Iand and, the acquisition,
construction and improvement of buildings and equipment comprising of solid waste disposal
facilities and air and water pollution control facilities that are industrial development facilities
within the meaning of the Act (the "Project') at the Moses Lake silane and polysilicon plant then
owned and operated by the Company, and now owned and operated by Advanced Silicon
Materials Inc., a wholly owned subsidiary of Komatsu Ltd.; and
WHEREAS, the Corporation, at the request of the Company, has adopted a resolution
providing for the issuance of $7,300,000 aggregate principal amount of Variable Rate Demand
Pollution Control Revenue Refunding Bonds (Union Carbide Corporation Project) Series 2001A
and $5,100,000 aggregate principal amount of Variable Rate Demand Pollution Control Revenue
Refunding Bonds (Union Carbide Corporation Project) Series 2001B for the purpose of paying
all or a portion of the costs of refunding the Refunded Bonds, with respect to which the
Company remains primarily obligated, and thereby to refinance the cost of the Project financed
with the proceeds of the Refunded Bonds;
01-351864.03
NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of
Grant County. as follows:
Section 1. The Board of County Commissioners of Grant County, Washington,
pursuant to Chapter 300, Laws 1981 (RCW 39.84), does hereby approve the issuance of the
aforenamed two series of revenue refunding bonds (collectively, the "Bonds") of the Port of
Moses Lake Public Corporation for the purpose of refunding the Refunded Bonds in accordance
with the Act, the proceeds of which Refunded Bonds were used for the purpose of financing the
Project.
The Project is located within the boundaries of the Port of Moses Lake (Grant County
Port District No. 10), Washington, and Grant County and comprises industrial development
facilities under the Act.
The Bonds shall be issued pursuant to a Resolution of the Board of Directors of the
Corporation. The proceeds of the Bonds shall be loaned to the Company pursuant to a Loan
Agreement between the Corporation and the Company and used for the purpose of paying all or
a portion of the cost of refunding the Refunded Bonds and thereby to refinance the cost of the
Project financed with the proceeds of the Refunded Bonds. The Bonds shall be payable solely
from the Company's repayments of the loan pursuant to the Loan Agreement. The Bonds shall
not constitute an obligation of Grant County, and no tax funds or revenues 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 Grant County, Port of Moses Lake (Grant County Port District No. 10) or the
Port of Moses Lake Public Corporation shall be pledged to pay the principal of or the interest on
the Bonds.
Section 2. This resolution is intended to constitute approval of the issuance of
revenue refunding bonds within the meaning of the Act.
ADOPTED by the Board of County Commissioners of Grant County, Washington, this
11'hday of September, 2001.
BOARD OF COUNTY COMMISSIONERS
GRANT COUNTY, WASHING ON
D
By_
Chaff an
Attest:
CIerk of del3oard
ssioner
01-351864.03 ry
STATE OF WASHINGTON )
ss.
COUNTY OF GRANT )
I, 0 , Clerk of the Board of County Commissioners of Grant
County of the tge of Wa ington, do hereby certify that the foregoing instrument is a true,
correct and complete copy of the original now of record in this office. In testimony hereof, I
have hereunto set my hand and affixed my official seal this 11 'l, day of September, 2001.
Clerk ott&VBoard
01-351864.03 3