HomeMy WebLinkAboutR-1995-055 Revenue BondsRESOLUTION NO. R-95- 5 5
A RESOLUTION approving the issuance of tax-exempt nonrecourse revenue bonds
by the Yakima County Public Corporation for the benefit of
Printing Press, Inc and Printing Press Properties, L.L.C. 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 Yakima County Public Corporation (the
"Public Corporation") was formed in order to carry out the purposes of the Act; and
WHEREAS, the Public Corporation has received an application from Printing
Press, Inc and Printing Press Properties, L.L.0 (collectively, the "Company")
regarding financing for new printing facilities and printing equipment in the
amount of $3,600,000, of which $2,070,000 is to finance new facilities and equipment
for the Company at 2407 Longfibre Avenue, Yakima, Washington, which is within the
boundaries of 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 has scheduled a special meeting to approve
the issuance of nonrecourse revenue bonds in an amount not to exceed $3,600,000
(the "Bonds") to be held on April 18, 1995, 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 Public Corporation for such Project; and
WHEREAS, the City finds that the Project is not inconsistent with its
Comprehensive Plan, and
WHEREAS, the Public Corporation, as the issuer of the Bonds 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
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constitute approval solely for purposes of the Act to permit the Public Corporation to
issue the bonds; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
Section 1 The City, Pursuant to Chapter 39 84 RCW, does hereby approve the
issuance of the Bonds by the Public Corporation to finance the Project under the Act.
The Bonds are anticipated to be issued by the Public Corporation in the
aggregate principal amount of not to exceed $3,600,000 pursuant to a resolution of the
Board of Directors of the Public Corporation to finance the Project under the Act.
The proceeds of the Bonds will be loaned to the Company, pursuant to a loan
agreement with the Public Corporation, and used to pay all or a part of the costs of
the Project, $1,530,000 of which is for developments within the boundaries of the
City. The Bonds shall be payable solely from the Company's repayments of the loan
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 are hereby pledged to pay the principal of,
premium, if any, or interest on the Bonds, and such faith, credit, powers, and
revenues shall never be so pledged or obligated.
Section 2, This resolution is intended solely to constitute approval of the
issuance of the Bonds 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.
ADOPTED BY THE CITY COUNCIL this \\'`'-' day of (j.v',\ , 1995
ATTEST
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City Clerk
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Mayor