Resolution 5386 - Laserfiche WebLink

/oboAm RESOLUTION NO. 5386 A RESOLUTION APPROVING THE ACTION OF THE STATE OF WASHINGTON ECONOMIC DEVELOPMENT FINANCE AUTHORITY AND THE ISSUANCE OF NON-RECOURSE REVENUE BONDS TO FINANCE AN ECONOMIC DEVELOPMENT FACILITY FOR JACOSHOP,LLC. WHEREAS, on August 6, 2003,the Washington Economic Development Finance Authority ("WEDFA") had presented to it Resolution No. W-2003-008 (the "Resolution"), a copy of which is attached hereto as Exhibit A, relating to the issuance of non-recourse revenue bonds wherein the proceeds of which would be loaned to Jacoshop, LLC., (the "Company") for land acquisition, site preparation and construction of a custom industrial building to be leased to Berry Neon Company for the manufacture of electrical, architectural and electronic signage (the "Project"), all as authorized by the Economic Development Finance Authority Act of 1989, R.C.W. Title 43, Chapter 163, as amended (the "Act"); and WHEREAS, on August 6, 2003, WEDFA unanimously approved the Resolution; and WHEREAS, it is the policy of the Washington Economic Development Finance Authority not to issue revenue bonds except upon the approval of the county, city or town within whose planning jurisdiction the proposed industrial development facility lies; and WHEREAS, the Project lies within the boundaries of the City of Everett, Snohomish County, Washington; NOW, THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVERETT that: Section 1: The Everett City Council (the "Council"), pursuant to the request of the Washington Economic Development Finance Authority, does hereby approve the issuance of non-recourse revenue bonds (the "Bonds") by the Washington Economic Development Finance Authority, for the purposes provided in the Act. Section 2: The Bonds shall be issued in the aggregate principal sum of not to exceed $2,300,000 pursuant to a Resolution of WEDFA. The proceeds of the Bonds are to be lent to the Company, pursuant to a loan agreement or other appropriate financing agreement, and used for the purpose of constructing and equipping the Project, including the necessary appurtenances, located within the boundaries of the City of Everett and to pay certain costs of issuance of the Bonds. Section 3: The Bonds shall not constitute an obligation of the State of Washington or of the City of Everett, and no tax funds or revenues of the State of Washington or of the City of Everett shall be used to pay the principal or interest on the Bonds. Neither the faith and credit nor any Page 1 of 2