Resolution 4077 - Laserfiche WebLink

RESOLUTION NO. 7 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE INDUSTRIAL DEVELOPMENT CORPORATION OF THE CITY OF EVERETT, TAKING OFFICIAL ACTION WITH RESPECT TO THE ISSUANCE OF ITS NONRECOURSE REVENUE BONDS IN THE AMOUNT OF UP TO $6,000,000 TO PROVIDE FUNDS TO FINANCE INDUSTRIAL DEVELOPMENT FACILITIES FOR AMERICAN PROFILES COMPANY WHEREAS, pursuant to Chapter 300, Laws of Washington 1981, codified as Chapter 39.84 RCW, as amended (the "Act"), Ordinance No. 866-62, (the "Ordinance") of the City Council of the City of Everett (the "City Council") and the Charter of the Industrial Development Corporation of the City of Everett (the "Development Corporation"), the Development Corporation is authorized to issue nonrecourse revenue bonds to finance industrial development facilities (as defined in the Act) under the conditions and limitations set forth in the Act; and WHEREAS, American Profiles Company, a Virginia corporation (the "Company"), intends to undertake a project consisting of the acquisition, construction and equipping of manufacturing and distribution facilities as described with particularity on Schedule 1 attached hereto and incorporated by this reference herein (the "Project") within the boundaries of the City, which Project constitutes an industrial development facility under the Act; and WHEREAS, the Board of Directors of the Development Corporation deems it advisable for the Development Corporation (i)to issue its nonrecourse revenue bonds (the "Bonds") for the purpose of financing the Project and (ii)to enter into contracts and agreements with the Company whereunder the.Company will provide money sufficient to pay the principal of, premium, if any, and interest on such Bonds; Now, Therefore, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE INDUSTRIAL DEVELOPMENT CORPORATION OF THE CITY OF EVERETT, as follows: