HomeMy WebLinkAboutR-2000-077 Tax-exempt Nonrecourse Revenue Bond for Printing Press, Inc. projectRESOLUTION NO. R-2000- 77
A RESOLUTION of the City Council of the City of Yakima,
Washington, approving the issuance of a tax-exempt nonrecourse
revenue bond of Yakima County Public Corporation for the benefit
of Printing Press, Inc., 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, the Board of Commissioners of Yakima County have
created and approved the charter of a public corporation, designated as the "Yakima County
Public Corporation" (the "Public Corporation") to carry out the purposes of the Act; and
WHEREAS, the Public Corporation has received an application from Printing Press, Inc.,
a Washington corporation (the "Company") to finance the equipping of manufacturing facilities,
one of which is located at 2407 Longfibre Avenue (the "Project") within the City of Yakima,
Washington (the "City"); and
WHEREAS, the Public Corporation and its bond counsel have reviewed the application
of the Company and have determined that the Project qualifies as an "industrial development
facility" within the meaning of the Act; and
WHEREAS, the Public Corporation is scheduled to approve the issuance of its
Nonrecourse Revenue Bond, Series 2000 (Printing Press, Inc. Project) in an amount not to
exceed $4,500,000 (the "Bond") on June 13, 2000; 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 nonrecourse revenue bonds
by the Public Corporation for such Project; and
WHEREAS, the Public Corporation, as the issuer of the nonrecourse revenue bond for
the Project, has requested the approval of the City pursuant to the Act; and
WHEREAS, the City 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 Public Corporation to proceed with the issuance of such a nonrecourse
revenue bond;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF YAKIMA, WASHINGTON, as follows:
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pursuant to Chapter 39.84 RCW, does hereby approve the issuance of a nonrecourse revenue
bond (the "Bond") by the Public Corporation for the purposes of financing the above-described
Project under the Act.
The Bond is to be issued by the Public Corporation in the principal amount of not to
exceed $4,500,000 pursuant to a resolution of the Board of Directors of the Public Corporation
and approved by the Yakima County Commissioners. The proceeds of the Bond are to be loaned
to the Company pursuant to a loan agreement, and used for the purposes of paying the costs of
financing the Project.
The Bond shall be payable solely from the Company's repayments of the loan under the
loan agreement. The Bond 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
Bond.Neither faith and d t of the h i1 ever
the credit nor any taxing power or revenues L'L'tes City shall be
pledged to pay the principal of, premium, if any, or interest on the Bond.
Section 2. This resolution is intended solely to constitute approval of the issuance of
a nonrecourse revenue bond 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.
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ADOPTED by the City Council of the City of Yakima, Washington, this Le day of
June, 2000.
ATTEST:
City Clerk
-L-
YAKIMA, WASHINGTON
Mayor
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