Resolution 08-011 Approving Non-Recourse Revenue Bonds - MacKay Manufacturing Project CITY OF SPOKANE VALLEY
Spokane County, Washington
RESOLUTION NO. 08-011
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SPOKANE
VALLEY,SPOKANE COUNTY,WASHINGTON, APPROVING THE. ISSUANCE
BY THE INDUSTRIAL DEVELOPMENT CORPORATION OF SPOKANE
COUNTY, WASHINGTON OF ITS NON-RECOURSE REVENUE BONDS,
SERIES 2008A (MACKAY MANUFACTURING, INC., PROJECT); AND
PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SPOKANE VALLEY,
SPOKANE COUNTY, WASHINGTON, as follows:
WHEREAS, the City of Spokane Valley, Washington (the "City') is a noncharter code city duly
organized and existing under and by virtue of the Constitution and the laws of the state of Washington;
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;
WHEREAS, the IDC expects to issue S1,800,000 of Non-Recourse Revenue Bonds, Series
2008A (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, electronic and general components(the"Project")and (ii)
a portion of the costs of issuance of the Bonds;
WHEREAS, RCW 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; and
WHEREAS, 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;
NOW,THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED as follows:
Section I. Pursuant to the request of the UDC, the City Council hereby approves the
issuance of the Bonds by the IDC for the purposes provided in chapter 39.84 RCW and within the
meaning of RCW 39.84.060.
Section 2. Iii so 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 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.
Resolution 08-011, Revenue Bonds, Mackay Manufacturing Page 1 of 3
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Section 3. This resolution shall take effect immediately upon its passage and approval.
ADOPTED by the City Council on June 3, 2008.
CITY OF SPOKANE VALLEY,
WASHTh 0 4
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r is and 1N_i nson,Mayor
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Christine Bainbridge,City Clerk
APPROVED AS TO FORiv1:
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Office of the City Attorney
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CERTIFICATE
I, Christine Bainbridge, City Clerk of the City of Spokane Valley, Spokane County, Washington,
hereby certify that the foregoing resolution is a full, true, and correct copy of a resolution duly adopted at
a study session meeting of the City Council duly and regularly held at the regular meeting place thereof
on June 3, 2008, of which meeting all members of such City Council had due notice and at which a
majority thereof were present; and that at such meeting such resolution was adopted by the following
vote:
AYES, and in favor thereof,Councilmembers: Mayor Munson, Deputy Mayor Denenny,
Councilmembers Schimmels, Dempsey, Gothmann and Wilhite
NOES, Councilmembers:
ABSENT,Councilmembers: Councilmember Taylor
ABSTAIN, Councilmembers:
1 further certify that I have carefully compared the same with the original resolution on file and
of record in my office; that such resolution is a full, true, and correct copy of the original resolution
adopted at such meeting; and that such resolution has not been amended, modified, or rescinded since the
date of its adoption, and is now in full force and effect.
IN WITNESS WHEREOF, I have set my hand and affixed the official seal of the City of
Spokane Valley, Spokane County,Washington,on the 41" day of June, 2008.
CITY OF SPOKANE VALLEY, WASHINGTON
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