RESOLUTION NO. 75
A RESOLUTION of the Industrial Development Corporation of the Port of
Seattle authorizing the transfer of surplus funds in the
sum of $10,000 from the Industrial Development
Corporation to the Port of Seattle for the provision of
training in public sector management skills necessary to
implement the economic development programs of the
Port
WHEREAS, the Port of Seattle (the “Port”) has created a public corporation, the
Industrial Development Corporation of the Port of Seattle (the “Development Corporation”)
pursuant to RCW 39.84, as amended (the “Act”) and Resolution No. 2845 of the Port
Commission for the purpose of issuing and selling nonrecourse revenue bonds in order to defray
the cost of acquiring, constructing and installing industrial development facilities by private
users (“users”); and
WHEREAS, all costs and expenses of the Development Corporation are paid from fees
collected from users; and
WHEREAS, RCW 39.84.130 prohibits the commingling of funds of the Development
Corporation with funds of the Port; and
WHEREAS, RCW 39.84.130 further provides that those funds of the Development
Corporation that are not otherwise encumbered for the payment of revenue bonds and are not
reasonably anticipated by the Board of Directors of the Development Corporation to be
necessary for administrative expenses of the Development Corporation (hereinafter referred to
“transferable surplus funds”) may be transferred to the Port and used for growth management,
planning or other economic development purposes; and
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WHEREAS, such economic development purposes include the provision of training and
education in the public sector management skills necessary to implement the economic
development programs of the Port; and
WHEREAS, the Port has created the Economic and Trade Fellowship (the “Fellowship”)
for the purpose of contribution to the Port’s core mission of economic development by extending
education opportunities to employees interested in economics and trade; and
WHEREAS, the Port has created the Sponsoring Committee, to oversee the selection
process, comprised of representatives from the Development Corporation, the Economic,
Business and Trade Development Department, the Finance and Budget Department, the Legal
Department, and the Human Resources and Development Department; and
WHEREAS, the Port advertised the Fellowship to Port staff, the Sponsoring Committee
reviewed the applications received and the Sponsoring Committee determined that the selected
Fellows for the year 2009 and their program of study will contribute to the economic
development purposes of the Port; and
WHEREAS, this Board has determined that the balance on hand in the accounts of the
Development Corporation is more than sufficient to meet the reasonably anticipated needs of the
Development Corporation for the years 2009 and 2010; and
WHEREAS, the Development Corporation has accumulated transferable surplus funds
and the directors of the Development Corporation have agreed to a transfer of those funds in the
amount of ten thousand dollars ($10,000) to the Port under RCW 39.84.130 to fund the
Fellowships in furtherance of the Port’s economic development purposes;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Industrial
Development Corporation of the Port of Seattle, as follows:
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Section 1. The Development Corporation is hereby authorized to transfer to the Port the
sum of ten thousand dollars ($10,000) of transferable surplus funds for use by the Port to fund
the Economic Trade and Development Fellowships in furtherance of the Port’s economic
development purposes.
ADOPTED by the Board of Directors of the Industrial Development Corporation of the
Port of Seattle this ___ day of _______, 2009.
INDUSTRIAL DEVELOPMENT
CORPORATION OF THE PORT OF
SEATTLE
President, Board of Directors
ATTEST:
Secretary, Board of Directors
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CERTIFICATE
I, the undersigned, Secretary of the Board of Directors (the “Board”) of the Industrial
Development Corporation of the Port of Seattle (the “Development Corporation”), DO HEREBY
CERTIFY:
1. That the attached Resolution No. 75 (herein called the Resolution”) is a true and
correct copy of a resolution of the Development Corporation as adopted at a special meeting of
the Board held on July 28, 2009.
2. That said meeting was duly convened and held in all respects in accordance with
law, and to the extent required by law, due and proper notice of such meeting was given; that a
legal quorum was present throughout the meeting and a legally sufficient number of members of
the Board voted in the proper manner for the adoption of the Resolution; that all other
requirements and proceedings incident to the proper adoption of the Resolution have been duly
fulfilled, carried out and otherwise observed, and that I am authorized to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand this _ _ day of ________, 2009.
Secretary, Board of Directors
Industrial Development Corporation of the
Port of Seattle
