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148 <br /> March 27,1991 <br /> containing <br /> the Underwriter has tedsubmitted such a proposal <br /> oichining such interest rates, sated March 1991,a copy of <br /> which has been eyp...nted a this meeting and is on file with <br /> the City(the^Proposal");and <br /> WHEREAS, the Proposal is c with the plan of financing <br /> authorized by ordinance Nu. 1774-91,and the Council wishes to <br /> accept the Proposal and to approve the interest rates contained <br /> therein,as required by Ordinance No.1774-91; <br /> NOW,THEREFORE, BE IT RESOLVED by the City Council of the City <br /> 04 Everett.as follows: <br /> Section 1. Acce.tance of Proposal. The Council hereby finds <br /> and determines ['hatthe <br /> r <br /> Proposal and the interest <br /> tamBr <br /> ed therein fair and reasonable and in f the best <br /> interest <br /> of the City and that the,ease shall be entered into <br /> uponthe terms and,conditions set forth in said Proposal. <br /> The Council hereby accepts the Proposal and approves the rates <br /> of Interest for then contained therein hereby <br /> authorizes and directs theMayor to execute the Proposal and <br /> deliver It to the Underwriter. <br /> The lease shall heexecuted and delivered on the terms and ("� <br /> conditions forth the Proposal and in ordinance No. <br /> 1774-91. <br /> Section 2. Ratificationof t Acts. all actions and <br /> proceedings heretofore taken by'theofficers,agents,attorneys <br /> and employees of the City inconnection with the issuance and <br /> sale of the Bands are hereby ratified,approved and confirmed. <br /> Section <br /> Effective Date. This resolution shall be in full <br /> forceand effect from and after its adoption and approval in <br /> accordance with law. <br /> Bill Cushman introduced Dick Kennedy, Seattle Northwest 0 <br /> Securities Corporation. explained the three handouts <br /> Council: 1) preliminary official statement; 2) purchase offer; <br /> and 3)municipal bond market. <br /> Council asked City Attorney Bruce Jones if he was comfortable <br /> with this paperwork. He replied that theestion if <br /> a <br /> Council w satisfied with the rates. He furts <br /> her stated that <br /> staff was satisfied that the rates were competitive. \/ <br /> 1 <br />