HomeMy WebLinkAbout10-014 Non-Recourse Revenue BondsResa(ut~ian 10-014
Issuance of Bonds -Goodwill
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RESOLUTION NO. 10-014
A RESOLUTION OF THE CITY OF PORT TOWNSEND APPROVING THE ACTION OF
THE STATE OF WASHINGTON ECONOMIC DEVELOPMENT FINANCE AUTHORITY
AND THE ISSUANCE OF NON-RECOURSE REVENUE BONDS TO FINANCE AN
ECONOMIC DEVELOPMENT FACILITY FOR TACOMA GOODWILL INDUSTRIES ("the
COMPANY"), AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING
THERETO
WHEREAS, on December 11, 2009, the Washington Economic Development Finance
Authority ("WEDFA") had presented to it Resolution No. W-2009-17 (the "Resolution"), a copy
of which is attached hereto as Exhibit A, relating to the issuance ofnon-recourse revenue bonds
wherein the proceeds of which would be loaned to the Company for the purpose of, among other
things, refinancing existing debt used to fund the Company's facilities described in Exhibit B
located in Port Townsend, WA (collectively, the "Project"), all as authorized by the Economic
Development Finance Authority Act of 1989, R.C.W. Title 43, Chapter 163, as amended (the
"Act"); and
WHEREAS, on December 11, 2009, WEDFA unanimously approved the Resolution; and
WHEREAS, it is the policy of the Washington Economic Development Finance Authority
not to issue revenue bonds except upon the approval of the county, city or town within whose
planning jurisdiction the proposed industrial development facility lies; and
WHEREAS, the Project lies within the boundaries of the City of Port Townsend. Jefferson
County, Washington;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED as
follows:
Section 1: The Port Townsend City Council (the "Council"), pursuant to the request of the
Washington Economic Development Finance Authority, does hereby approve the issuance of
non-recourse revenue bonds (the "Bonds") by the Washington Economic Development Finance
Authority, for the purposes provided in the Act.
Section 2: The proceeds of the Bonds are to be lent to the Company, pursuant to a loan
agreement or other appropriate financing agreement, and used for the purpose of refinancing the
Project.
Resolution 10-014
Issuance of Bonds -Goodwill
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Section 3: The Bonds shall not constitute an obligation of the State of Washington or of the
City of Port Townsend, and no tax funds or revenues of the State of Washington or of the City of
Port Townsend shall be used to pay the principal or interest on the Bonds. Neither the faith and
credit nor any taxing power of the State of Washington or of the City of Port Townsend shall be
pledged to pay the principal or interest on the Bands.
Section 4: The City of Port Townsend hereby approves the issuance of Bonds by WEDFA
for the propose of financing the Project as described herein, a qualified project under the Act.
However, such approval shall not waive any of the permitting requirements applicable to this
project.
Section 5: This Resolution is intended to constitute approval of the issuance of revenue
bonds within the meaning of the policy of the Washington Economic Development Finance
Authority.
Section 6: Upon passage and approval of this Resolution, it shall take effect immediately.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this seventeenth day of May 2010.
Attest:
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Pam Kolacy, MMC
City Clerk
Michelle Sandoval, Mayor
Approved as to form:
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John Watts
City Attorney