2008 - Resolution - Issuance of Tax-Exempt Industrial Revenue BondsRESOLUTION NO. 2008
A RESOLUTION OF THE CI1Y OF PORT ORCHARD, WASHINGTON,
APPROVING THE ISSUANCE OF TAX-EXEMPT INDUSTRIAL
REVENUE BONDS FOR THE INDUSTRIAL DEVELOPMENT
CORPORATION OF KITSAP COUN1Y FOR THE BENEFIT OF CARA
GROUP, LLC PURSUANT TO RCW 39.84.060.
WHEREAS, the Legislature of the State of Washington has provided for the creation of public
corporations by municipalities pursuant to Chapter 300, Laws of Washington, 1981 (Regular Session) codified
as Chapter 39.84 HCW, as amended (the "Act"), for the purpose of facilitating economic development and
employment opportunities in the State of Washington; and
WHEREAS, pursuant to the Act, the Industrial Development Corporation of Kitsap County (the
"Development Corporation") was formed in order to carry out the purposes of the Act; and
WHEREAS, the Development Corporation has received an application from CARA Group, LLC
(the "Borrower'') for the purpose of providing financing for the construction of a manufacturing facility at 1525
Vivian Court, Port Orchard, Washington (the "Project"), which is within the boundaries of the City of Port
Orchard, Washington (the "city"); and
WHEREAS, the Development Corporation and its bond counsel have reviewed the application
of the Borrower and have determined that the Project qualifies as an "industrial development facility" within the
meaning of the Act; and
WHEREAS, the Development Corporation has taken official action with respect to the issuance
of industrial revenue bonds in an amount not to exceed $2,000,000 (the "Bonds") on September 7, 1999 and
November 4, 2002; and
WHEREAS, the Act provides that each county, city or town within whose planning jurisdiction
the Project is to be located must approve the issuance of revenue bonds by the Development Corporation for
such Project; and
WHEREAS, the Development Corporation, as the issuer of the Bonds for the Project, has
requested the approval of the city pursuant to the Act; and
WHEREAS, the city has been assured that there will be no financial liability accruing to the city
as a result of such approval and that this approval shall constitute approval solely for the purpose of permitting
the Development Corporation to proceed with the issuance of the Bonds, now, therefore,
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. The city, pursuant to Chapter 39.84 RCW, does hereby approve the issuance of
the Bonds by the Development Corporation for the purposes of financing the Project under the Act.
The Bonds are anticipated to be issued by the Development Corporation in a principal amount
not to exceed $2,000,000 pursuant to a resolution of the Board of Directors of the Development Corporation for
the purposes of financing the Project under the Act.
Resolution No. 2008
Page 2 of2
The proceeds of the Bonds will be loaned to the Borrower, pursuant to a Loan Agreement with
the Development Corporation, and used for the purposes of paying all or a part of the costs of the Project within
the boundaries of the city. The Bonds shall be payable solely from the Borrower's repayments of the loan under
the loan agreement. The Bonds shall not constitute an obligation of the city, and no tax funds or other revenues
of the city shall be used to pay the principal of, premium, if any, or interest on the Bonds. Neither the faith and
credit nor any taxing power or revenues of the city shall ever be pledged to pay the principal of, premium, if any,
or interest on the Bonds.
SECTION 2. This resolution is intended solely to constitute approval of the issuance of the
Bonds within the meaning of RCW 39.84.060. This approval shall not in any way be deemed to be a review or
final approval of any development permit for the Project which may be in process, or may be submitted at a
future date.
PASSED by the City Council of the City of Port Orchard, SIGNED by the Mayor and attested by the
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