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HomeMy WebLinkAboutRes 0930 - King County Economic Enterprise CorporationWASHINGTON RESOLUTION NO. 9 CITY OF TUKWILA A RESOLUTION OF THE CITY OF TUKWILA, WASHINGTON, APPROVING RESOLUTION NO. 84 -9 OF KING COUNTY ECONOMIC ENTERPRISE CORPORATION. WHEREAS, 1981 Washington Laws, Chapter 300, as codified in RCW 39.84 et seq. (the "Act states that no public corporation may issue revenue bonds except upon the approval of the city, county or town within whose planning jurisdiction the proposed industrial development facility lies; and WHEREAS, King County Economic Enterprise Corporation, a public cor- poration under the Act (the "Issuer by the adoption of Resolution No. 84 -9, attached hereto as Exhibit A, has evidenced its intention to issue bonds in an aggregate principal amount not to exceed $1,000,000 (the "Bonds to finance industrial development facilities located in the City of Tukwila (the "Proj- ect") for F.L. Hartung Glass Co., Inc., and WHEREAS, THE City of Tukwila is the City within whose planning juris- di. :tion the Project lies, and WHEREAS, the Tax Equity and Fiscal Responsibility Act of 1982 "TEFRA states that no municipality may approve the issuance of industrial development revenue bonds without having first made provision for public vote or comment, and WHEREAS, notice has been given in accordance with the Open Public Meetings Act, Chapter 42.30 RCW, and TEFRA of a public hearing to be held this date for the purpose of soliciting comments by citizens and affected residents in the locality of the project regarding resolution No. 84 -9 of the Issuer and the accompanying Agreement to Issue Bonds and approval by this Council of said Resolution and Agreement, and WHEREAS, a public hearing has been held this date at which citizens of the City of Tukwila and affected residents in the lcoality of the project had the opportunity to offer comments with regard to the above topics, and this Council has considered those comments. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO RESOLVE AS FOLLOWS: 1. The City of Tukwila, as the City within whose planning jurisdic- tion the project lies, hereby approves Resolution No. 84 -9 of King County Eco- nomic Enterprise Corporation as set forth in Exhibit A, and approves the Issuer's intention to issue the Bonds to finance the project. 2. The City of Tukwila, as the host jurisdiction, as defined in Temp. Regs. 5f.103 -2, hereby approves Resolution No. 84 -9 of the Issuer as set forth in Exhibit A. PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a regular meeting thereof this 1st day of October 1984. Doris Phelps, Council President Approved as to Form Office of City Attorney Filed with the City Clerk: September 24, 1984 Passed by the City Council: October 1, 1984 Resolution No. 930 Mayor Gary Van dusen Attest /Authenticated Maxine Anderson City Clerk RESOLUTION NO. 84 -9 9 j T' ct)in W) To Jas. 9 -'Q A RESOLUTION of the Board of Directors of the King County Economic Enterprise Corporation taking official action with respect to the issuance of its nonrecourse revenue bonds in the amount of $1,000,000 to provide funds to finance the acquisition and installation of a glass tempering furnace and related equipment for F. L. Hartung Glass Co., Inc. WHEREAS, King County Economic Enterprise Corporation (the "Issuer a public corporation, is authorized and empowered by the provisions of Laws of 1981, Chapter 300 (the "Act and King County Ordinance No. 6628, to issue bonds for the purpose of facilitating economic development and employment opportunities in the State of Washington through the financing of the project costs of industrial development facilities; and WHEREAS, an executed Indemnification and Compensation Agreement dated as of August 9, 1984 (the "Indemnification and Compensation Agreement has been presented to the Board of Directors of the Issuer in the form attached hereto as Exhibit A; and WHEREAS, a proposed form of Agreement to Issue Bonds (the "Agreement has been presented to the Board of Directors of the Issuer for its approval in the form attached hereto as Exhibit B; and WHEREAS, in order to facilitate economic development and employment opportunities in the State of Washington (the "State and the jurisdiction of the Issuer, F. L. Hartung 083084/48901 Glass Co., Inc. (the "Company has requested the Issuer to assist in the financing of industrial development facilities in Tukwila, Washington through the loan of bond proceeds to the Company together with any affiliate, successor or assign to construct said facilities and has presented to the Issuer the description of the proposed industrial development facilities (the "Project and an estimate of the cost of the Project, as shown in the Application for Industrial Revenue Bond Financing of the Company attached to the Agreement as Exhibit A; and WHEREAS, the Issuer desires to foster economic development in the jurisdiction of the Issuer; and WHEREAS, the Issuer deems it necessary and advisable for the facilitation of economic development and employment oppor- tunities within the State and the jurisdiction of the Issuer that the Project be constructed at the earliest practicable date, but the Company requires satisfactory assurances from the Issuer that the proceeds of the sale of bonds of the Issuer will be loaned to the Company to finance the Project; and WHEREAS, King County Ordinance No. 6628 and the policies adopted thereby and the policies of the Issuer require that certain requirements be fulfilled and certain findings be made prior to the adoption of an inducement resolution; and WHEREAS, notice has been given in accordance with the Open Public Meetings Act, Chapter 42.30 RCW, and the policies of the Issuer of a public hearing to be held this date for the purpose of soliciting comments by citizens regarding the adoption of an 082884/48901 inducement resolution stating that the Issuer intends to issue industrial development revenue bonds in favor of the Company; and WHEREAS, a public hearing has been held this date at which citizens of King County and representatives from the City of Seattle and the City of Tukwila had the opportunity to offer comments with regard to the adoption of an inducement resolution, and this Board of Directors has considered those comments, together with (i) the Application for Industrial Revenue Bond Financing of the Company, (ii) the comments from the Department of Commerce and Economic Development of the State of Washington regarding the Issuer's application to said department with respect to the eligibility of the Project under the Act, and (iii) the preliminary staff report prepared by the Issuer with respect to the Project's apparent eligibility under and consistency with the Act, the Internal Revenue Code of 1954 and the regulations thereunder, and the policies adopted by King County Ordinance No. 6628; NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of King County Economic Enterprise Corporation, as follows: SECTION 1. Finding Regarding Nondiscrimination. The Board of Directors of the Issuer hereby acknowledges receipt of a certificate of the Company's chief executive officer certifying that the Company engages in nondiscriminatory employment practices and hereby finds that the Company has certified that it engages in nondiscriminatory employment practices. 082884/48901 SECTION 2. Finding Regarding Employment. The Board of Directors of the Issuer hereby finds that the Company has shown that the Project creates or maintains employment within the jurisdiction of the Issuer. SECTION 3. Finding Regarding Policy Compliance. The Board of Directors of the Issuer hereby finds that the Project conforms to the policies adopted by King County Ordinance No. 6628 and is acceptable based on legal and financial considerations. SECTION 4. Finding Regarding Economic Development. The Board of Directors of the Issuer hereby finds that the acquisition and construction of industrial development facilities by the Company within the boundaries of the Issuer will facilitate economic development and will be consistent with the public purposes set forth in the Act. SECTION 5. Conditional Agreement to Issue Bonds. Subject to the provisions of the Indemnification and Compensation Agreement and the Agreement, the Issuer will issue an amount not to exceed $1,000,000 principal amount of bonds for the Project. SECTION 6. Bonds To Be Limited Obligations. The bonds shall be payable solely from either the revenues derived as a result of the Project funded by the revenue bonds, including, without limitation, amounts received under the terms of any financing document or by reason of any additional security furnished by the Company in connection with the financing of 082884/48901 the Project, and /or money and other property received from private sources. Each bond shall contain a statement to the following effect: Neither the State, King County, nor any other municipal corporation, quasi- municipal corporation, subdivision, or agency of the State is obligated to pay the principal of, premium, if any, or the interest on this Bond; no tax funds or governmental revenue may be used to pay the principal of, premium, if any, or interest on this Bond; and neither any or all of the faith and credit nor the taxing power of the State, King County, the Issuer or any other municipal corporation, quasi- municipal corporation, subdivision, or agency thereof is pledged to the payment of the principal of, premium, if any, or the interest on this Bond. SECTION 7. Approval of Indemnification Agreement. The Indemnification and Compensation Agreement in the form presented is hereby ratified and approved. SECTION 8. Approval of Agreement to Issue Bonds. The Agreement in the form presented is hereby approved, and the President and the Vice President are each hereby authorized to execute and deliver the Agreement on behalf of the Issuer. SECTION 9. Proiect Commencement. The Company is authorized to commence construction of such Project and advance such funds as may be necessary therefor, subject to reimbursement for all expenditures, but only out of proceeds, if any, of the issue of bonds herein authorized. SECTION 10. Resolution Constitutes Official Action. It is intended that this Resolution shall constitute "some other similar official action" toward the issuance of bonds within the meaning of Section 1.103- 8(a)(5) of the Treasury 082884/48901 Regulations promulgated under Section 103 of the Internal Revenue Code of 1954. SECTION 11. Effective Date. This Resolution shall take effect immediately upon its passage and remain in full force and effect thereafter; provided, however, that this Resolution shall cease to be effective 12 months after the date of its adoption unless prior thereto the Issuer specifically adopts a further resolution extending the effective date of this Resolution, which it will do only after receiving a specific request for such action from the Company, accompanied by an explanation of the reason why the Project has not proceeded prior to the date of the letter. ADOPTED by the Board of Direc rs he�K�ng County Economic Enterprise Corporation t is 3.9t4 of August, 1984. [SEAL] 4 Robert V. Cowan, Jr. Secretary BOARD OF DIRECTORS LINTY ECONOMI RISE CO T. ON Paul Isaki President 082884/48901 NOES: ABSENT: ABSTAINING: SECRETARY'S CERTIFICATE I, Robert V. Cowan, Jr., Secretary of the King County Economic Enterprise Corporation, hereby certify that the foregoing is a full, true and correct copy of a Resolution duly adopted at a special meeting of the Board of Directors of said public corporation duly held at the regular meeting place 31.AA thereof on the .3th day of August, 1984, of which meeting all of the members of said Board of Directors had due notice, including compliance with the Open Public Meetings Act, RCW 42.30, and at which a quorum was present; and that at said meeting, said Resolution was adopted by the following vote: n1 AYES: M La inq TQtQ \tiQ$ 0)f, Z54k� Irr• der Mr. 17oua1o9 y v I further certify that I have carefully compared the fore- going with the original minutes of said meeting on file and of record in my office; that said Resolution is a full, true and correct copy of the original Resolution adopted at said meeting and entered in said minutes; and that said Resolution has not been amended, modified or rescinded since the date of its adop- tion, and is now in full force and effect. WITNESS my hand and tie seal of the King County Economic 31 [SEAL] Enterprise Corporation this th ay of Aug 1984. Rbbert V. Cowan, Secretary BELLEVUE OFFICE ONE BELLEVUE CENTER SUITE 1800 411 108TH AVENUE N E LEVUE, WASHINGTON 98004 TELEPHONE (206) 453 6980 WASHINGTON. D.C. OFFICE 1110 VERMONT AVENUE. N.W. VASHINGTON, D.C. 20005 TELEPHONE: (202) 887 -9030 HAND DELIVERED Mr. Don A. Morrison City Administrator Tukwila City Hall 6200 Southcenter Boulevard Tukwila, Washington 98188 Dear Mr. Morrison: BW /tlr Enclosure PERKINS, COIE, STONE, OLSEN WILLIAMS cc: Ms. Deborah B. Cushing Mr. Nick Sciola Mr. Wayne C. Booth, Jr. A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS 1900 WASHINGTON BUILDING SEATTLE, WASHINGTON 98101 TELEPHONE (206) 682 -8770 FACSIMILE (GP 1) (206) 583 -8576 FACSIMILE (GP 11. III): (206) 583 -8569 CABLE "PERKINS SEATTLE" TELEX: 32 -0319 PLEASE REPLY TO SEATTLE OFFICE September 18, 1984 Re: King County Economic Enterprise Corporation Industrial Development Revenue Bonds (F.L. Hartung Glass Co., Inc. Project) Enclosed please find the resolution proposed for adoption by the City Council at its hearing to be held on October 1st with respect to the above referenced project. I understand that you will deliver this to the Council for its consideration at its meeting on September 24th. Please note that the references to Temporary Regulations under TEFRA are subject to change since we expect the final reg- ulations to be available soon. We will send you a revised form of resolution if these references need to be changed. Please let us know at your earliest convenience if you would like any changes made to the resolution. If you have any questions concerning the resolution or the hearing, please call. Sincerely, arbara Worlein" Legal Assistant PORTLAND OFFICE U.S BANCORP TOWER SUITE 2500 111 SOUTHWEST FIFTH AVENUE PORTLAND, OREGON 97204 TELEPHONE: (503) 295 4400 ANCHORAGE OFFICE SUITE 301 420 "L" STREET ANCHORAGE, ALASKA 99501 TELEPHONE (907) 2798561