HomeMy WebLinkAboutResolution 97-030-CC�
RESOLUTION NO. 9 7-30-C c
A RESOLUTION of the Board of County Commissioners of Grant
County, Washington, approvzng the issuance of nonrecourse
revenue bonds of the Port of Moses Lake Public Corporation for
the benefit of National Frozen Foods Corporation, pursuant to
RCW 39.84.060.
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 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 Moses Lake has created and approved the
charter of a public corporation, designated as the "Port of Moses Lake Public Corporation" (the
"Public Corporation") to carry out the purposes of the Act; and
WI-�REAS, the Public Corporation has received an application from National Frozen
Foods Corporation (the "Company") £or the financing of the acquisition, construction and
equipping of manufacturing facilities within the Port of Moses Lake (the "Project"), which is
within the boundaries of unincorporated Grant County (the "County"); and
WHEREAS, the Public Corporation and its bond counsel have reviewed the application of
the Company and have determined that the Project qualifies as an "industrial development facility"
within the meaning of the Act; and
WHEREAS, the Public Corporation has scheduled a special meeting to approve the
issuance of nonrecourse revenue bonds in an amount not to exceed $7,500,000 to be held on
March 10, 1997; 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 nonrecourse revenue bonds
by the Public Corporation for such Project; and
VVHEREAS, the Public Corporation, as the issuer of the nonrecourse revenue bonds for
the Project, has requestad the approval of the County pursuant to the Act; and
WI�REAS, the County has been assured that there will be no financial liability accruing
to the County as a result of such approval and that this approval shall constitute approval solely
for the purpose of permitting the Public Corporation to proceed with the issuance of such
nonrecourse revenue bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COM1VaSSIONERS OF GRANT COUNTY, WASHINGTON, as follows:
Section 1, The Board of County Commissioners of Grant County, Washington (the
"County"), pursuant to Chapter 39.84 RCW, does hereby approve the issuance of nonrecourse
revenue bonds (the "Bonds") by the Public Corporation for the purposes of financing the above-
described Project under the Act.
The Bonds are to be issued by the Public Corporation in the aggregate principal amount of
not to exceed $7,500,000 pursuant to a resolution of the Board of Directors of the Public
Corporation and approved by the Port Commission of the Port of Moses Lake. The proceeds of
the Bonds are to be loaned to the Company pursuant to a loan agreement, and used for the
purposes of paying all or a part of the costs of industrial development facilities within the
boundaries of unincorporated Grant County.
The Bonds shall be payable solely from the Company's repayments of the loan under the
loan agreement. The Bonds shall not constitute an obligation of the County, and no tax funds or
other revenues of the County 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 County shall ever
be pledged to pay the principal of, preiruum, if any, or interest on the Bonds.
Section 2. This resolution is iniended solely �o constitute approval of the issuance of
nonrecourse revenue bonds within the meaning of RCV6� 39.�4,060, 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.
ADOPTED by the Board of County Commissioners of Grant County, Washington, this
day of March, 1997.
ATTEST:
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Clerk �� '�
BOARD OF COLTNTY COMIVIISSIONERS
OF GRANT COUNTY, WASHINGTON
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Commissioner
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C�RTIFICAT�
I, ihe undersigned, Clerk of the Board of �aunty Commissioners of Grant County,
Washington (the "County"), DO HEItEBY CERTIE'Y:
1. That the attached Itesolu�ion No. (the "Resolution") is a tnxe and
correct ce�py o£ a resolution of the County as adopted at a meetin� of the �oard of
Carnmissioners of the County held on March �, 1997 and duly recprded in rny office.
2. That said meeting was �iuly convened and held in �11 respects in accordance wi�h
law, and to ihe extent required by law, due and proper notice of such meeting was given; �hat a
legal quorum was present throughout the meeting and a legally suf�Ficient number of inembers of
the County Cornmissioners of the County vc�ted in the proper manner for the adoptivn of the
it.esolution; that all other requirem�nts and proceedings incident to the praper adoptiom of th�
Resolution have been duly fulfilled, carried out and otherwis� observed, and that I am �uthorized
to execute tla�s certificate.
IN �IITNESS WHER.EOF', I have hereunto set rny hand and a�"ixed the of�icial seai of the
County tlus �,j��1, day of March �, 199i.
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