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RESOLUTION NO.
54-88
A RESOLUTION of the Board of Commissioners of
Jefferson County approving the issuance of
revenue refunding bonds of the Industrial
Development Corporation of the Port of Port
Townsend pursuant to RCW 39.84.060.
WHEREAS, the Legislature of the State of Washington has
provided for the creation of public corporations by municipali-
ties, including port districts, pursuant to Chapter 300, Laws of
Washington, 1981 (Reg. Sess.) 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 Port Commission of the Port
of Port Townsend has by resolution created and approved the
charter of a public corporation designated as "The Industrial
Development Corporation of the Port of Port Townsend" (herein the
"Development Corporation") in order to carry out the purposes of
the Act; and
WHEREAS, the Development Corporation has received an appli-
cation from the Port Townsend Paper Corporation (the "Borrower")
requesting a loan for the purpose of redeeming, discharging and
defeasing three outstanding issues of the Development Corpora-
tion's bonds issued for the purpose of financing the acquisition,
construction and installation of industrial development facilities
at the Borrower's pulp and paper mill within the boundaries of the
County (the "Project Facilities"); and
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14 r~G~
n 1736
;
WHEREAS, the Development Corporation reviewed the application
of the Borrower and, on advice of its Bond Counsel determined that
the refunding revenue bonds qualify as refunding bonds within the
meaning of the Act and that the other requirements of RCW 39.84
were, or would, prior to sale of the Bonds, be met and by its
Resolution 88-2-IDC adopted on May 4, 1988 approved the issuance
of its nonrecourse revenue bonds to finance the redemption,
payment, defeasance and discharge of all the outstanding revenue
bonds of the Development Corporation issued on behalf of the
Borrower; and
WHEREAS, the Act provides that the county which has planning
jurisdiction over the entity proposing to issue revenue bonds
under the Act must approve the issuance of such revenue bonds; and
WHEREAS, the Board of Commissioners has been assured that
these will be no financial liability accruing to the County as a
resul t of such approval and that this approval shall constitute
approval solely for the purpose of permitting the Development
Corporation to proceed with the issuance of such revenue bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF JEFFERSON COUNTY, WASHINGTON acting pursuant to Chapter 39.84
RCW as follows:
Section 1. The County does hereby approve the issuance of
revenue refunding bonds in the amount of not to exceed $8,200,000
by the Development Corporation for the purposes of redeeming,
paying, discharging and defeasing three prior outstanding issues
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14 rAGE
0-1737
of the Development Corporation issued to assist the Borrower (the
"Bonds") .
The Bonds are to be issued by the Development Corporation in
the aggregate principal amount of not to exceed $8,200,000 pur-
suant to Resolution No. 88-2-IDC of the Development Corporation,
and approved by Resolution No. 52.88 of the Port of Port Townsend.
The Bonds are payable solely from the Borrower's repayments of the
loan between the Development Corporation and the Borrower pursuant
to a loan agreement, and are secured by a Letter of Credit issued
by a bank (to be selected by the Borrower) in favor of the trustee
for the bond holders.
The Bonds do not and shall not con sti tute an obligation of
the County, and no tax funds or other revenues of the County are
pledged to, or shall ever be used to pay the principal of, pre-
mium, if any, or interest on the Bonds.
Neither the faith and
credit nor any taxing power or revenues of the County are hereby
or shall ever be pledged to pay the principal of, premium, if any,
or interest on the Bonds.
'1' he Commissioners of Jefferson County hereby approve the
issuance of the Bonds under the Act by the Development Corporation
for the purposes set forth herein.
BE IT FURTHER RESOLVED, that 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 constitute approval, be, or be construed to be, a
review, comment or approval of any development permit or any other
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LMCI025 88/04/25
14 \-flef 0 r - 1 738
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permit required from the County by the Borrower for the purpose of
carrying out its acquisition, construction or installation of any
Project Factilities at its pulp and paper mill in Jefferson
County.
ADOPTED THIS 1¿J~day of May, 1988.
JEFFERSON COUNTY
BOARD OF COMMISSIONERS
~
Chairman
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