HomeMy WebLinkAboutRes 0933 - Issuance of NonRecourse Industrial Development Revenue Bonds
RESOLUTION NO. 933 A RESOLUTION OF THE CITY OF TUKWILA, WASHINGTON,
APPROVING. THE ISSUANCE OF NONRECOURSE INDUSTRIAL
DEVELOPMENT REVENUE BONDS OF 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 pur-
suant 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 Corporation and employment opportunities in the State of Washington,
and
WHEREAS, pursuant to the Act, the County Council of King County has,
by Resolution No. 6628 created and approved the charter of a public cor-
poration, designated as "King County Economic Enterprise Corporation" (herein
the "Enterprise Corporation in order to carry out the purposes of the Act,
and
WHEREAS, the Enterprise corporation has received an application from
Allpak Container, Inc. (the "Corporation for the financing of the acquisition
and installation of additional production machinery at 480 -500 Andover Park
East, Tukwila, Wa, which is within the boundaries of Tukwila (the "Project
and
WHEREAS, the Enterprise Corporation has reviewed the application of
the Corporation, has determined that the Project qualifies as an "industrial
Development facility" within the meaning of the Act and has stated its inten-
tion to approve the issuance of its nonrecourse revenue bonds to finance all
or a portion of the costs of the Project by its Resolution No. 84 -13 adopted
on October 5, 1984, 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 revenue bonds by the Enterprise Corporation for such Project, and
WHEREAS, the Enterprise Corporation, as the issuer of the nonrecourse
revenue bonds for the Project, has requested the approval of the City of
Tukwila pursuant to the Act, and
WHEREAS, the City Council has been assured that there will be no
financial liability accruing to the City of Tukwila as a result of such appro-
val and that this approval shall constitute approval solely for the purpose of
permitting the Enterprise Corporation to proceed with the issuance of such
revenue 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
"Tukwila pursuant to Chapter 39.84 RCW, does hereby approve the issuance
of revenue bonds (the "Bonds by King County Economic Enterprise Corporation
for the purposes of financing the above described Project under the Act.
The Bonds are to be issued by the Enterprise Corporation in the
aggregate principal amount of not to exceed One Million Two Hundred Ninety
Thousand and No /100 Dollars ($1,290,000.00) pursuant to a resolution of the
Board of Directors of the Enterprise Corporation, approved by the County
Council of King County. The Bonds shall be entitled "nonrecourse revenue
bonds." The proceeds of the Bonds are to be lent to Allpak Container, Inc.
(the "Corporation pursuant to a loan agreement and used for the purposes of
paying all or a part of the costs of acquisition and installation of addi-
tional production machinery within the boundaries of King County and City of
Tukwila. The Bonds shall be payable solely from the Corporation's repayments
of the loan under the loan agreement and to be additionally secured by a deed
of trust on the Project. The Bonds shall not constitute an obligation of
Tukwila, and no tax funds or other revenues of Tukwila 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 Tukwila shall ever be
pledged to pay the principal of, premium, if any, or the interest on the
bonds.
The City Council of the City of Tukwila hereby approves the issuance
of the Bonds under the Act by the Enterprise Corporation for the purpose of
financing the acquisition and installation of additional production machinery.
Section 2. This resolution is intended solely to constitute approval
of the issuance of revenue bonds within the meaning of RCW 39.84.060 of the
Act. 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.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a
regular meeting thereof this 5 day of 1984.
money sufficient to pay the principal of, premium, if any, and
interest on such Bonds; Now, Therefore,
NOW THEREFORE, BE IT RESOLVED BY the Board of Directors of
King County Economic Enterprise Corporation, as follows:
Section 1. It is hereby determined that (a) the acquisition
and installation of the Project and its operation as an industrial
development facility; (b) the issuance of up to One Million Two
Hundred Ninety Thousand and No /100 Dollars ($1,290,000) principal
amount of the Bonds of the Enterprise Corporation to' finance all
of the costs of the Project, such costs presently estimated to be
approximately One Million Two Hundred Ninety Thousand and No /100
Dollars ($1,290,000); and (c) the execution and delivery of such
contracts and agreements with the Corporation as are necessary to
provide for the payment by the Corporation 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, the Resolution 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
Corporation 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.
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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 Corporation;
(b) The Corporation shall enter into such contracts and
agreements with the Enterprise Corporation as shall be
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 Corporation) the Enterprise
Corporation and the Corporation shall have agreed to mutually
acceptable terms and conditions of the contracts and agree-
ments 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;
(e) The Project and issuance of the Bonds shall have
received all approvals required by law; and
(f) The Enterprise Corporation shall have received a
preliminary opinion of the Enterprise Corporation's Bond
Counsel that the Bonds may be issued as tax exempt
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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 Corpora-
tion 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 King County Economic
Enterprise Corporation this 5th day of October, 1984..
BOARD OF DIRECTORS OF THE
KING COUNTY ECONOMIC ENTERPRISE
ATION
EXHIBIT 1 TO RESOLUTION NO. 84 -13
Project Description
The Project consists of the acquisition of production
machinery, site preparation for its installation, and installation
of the machinery in a currently existing manufacturing facility,
located at 480 Andover Park East and 500 Andover Park East in the
City of Tukwila. The machinery to be acquired will increase the
manufacturing facilities production capacity and product lines,
which consist of corrugated fibreboard boxes and printed, point of
purchase display and foam packaging materials for industrial
users. Additional production machinery will be acquired including
a Ward Rotary Die Cutter /Printer which will triple the facilities'
die cutting and printing capabilities; a Post specialty Folder/
Gluer which will increase product lines; and a BLO -AP -CO Trim
Collection and Baling System to handle increased volume of trim
from the Die Cutting Operation.
The Project will require the acquisition and installation of new
and existing utilities and other things necessary in connection
with the foregoing general description.
RESOLUTION NO. 84 -13
A RESOLUTION of the Board of Directors of King County
Economic Enterprise Corporation taking official
action with respect to the issuance of its nonre-
course revenue bonds in the amount of $1,290,000 to
provide funds to finance the acquisition and
installation of additional production machinery for
Allpak Container, Inc.
WHEREAS, pursuant to Chapter 300, Laws of Washington 1981,
codified as Chapter 39.84 RCW, as amended (the "Act Ordinance
No. 6628 (the "Ordinance of King County, Washington (the
"County and the Charter of 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, Allpak Container, Inc., a Washington corporation
(the "Corporation intends to undertake a project consisting of
the acquisition and installation of additional production
machinery, fully described in Exhibit 1 hereto (the "Project
within the boundaries of 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 agree-
ments with the Corporation whereunder the Corporation will provide