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0.36 October 25,1989 <br /> k'1WHEREAS, the Act provides that each county, city or town <br /> 6', u- within whose planning jurisdiction the Project is to be llocaated must <br /> approve the issuance of revenue bonds Sc the Public Corporation for <br /> {t isuch Project;and <br /> fi WHEREAS, the Public Corporation, as the issuer of the <br /> evenue bonds for the Project, has requested the <br /> approval of rse oP the City pursuant to the Act;ad <br /> }-w WHEREAS, the City Council of the City has been assured that <br /> there will be no financial liability accruing to the Cityas a <br /> 9 , result of such approval and that this approval shall constitute <br /> approval solely for the purpose of permitting the Public Corporation <br /> to proceed with the issuance of such revenue bonds; <br /> p NOW, THERE dOSNIN0TON IT aRfaunae;BY THE CITY COUNCIL OF THE <br /> ! CITY OF EVERETT, a <br /> 1 Section 1. The UCityrsu Council of the City of Es hereto <br /> ,t4I approve h'(the ce of reoen e n Chapter cnde"RCy, does hereby <br /> r approve the issuance of revenue bonds(the"Bonds.) <br /> by <br /> the Pilchuck <br /> Development Public Corporation (the "Public Corporation.) for the <br /> �, purposes of financing the above-described Project under the Oct. <br /> haAy The Bonds are to be issued by the Public Corporation in the <br /> � aggregate principal amount of not to exceed$4,000,000 pursuant to a <br /> &&" solution of the Board of Directors of the Public Corporation, <br /> T- $ approved bythe County Council of Snohomish County. The proceeds of <br /> f the Bonds re to be loaned to Nohkoku USA, Inc. (the "Company"), <br /> yg� are <br /> to a loan agreement, and ed for the purposes of paying <br /> jre.i`1' 11 r a part of thec osts of industrial development facilities <br /> f <br /> 1 within the boundaries ofSnohomish County and the City. <br /> of The Bonds <br /> onds <br /> ?� shall be payable solely from the Company's repayments A under the loan agreement and to be additionallysecuredc d by a letter <br /> he <br /> of credit. The Bonds shall not revenues <br /> obligation the <br /> City,antl no tax funds o other[ nues of the City shall be used <br /> to pay the principal of=rpremium,if n or interest on'the Boon the <br /> Neither the feith antl edit nor a y taxing power o revenues of <br /> ti <br /> ' City shall ever be pledged to pay the principal of,r premium,if any, <br /> or interest on the Bonds. <br /> The City Council of the City hereby apprmvee the issuance of <br /> Itt ' the Bonds under the Act by the Public Corporation for the purpose of <br /> Alfinancing the industrial development facilities. <br /> � 1 Section 2. This resolution is intended solely to constitute <br /> 4' approval of the iscuance of revenue bonds within the meaning of RCM <br /> " 39.84.060. This'appxoval shall snot in anyway be deemed to be a <br /> i review or final approval of anydevelopment <br /> a permit for <br /> the Project <br /> be <br /> E which may be in process,or may submitteda <br /> Roll Called with all unci/members voting yes except <br /> 1 Councilmembev Diamond who was excused. <br /> Notion carried. <br /> 1 <br /> i ( <br />