Chapter 2.84
INDUSTRIAL DEVELOPMENT CORPORATION

Sections:

2.84.010    Created – Purpose.

2.84.020    Name of corporation.

2.84.030    Powers – Authority.

2.84.040    Charter issuance.

2.84.050    Membership.

2.84.060    Conduct of affairs.

2.84.070    Compensation.

2.84.080    Financial interest prohibited.

2.84.090    Powers – Designated.

2.84.100    Operation as business.

2.84.110    Facility location within city required – Exception.

2.84.120    Limits of city relationship.

2.84.130    Revenue obligation issuance – City approval required.

2.84.140    Disposition of earnings and property.

2.84.150    Interpretation.

2.84.010 Created – Purpose.

The city does hereby create a public corporation to carry out the objects and purposes of Chapter 300, Laws of Washington, 1981 (Reg. Sess.), codified as Chapter 39.84 RCW, as that law may from time to time hereafter be amended (the “Act”). Such objects and purposes are independent of and shall not be limited or restricted by reference to or inference from the terms of any other section of this chapter unless, and only to the extent, specifically set forth herein. [Ord. 9449 § 1, 1985].

2.84.020 Name of corporation.

The name of the public corporation shall be the “industrial development corporation of the city” (the “development corporation”). [Ord. 9449 § 2, 1985].

2.84.030 Powers – Authority.

The development corporation shall have all the powers and be subject to all of the limitations and provisions contained in the Act. [Ord. 9449 § 3, 1985].

2.84.040 Charter issuance.

A charter (the “charter”) shall be issued to the development corporation by this council which shall grant to the development corporation authority to act pursuant to the Act. A copy of the initial charter to be issued is attached to the ordinance codified in this chapter as Exhibit A. This charter may be amended from time to time by the city council acting by ordinance. [Ord. 9449 § 4, 1985].

2.84.050 Membership.

The board of directors of the development corporation shall be composed of the members of the city council as constituted from time to time, acting ex officio. A majority of the members of the board of directors shall constitute a quorum. [Ord. 9449 § 5, 1985].

2.84.060 Conduct of affairs.

The affairs of the development corporation shall be conducted and carried out by the board of directors. The board shall elect among its own members a president, a vice-president and a secretary. The board of directors shall adopt bylaws and policies governing the conduct of the development corporation. [Ord. 9449 § 6, 1985].

2.84.070 Compensation.

Members of the board of directors shall serve with such compensation and reimbursement of expenses as may be provided in the bylaws and policies to be adopted by the board of directors. [Ord. 9449 § 6, 1985].

2.84.080 Financial interest prohibited.

No director, officer, agent or employee of the development corporation shall have directly or indirectly any financial interest in any property to be included in or any contract for property, service or materials to be furnished or used in connection with any industrial development facility financed through the development corporation. [Ord. 9449 § 7, 1985].

2.84.090 Powers – Designated.

The development corporation shall have all the powers granted by the Act and shall be subject to all limitations on such powers provided in the Act. Such powers and limitations shall include, but not be limited to, the following:

A. To construct and maintain one or more industrial development facilities;

B. To lease to a lessee all or any part of any industrial development facility for such rentals and upon such terms and conditions, including options to purchase, as its board of directors considers advisable and not in conflict with the Act;

C. To sell by installment contract or otherwise and convey all or any part of any industrial development facility for such purchase price and upon such terms and conditions as its board of directors considers advisable and which are not in conflict with the Act;

D. To make secured loans for the purpose of providing temporary or permanent financing or refinancing of all or part of the project cost of any industrial development facility, including the refunding of any outstanding obligations, mortgages, or advances issued, made, or given by any person for the project costs; and to charge and collect interest on the loans for the loan payments upon such terms and conditions as its board of directors considers advisable and which are not in conflict with the Act;

E. To issue revenue bonds for the purpose of financing all or part of the project cost of any industrial development facility and to secure the payment of the revenue bonds as provided in the Act;

F. As security for the payment of the principal of and interest on any revenue bonds issued and any agreements made in connection therewith, to mortgage, pledge, or otherwise encumber any or all of its industrial development facilities or any part or parts thereof, whether then owned or thereafter acquired, and to assign any lease or mortgage and repledge any security conveyed to the development corporation, to secure any loan made by the development corporation and to pledge the revenues and receipts therefrom;

G. To sue and be sued, complain, and defend in its corporate name;

H. To make contracts and to execute all instruments necessary or convenient for the carrying out of its business;

I. To have a corporate seal and to use the same by causing it, or facsimile thereof, to be impressed or affixed or in any other manner reproduced;

J. Subject to the limitations of Section 6 of the Act (RCW 39.84.060), to borrow money, accept grants from, or contract with any local, state, or federal governmental agency or with any financial, public, or private corporation;

K. To make and alter bylaws not inconsistent with its charter for the administration and regulation of the affairs of the development corporation;

L. To collect fees or charges from users or prospective users of industrial development facilities to recover actual or anticipated administrative costs;

M. To execute financing documents incidental to the powers enumerated in this section; and

N. To have any and all other powers granted to public corporations under the Act. [Ord. 9449 § 8, 1985].

2.84.100 Operation as business.

The development corporation created by this chapter may not operate any industrial development facility as a business other than as a lessor, seller, or lender. The purchase and holding of mortgages, deeds of trust, or other security interests and contracting for any servicing thereof shall not be considered the operation of an industrial development facility. [Ord. 9449 § 9, 1985].

2.84.110 Facility location within city required – Exception.

The development corporation created by this chapter may not exercise any of the powers authorized or issue any revenue bonds with respect to any industrial development facility unless the industrial development facility is located wholly within the boundaries of the city or unless the industrial development facility comprises energy facilities or solid waste disposal facilities which provide energy for or dispose of solid waste from the city or the residents thereof. [Ord. 9449 § 10, 1985].

2.84.120 Limits of city relationship.

The city may not give or lend any money or property nor exercise its power of eminent domain in aid of the development corporation. This provision shall not preclude the city from dealing with the development corporation on an arm’s length basis. [Ord. 9449 § 11, 1985].

2.84.130 Revenue obligation issuance – City approval required.

The development corporation may not issue revenue obligations except upon approval of the city. [Ord. 9449 § 12, 1985].

2.84.140 Disposition of earnings and property.

Any net earnings of the development corporation beyond those necessary for retirement of indebtedness incurred by it shall inure to the city and not for the benefit of any other person. Alteration of the charter of or dissolution of or audits of the development corporation shall be as provided by the Act and by subsequent ordinances of the city. Upon dissolution of the development corporation, title to all property owned by the corporation shall vest in the city. [Ord. 9449 § 13, 1985].

2.84.150 Interpretation.

This chapter shall be liberally construed to effect its purposes. [Ord. 9449 § 14, 1985].