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RESOLUTION NO. 126-83
A RESOLUTION of the Board of Commissioners
of Jefferson County approving the issuance
of revenue bonds of the Industrial Develop-
ment Corporation of the Port of Port Town-
send 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 Devel-
opment 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") for
the financing of the acquisition of pollution control facilities at
the existing Crown Zellerbach pulp and paper mill and the acquisition,
construction and installation of new pollution control facilities to
be installed at the mill and the acquisition, construction and in-
stal1ation of a wharf and related facilities all of which are within
the boundaries of the County (the "Project Facilities"); and
WHEREAS, the Development Corporation reviewed the applica-
tion 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 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 jurisdi~tion the Project Facilities are to be
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located must approve the issuiance of revenue bonds by the Develop-
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ment Corporation for such proiject; and
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Resolution No.
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126-83
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
JEFFERSON COUNTY, WASHINGTON {the "COUNTY"} acting pursuant to
Chapter 39.84 RCW, does hereby approve the issuance of revenue bonds
{the "Bonds"} in the approximate amount of $6,000,000 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 $6,000,000
pursuant to a resolution of the Board of Directors of the Develop-
ment Corporation, and approved by the Port Commission of the Port of
Port Townsend. The Bonds shall be entitled "The Industrial Develop-
ment Corporation of the Port of Port Townsend Revenue Bond {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 all or a part of the costs of acquisition, construction and
installation of pollution control facilities, a wharf, and related
facilities, all within the boundaries of the Port of Port Townsend
and unincorporated Jefferson County {the "Project Facilities"}.
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.
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Resolution No. 126-83
Page 3:
The Commissioners of Jefferson County hereby approves
the issuance of the Bonds under the Act by the Development Corpor-
ation 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 be construed to be, a review, comment or
approval of any development permit or any other permit required from
the County by the Borrower for the purpose of carrying out it's
acquisition, construction or installation of the Project Facilities.
ADOPTED THIS ~AY OF DECEMBER 1983.
JEFFERSON COUNTY
BOARD OF COMMISSIONERS
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Clerk of the Board
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