Resolution 06-003 Issuance of Non-Recourse Revenue Bonds CITY OF SPOKANE VALLEY
SPOKANE COUNTY, WASHINGTON
RESOLUTION NO. 06-003
A RESOLUTION APPROVING THE ISSUANCE BY THE INDUSTRIAL
DEVELOPMENT CORPORATION OF SPOKANE COUNTY,
WASHINGTON OF NON-RECOURSE REVENUE BONDS, SERIES 2006A
(MACKAY MANUFACTURING, INC).
WHEREAS, the Board of County Commissioners of Spokane County, Washington, by
Resolution No. 82-0160, adopted on February 23, 1982, created The Industrial Development
Corporation of Spokane County, Washington (the "IDC") pursuant to chapter 39.84 RCW, as
amended; and
WHEREAS, the IOC expects to issue $1,300,000 of Non-Recourse Revenue Bonds,
Series 2006A (MacKay Manufacturing, Inc., Project) (the "Bonds") and loan the proceeds
thereof to MacKay Manufacturing, Inc. to finance: (i) a portion of the cost of acquiring,
constructing and installing equipment used in the manufacture of surgical and electronic
components (the "Project") and (ii) a portion of the costs of issuance of the Bonds; and
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WHEREAS, R.CW 39.84.060 provides that the IDC cannot issue the Bonds except upon
the approval of both the municipality under the auspices of which it was created, which is
Spokane County, Washington (the "County") and the county, city or town within whose
planning jurisdiction the Project lies. This Resolution is being adopted by the City as a direct
result of that statutory requirement; and
WHEREAS, the equipment to be purchased as part of the Project will be installed at the
manufacturing facility located at 10011 East Montgomery Avenue, Spokane Valley, Washington,
which is within the boundaries of the City; and
WHEREAS, on April 11, 2006, the IDC's Board of Directors adopted Resolution No.
2006-02 approving the issuance of the Bonds anticipates approving the issuance of the Bonds.
NOW THEREFORE, be it resolved by the City Council of the City of Spokane Valley,
Spokane County, Washington, as follows:
Section .1. Approval of Issuance of Non-recourse Revenue Obligations Pursuant to
RC\V 39.84.060. Pursuant to the request of the IDC, the City Council hereby approves the
issuance of the Bonds by the IDC for Mackay Manufacturing, Inc., under the terms and
conditions of, and for the purposes provided in chapter 39.84 RCW, and within the meaning of
RCW 39.84.060.
Section 2. In approving the issuance of the Bonds, the-City Council does not assume
any responsibility with respect to any payments due thereunder. In accordance with RCW
39.84.060, (i) the City is not obligated to pay the principal of or the interest on the Bonds; (ii) no
Resolution 06-003 Revenue Bonds,Mackay Mfg. Page 1 of 2
tax funds or governmental revenue of the City may be used to pay the principal of or the interest
on the Bonds; and (iii) neither the faith and credit nor the taxing power of the City is pledged to
the payment of such principal or interest. Any Bond issued as a result of this Resolution shall
contain on its face statements the limitations set forth in Section 2 (i)—(iii) of this Resolution.
Section 3. Effective Date. This Resolution shall be in full force and effective upon
adoption.
Adopted this 11th day of April, 2006
City of Spokane Valley
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Mayor Diana Wilhite
ATT S •
City Clerk, Christine Bainbridge ,
Approved as to Form:
Office of the Cr r Attorn-
Resolution 06-003 Revenue Bonds,Mackay Mfg. Page 2 of 2
on
Sun,pokane
Valley 11707 E.S ra ue Ave. • Suite 106 • Spokane Valley,p g p WA 99206
(509)921-1000 • Fax(509)921-1008 • cityhall@spokanevalley.org
April 17, 2006
Debbie Yates,Paralegal
Koegen Edwards LLP
1001 Fourth Ave.,Suite 2580
Seattle, WA 98154
RE: MacKay Manufacturing Project
Dear Debbie:
Enclosed please find a certified copy of our Resolution Approving the Issuance by the Industrial
Development Corporation, of non-recourse revenue bonds, which resolution was approved by our Council
at their April 11 council meeting. Please disregard the letter sent to you previously as it contained the
incorrect Resolution number. I apologize for any inconvenience this may have caused.
Sincerely,
Chris Bainbridge, CMC
Spokane Valley City Clerk
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Enc.
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San,pokane
\' il1ey 11707 E.S Sprague ue Ave. • Suite 106 • S okane Valle WA 99206
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CITY O(F 5 0S9P) O9KA1N0E 0 V• FAaL x ( EY 921-1008 • cityhall @spokanevalley.org
OFFICE OF CITY CLERK •
I, Christine Bainbridge, City Clerk of Spokane Valley, Washington, do hereby certify that the
. attached is a true and correct copy of City of Spokane Valley Resolution 06-003 approved during
the April 1 I council meeting of the Spokane Valley City Council.
Witness my hand and official seal this 17th day of April, 2006.
Christine Bainbridge, Spokane Valley City Clerk
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