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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 -