Res 93-158
RESOLUTJ:ON NO.
93-158
A RESOLUTION OP THE CITY COUNCIL OP THE CITY
OF FEDERAL WAY, WASHJ:NGTON, APPROVJ:NG THE
ISSUANCE OP NONRECOURSE INDUSTRIAL DEVELOPMENT
REVENUE REPUNDING BONDS OP THE INDUSTRIAL
DEVELOPMENT CORPORATJ:ON OF THE PORT OF SEATTLE
PURSUANT TO RCW 39.84.060.
WHEREAS, the Legislature of the State of Washington has
provided for the creation of public corporations by municipalities,
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 Commission of the
Port of Seattle has by Resolution No. 1909, as amended, created and
approved the charter of a public corporation, designated as the
"Industrial Development Corporation of the Port of Seattle" (the
Development Corporation") in order to carry out the purposes of the
Act; and
WHEREAS,
the
Development
Corporation,
pursuant
to
Resolution No.
13,
adopted on December
14,
1982,
issued
its
Industrial
Revenue Bonds
(Beloit
Corporation Project)
in the
initial aggregate principal amount of $6,10,000 (the "1982 Bonds"),
which
1982
Bonds
currently
are
outstanding
in
the
aggregate
principal amount not to exceed $3,050,000; and
WHEREAS, the proceeds of the 1982 Bonds were loaned to Beloit
Manhattan,
Inc. ,
a
predecessor
of
Beloit
Corporation
(the
"Company"),
and
used
to
finance
the
Company's
acquisition,
construction and equipping of industrial development facilities, as
RES # 93-158
, Page 1
COpy
defined in the Act, which are located at 34320 Pacific Highway
south within the city of Federal Way, Washington (the "Project");
and
WHEREAS,
the
Development
Corporation
has
received
an
application from the Company for the purpose of refinancing the
outstanding 1982 Bonds (the "Refunded Bonds"); and
WHEREAS,
the
Development
Corporation
has
reviewed
the
application of the company, has determined that the refinancing of
the Refunded Bonds qualifies as a refunding within the meaning of
the Act and has approved the issuance of its nonrecourse revenue
bonds to be designated as the Industrial Development Corporation of
the Port of Seattle Industrial Development Refunding Bonds (Beloit
Corporation
Project),
in
the
principal
amount
not
to
exceed
$3,240,000 (the "Bonds") to refinance the Refunded Bonds; and
WHEREAS, the Act provides that the county, city or town within
whose planning jurisdiction the Project is located must approve the
issuance of revenue bonds by the Development Corporation; and
WHEREAS, the Development Corporation, as the issuer of the
Bonds has requested the approval of the City of Federal Way,
Washington (the "City"), pursuant to the Act; and
WHEREAS, the city Council has been assured that there will be
no financial liability accruing'to the city as a result of such
approval and that this approval shall constitute approval solely
for the purpose of permitting the Development Corporation to
proceed with the issuance of such revenue bonds; NOW, THEREFORE,
RES #
93-158 , Page 2
THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1.
The City Council of the city of Federal Way,
Washington, pursuant to Chapter 39.84 RCW, does hereby approve the
issuance of industrial development revenue refunding bonds by the
Industrial Development Corporation of the Port of Seattle for the
purposes of refinancing the Refunded Bonds.
The Bonds are to be issued by the Development Corporation
in the aggregate principal amount not to exceed $3,240,000 pursuant
to a resolution of the Board of Directors of the Development
Corporation,
approved by the Port Commission of the Port
of
Seattle.
The proceeds of the Bonds are to be loaned to Beloit
Corporation (the "Company"), pursuant to a loan agreement, and used
for the purpose of refunding the Refunded Bonds, the proceeds of
which were used to pay all or a part of the costs of acquiring,
constructing
and
equipping
certain
industrial
development
facilities now located within the boundaries of the city of Federal
Way.
The
Bonds
shall
be payable
solely
from the
Company's
repayments of the loans under the loan agreement.
The Bonds shall
not constitute an obligation of the City, and no tax funds or other
revenues of the City 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 city shall ever be
pledged to pay the principal of, premium, if any, or the interest
on the Bonds.
RES # 93-158
, Page 3
section
2.
This
resolution
is
intended
solely to
constitute approval of the issuance of 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.
Section 3.
Severabi1itv.
If any section,
sentence,
clause or phrase of this resolution should be held to be invalid or
unconstitutional
by
a
court
of
competent
jurisdiction,
such
invalidity or unconstitutionality shall not affect the validity or
constitutionality of any other section, sentence, clause or phrase
of this resolution.
Section 4.
Effective Date.
This resolution shall be
effective immediately upon passage by the Federal Way City Council.
RESOLVED BY THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON, this ~ day of
December
, 1993.
CITY OF FEDERAL WAY
~~~
MAYOR, ROBERT STEAD
SWANEY, CMC
~D AS TO FO::
CITY ATTORNEY, CAROLYN A. LAKE
FILED WITH THE CITY CLERK:
PASSED BY THE CITY COUNCIL:
RESOLUTION NO. 93-158
December 1,1993
December 7,1993
MARYKlRESIRPNDBOND.DC
RES # 93-158
, Page 4