HomeMy WebLinkAbout70-07 - Res. Financing Economic Development Facility for Coeur D'Alene Fiber Fuels IncRESOLUTION NO. 7 0 - 0 7
A RESOLUTION OF THE MASON COUNTY BOARD OF COMMISSIONERS 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 COEUR D'ALENE FIBER FUELS INC. ("the
COMPANY"), AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO.
WHEREAS on August 24, 2006, the Washington Economic Development Finance Authority
("WEDFA') had presented to it Resolution No. W-2006-015 (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 the Company for, inter alia the construction and equipping of a
new wood pellet manufacturing facility located in unincorporated Mason County (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 24, 2006, 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 unincorporated Mason County, Washington,
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED as follows:
Section 1: The Mason County Board of Commissioners (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 $10,000,000
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, inter alia,
constructing and equipping the Project, including the necessary appurtenances located within the
boundaries of unincorporated Mason County 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 Mason
County, and no tax funds or revenues of the State of Washington or of Mason 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 Mason County shall be pledged to pay the principal or interest on the Bonds
Section 4: The Mason County Board of Commissioners hereby approves the issuance of Bonds by
WEDFA for the purpose of financing the Project as described herein, a qualified project under the Act.
However, such approval shall not waive any of the permitting requirements applicable to this project.
Section 5: This Resolution is intended to constitute approval of the issuance of revenue bonds
within the meaning of the policy of the Washington Economic Development Finance Authority.
Section 6: Upon passage and approval of this Resolution, it shall take effect immediately.
Resolution No. 70 _ 0 7
Washington Economic IDevelopme--d Finance Authority
DAJ'K;D this 26th day of
YES:
NOES:
S EN
S
A
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WING:
0
une, 2007.
(17,1 tfileCa
Rebecca S. Rogers, Clerk of he Board
PJ'ORL
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OF COUNTY COMMIS
VASON CO J1\`1'Y, W &
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da Ring Erickson,
Tim Sheldon, Commissioner
C: WHDFA, 1000 Second Ave, Suite 2700, Seattle, W 98
04-
046
SION RS
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