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RESOLUTION NO. 11-84
A RESOLUTION of the Board of Commissioners
of Jefferson County approving the
issuance of revenue bonds of the
Industrial Development Corporation of
the Port of Port Townsend, Washington
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 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
application from the Port Townsend Paper Corporation (the
"Borrower") for the financing of the acquisition, construction
and installation of pulp mill processing equipment hereinafter
described to be installed at the existing Crown Zellerbach pulp
and paper mill within the boundaries of the County (the "Project
Facilities"); and
WHEREAS, the Development Corporation reviewed the
application of the Borrower and determined that the Project
Facilities qualify as "industrial development facilities" within
the meaning of the Act and approved the issuance of its
nonrecourse revenue bonds to finance all or a portion of the
VOL
10 fAC~ n- 351
costs of the Project Facilities by a resolution adopted October
28, 1983; and
WHEREAS, the Act provides that each county, city or town
within whose planning jurisdiction the Project Facilities are to
be located must approve the issuance of revenue bonds by the
Development Corporation for such Project; and
WHEREAS, the Board of Commissioners has been assured that
there will be no financial liability accruing to the County as a
result 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 (the "COUNTY") that the County,
acting pursuant to Chapter 39.84 RCW, does hereby approve the
issuance of revenue bonds (the "Bonds") in an amount of
not to exceed $1,000,000 by the Development Corporation for the
purposes of financing the Project Facilities.
The Bonds are to be issued by the Development Corporation in
the aggregate principal amount of not to exceed $1,000,0.00
pursuant to a resolution of the Board of Directors of the
Development Corporation, and approved by the Port Commission of
the Port of Port Townsend. The Bonds shall be entitled "The
Industrial Developm~nt Corporation of the Port of Port Townsend
Industrial Development Facilities Revenue Bonds, 1984 (Port
Townsend Paper Corporation Project)." The proceeds of the Bonds
are to be lent to Port Townsend Paper Corporation, a Washington
corporation, pursuant to a loan agreement, and used for the
purposes of paying an undivided portion of the costs of
acquisition, construction and installation of new pulp mill
processing equipment all within the boundaries of the Port of
19MEY006 1/3.0/84
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; VOL 10 UtE ~;. ~,O 352
Port Townsend and unincorporated Jefferson County, to consist of
a new 5000 cubic foot batch digester, including the digester
unit, strainers and capping valves, and all necessary
foundations, piping, valves and fittings, process controls,
electrical, insulation, white water and knot tank systems and
blow tank system revisions, heat recovery system and chip supply
modifications. The Bonds shall be payable solely from the
Borrower's repayments of the loan under the loan agreement and
shall be additionally secured by a letter of credit issued by
Toronto Dominion Bank, New York Branch. The Bonds shall not
constitute an obligation of the County, and no tax funds or other
revenues of the County 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 County shall ever
be pledged to pay the principal of, premium, if any, or the
interest on the Bonds.
The Commissioners of Jefferson County hereby approve the
issuance of the Bonds under the Act by the Development
Corporation for the purpose of financing the Project Facilities.
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, either in concept or in substance,
of those Project Facilities for which the bonds are intended, nor
shall this approval be, or construed to be, a review, comment or
approval of any development permit or any other permit requirpò
from the County by the Borrower for the purpose of carrying out
19MEY006 1/30/84
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'VOl 10 fAt:: r ~ 353
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its acquisition, construction or installation of the Project
Facilities.
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ADOPTED this
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ATTEST:
19MEY006 1/30/84
day of February, 1984.
JEFFERSON COUNTY
BOARD OF COMMI~SIONERS
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A. 11. 'Meara, airman-
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B: G. Brown, Member
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John L. Pitts, Member
Board
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