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HomeMy WebLinkAboutRes 0932 - Issuance of Revenue Bonds of King County Economic Enterprise CorporationCITY OF TUKWILA WASHINGTON RESOLUTION NO. 932 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, APPROVING THE ISSUANCE OF REVENUE BONDS OF THE KING COUNTY ECONOMIC ENTERPRISE CORPORATION PURSUANT TO RCW 39.84.060. WHEREAS, the Legislature of the State of Washington has provided for the creation of public corporations by municipalities, including counties, 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, King County (the County) has by Ordinance No. 6628 (the Ordinance) created and approved the charter of a public corporation, designated as "the King County Economic Enterprise Corporation" (herein the "Corporation in order to carry out the purposes of the Act, and WHEREAS, the Corporation has received an application from NorMed -Shaw Partnership, a partnership (the "Partnership for the financing of the acquisition, construction and installation of a 28,500 square foot warehouse facility for the inventory of and distribution of medical supplies at a loca- tion which is within the boundaries of the City of Tukwila (the "Project and WHEREAS, the Corporation has reviewed the application of the Company, has determined that the Project qualifies as an "industrial development faci- lity" within the meaning of the Act and has approved the issuance of its nonrecourse revenue bonds to finance all or a portion of the costs of the Project by its Resolution No. 84 -7 adopted on August 17, 1984, and WHEREAS, the Act provides that each city within whose planning juris- diction the Project is to be located must approve the issuance of revenue bonds by the Corporation for such Project, and WHEREAS, the Act provides that each City within whose planning juris- diction the Project is to be located must approve the issuance of revenue bonds by the Corporation for such Project, and WHEREAS, the Corporation as the issuer of the nonrecourse revenue bonds for the Project has requested the approval of the City pursuant to the Act, and WHEREAS, the Council of the City of Tukwila 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 pur- pose of permitting the Corporation to proceed with the issuance of such reve- nue bonds. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO RESOLVE AS FOLLOWS: Section 1. The City Council of the City of Tukwila, Washington, pursuant to RCW 39.84.060 do hereby approve the issuance of revenue bonds (the "Bonds by the King County Economic Enterprise Corporation, King County, Washington for the purposes of financing the above described Project under the Act. The Bonds are to be issued by the Corporation in the aggregate prin- cipal amount of not to exceed $1,480,000 pursuant to a resolution of the Board of Directors of the Corporation and approved by the King County Council. The Bonds shall be entitled "King County Economic Enterprise Corporation, King County, Washington, Nonrecourse Revenue Bonds (NorMed -Shaw Partnership Project)." The proceeds of the bonds are to be used to loan money to NorMed- Shaw Partnership to acquire and build the Project pursuant to a Loan Agreement (Loan Agreement). The Bonds shall be payable solely from the Company's obli- gations to repay 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. The Council hereby approves the issuance of the Bonds under the Act by the Corporation for the purpose of financing the Project. Section 2. This resolution is intended solely to constitute approval of the issuance of revenue bonds within the meaning of RCW 39.84.060. PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a special meeting thereof this 22nd day of October 1984 Attachment to Resolution 932 OCT 1 51984 RESOLUTION NO. 84 -7 CMW A RESOLUTION of the Board of Directors of the King County Economic Enterprise Corporation taking official action with respect respect to the issuance of its nonrecourse revenue bonds in the amount of $1,480,000 to provide funds to finance the acquisition, construction and installation of warehousing facilities for industrial medical supplies for NorMed -Shaw Partnership. WHEREAS, pursuant to Chapter 300, Laws of Washington 1981, codified as Chapter 39.84 RCW, as amended, (the "Act Ordinance No. 6628 (the ''Ordinarce of King County, Washington (the "County and the Charter of the King County Economic Enterprise Corporation (the "Enterprise Corporation the Enterprise Corporation is authorized to issue its nonrecourse revenue bonds to finance industrial development facilities (as defined in the Act) under the conditions and limitations set forth in the Act;.and WHEREAS, the NorMed -Shaw Partnership, a Washington general partnership (the "Partnership intends to undertake a project consisting of the acquisition, construction and installation of warehousing facilities for industrial medical supplies, fully described in Exhibit 1 hereto (the "Project within the boundaries of the County, which Project constitutes an industrial development facility under the Act; and WHEREAS, the Board of Directors of the Enterprise Corporation deems it advisable for the Enterprise Corporation (i) to issue its nonrecourse revenue bonds (the "Bonds for the purpose of financing the Project and (ii) to enter into contracts and agreements with the Partnership whereunder the Partnership will provide money sufficient to pay the principal of, premium, if any, and interest on such Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE KING COUNTY ECONOMIC ENTERPRISE CORPORATION: Section 1. It is hereby determined that (a) the acquisition, construction and installation of the Project and its operation as an industrial development facility; (b) the issuance of up to $1,480,000 principal amount of the Bonds of the Enterprise Corporation to finance a portion of the costs of the Project, such costs presently estimated to be approximately $1,819,700; and (c) the execution and delivery of such contracts and agreements with the Partnership as are necessary to provide for the payment by the Partnership of amounts sufficient to pay the principal of, premium, if any, and interest on the Bonds, together with certain costs of the Enterprise Corporation, will all be in furtherance of the Act, and Ordinance and the Charter of the Enterprise Corporation. Section 2. The Enterprise Corporation presently intends to authorize the issuance and sale of the Bonds pursuant to the provisions of the Act when and if requested to do so by the Partnership and hereby expresses its present approval of such issuance and sale. This resolution is not intended to legally bind the Enterprise Corporation to authorize, issue or sell the Bonds. Section 3. The authorization, issuance and sale of the Bonds by the Enterprise Corporation contained herein are subject to the following conditions: (a) The Bonds shall be payable solely from money received from and security provided by the Partnership; (b) The Partnership shall enter into such contracts and agreements 2 with the Enterprise Corporation as shall necessary to secure payment of the principal of, premium, if any, and interest on the Bonds as and when the same shall become due and payable; (c) On or before two (2) years from date hereof (or such later date as shall be mutually satisfactory to the Enterprise Corporation and the Partnership) the Enterprise Corporation and the Partnership shall have agreed to mutually acceptable terms and conditions of the contracts and agreements referred to in Paragraph (b) of this section; (d) The Project is determined to be consistent with policies and objectives of the County, including but not limited to those policies and objectives set forth in the Ordinance; and, (e) The Enterprise Corporation shall have received a preliminary opinion of the Enterprise Corporation's Bond Counsel that the Bonds may be 3 issued as tax exempt obligations pursuant to the provisions of the federal Internal Revenue Code of 1954, as amended, and applicable regulations thereunder. Section 4. The proper officials of the Enterprise Corporation are hereby authorized to take such further action as is necessary to carry out the intent and purposes hereof and to issue the Bonds upon the terms and conditions and for the purposes stated herein and in compliance with applicable provisions of law. Section 5. It is intended that, as to the Project to be financed from the proceeds of the Bonds, this resolution shall constitute an official action of the Enterprise Corporation, including, without limitation, the "other similar official action" referred to in Paragraph 1.103- 8(a)(5)(ii) and (iii) of the federal Income Tax Regulations. ADOPTED by the Board of Directors of the King County Economic Enterprise Corporation this 17th day of August 1984 BOARD OF DIRECTORS TY ECONOMIC ENTERPRISE CORPORATION Project Description The Project consists of the acquisition, construction and installation of a warehouse facility for the Partnership's inventory of industrial medical supplies. The Partnership will also manufacture and repackage some medical items on the premises. The facilities consists of a single story, concrete, tilt -up building with mezzanine and includes incidental office space to support the warehousing and manufacturing functions. The Project is located at S. 134th Street between 43rd Avenue South and 44th Place South, Tukwila, Washington, within the boundaries of King County. The Project will require the acquisition and installation of new and existing utilities and other things necessary in connection with the foregoing general description. 5 [ENTERPRISE CORPORATION SEAL] CERTIFICATE I, the undersigned, Secretary of the Board of Directors of the King County Economic Enterprise Corporation (herein called the "Enterprise Corporation DO HEREBY CERTIFY: 1. That the attached Resolution numbered 84 7 (herein called the "Resolution is a true and correct copy of a resolu- tion of the Enterprise Corporation as adopted at a meeting of the Board of Directors of the Enterprise Corporation held on the 17th day of August 19 84, and duly recorded in my office. 2. That said meeting was duly convened and held in all respects in accordance with law, and to the extent required by law, due and proper notice of such meeting was given; that a legal quorum was present throughout the meeting and a legally sufficient number of members of the Board of Directors voted in the proper manner for the adoption of the Resolution; that all other require- ments and proceedings incident to the proper adoption of the Resolution have been duly fulfilled, carried out and otherwise observed, and that I am authorized to execute this certificate. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the Enterpr. -se Corporation this 11th day of October 19 84. Rorbert V. L Cow Jr., Secretary