HomeMy WebLinkAboutResolution 95-073-CCBOARD OF COUNTY
Grant County, Washington
A RESOLUTION OF THE BOARD OF )
COUNTY COMMISSIONERS OF GRANT )
COUNTY, WASHINGTON, APPROVING )
THE ISSUANCE OF NONRECOURSE )
REVENUE BONDS OF THE PORT OF )
MOSES LAKE PUBLIC CORPORATION )
FOR THE BENEFIT OF MOSES LAKE )
INDUSTRIES, INC., PURSUANT TO RCW )
39.84.060. )
RESOLUTION NO. 95 - 73 -CC
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF GRANT
COUNTY, WASHINGTON, as follows:
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, 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
WHEREAS, the Public Corporation has received an application from Moses
Lake Industries, Inc. (the "Company") for the financing of the acquisition,
construction and equipping of new 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 has scheduled a special meeting to
approve the issuance of nonrecourse revenue bonds in an amount not to exceed
$3,000,000 to be held on June 12, 1995; 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
- 1 -
WHEREAS, the Public Corporation, as the issuer of the nonrecourse
revenue bonds for the Project, has requested the approval of the County
pursuant to the Act; and
WHEREAS, 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, IT IS RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS 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 $3,000,000 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, premium, if any, or interest on the Bonds.
Section 2. This resolution is intended solely to constitute approval of the
issuance of nonrecourse revenue bonds 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 -
ADOPTED by the Board of County Commissioners of Grant County,
Washington, this /3,t1L day of June, 1995.
ATTEST:
Peg 17 Mg, Clerk o e Board
APPROAST FORM:
,VED
Aing ttorney
BOARD OF COUNTY COMMISSIONERS
GRANT COUNTY, WASHINGTON
I
Tim S ad. Chair
71��°�
Helen Fancher, Member
LeRoy C. Allison, Member
- 3 -