Drafter
Clerk 2/27/2007
title
A MOTION approving of the Washington Economic Development Finance Authority's plan to issue non-recourse economic development revenue bonds, the proceeds of which will be loaned to Delta Marine Industries, for capital improvements at the Delta Marine Industries facility located in unincorporated King County.
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WHEREAS, the Washington Economic Development Finance Authority ("WEDFA") has approved Resolution No. W-2003-0004, as amended by Resolution Nos. 2004-003, 2005-005, 2006-008 and 2006-021, copies of which are attached to this motion, declaring official intent to issue non-recourse economic development revenue bonds in a maximum amount not to exceed ten million dollars, and
WHEREAS, the proceeds of the bonds would be loaned to Delta Marine Industries to finance costs of acquiring, constructing, equipping and improving real or personal property for a capital improvement project at the facilities of Delta Marine Industries located in unincorporated King County, in accordance with a loan agreement or other appropriate financing agreement, and used for the purpose of constructing and equipping the project and to pay certain costs of issuance of the bonds, and
WHEREAS, the capital improvements to be financed at the facilities of Delta Marine Industries, located in unincorporated King County would expand and improve the existing facility and increase its capacity to serve the market for large recreational yachts, and
WHEREAS, it is the policy of the WEDFA 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 unincorporated King County;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. The council hereby approves of the WEDFA's plan to issue non-recourse economic development revenue bonds, the proceeds of which will be loaned to Delta Marine Industries in accordance with a loan agreement or other appropriate financing agreement, and used for the purpose of constructing and equipping the project and to pay certain costs of issuance of the bonds, as described in Resolution No. W-2003-0004, as amended by Resolution Nos. 2004-003, 2005-005, 2006-008 and 2006-021;
B. The bonds shall not constitute an obligation of the state of Washington or of King County, and no tax funds or revenues of the state of Washington or of King County shall be used to pay the principal or interest on the bonds. Neither the faith and credit nor any taxing power of the state of Washington or of King County shall be pledged to pay the principal or interest on the bonds; and
C. Approval by the council of the bond issuance does not constitute county approval or disapproval of any other permits, certifications or actions or waive any of the permitting, environmental review, financial obligations or legal requirements applicable to the project.