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546 <br /> October 9,1991 () <br /> WHEREAS, such public sale has been duly noticed and conducted, <br /> end the bid of Piper,Jaffray a Hopwood&Kemper Securities (the <br /> "Underwriter") has been found to be the lowest responsible bid; <br /> and <br /> WHEREAS,Contractor has accepted the bid of Underwriter,and <br /> WHEREAS, the Finance Director of the City has advised the <br /> Council that the interest rates bid by Underwriter to be applied 0 <br /> to the principal component of rental payable by the City under <br /> the Lease do not result in a.lease rental a eeding rents for <br /> comparable space In the Everett metropolitan area, <br /> NOW, THEREFORE, BE IT RESOLVEO BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT,WASHINGTON: <br /> Section 1. Approval of Bid. The bid of Piper, Jaffray a <br /> Hopwood a Kemper Securities ("Underwriter") for the acquisition <br /> of Lumpkin, Inf.'s (^Contractor's") interests in the Ground <br /> Lease, Lease, and Improvements, as set forth on Exhibit A, is <br /> hereby approved. Exhibit A is hereby incorporated herein by <br /> this reference. <br /> Section 2. Interest Rates on Lease. The City Council hereby <br /> approves,based on the findings in Section 3 of this Resolution, <br /> the interest rates set Porth in Exhibit A as the interest rates <br /> to be applied to the principal components of lease payments to <br /> be made under the Amended and Restated.Lease by and between the <br /> City end Lumpkin,Inc. <br /> Section 3. Findings Regarding Lease Rental. The City Council <br /> finds and determines that the lease rental to be paid under the <br /> Amended and Restated Lease, including principal end interest <br /> components thereof, does not exceed prevailing rents for <br /> comparable space in the Everett metropolitan area. <br /> Section 4. Approval.of Assignment. The City Council hereby <br /> approves the assignment by Lumpkin, Inc.of all its right,title 0 <br /> and interest in the Improvements(aa defined above), the Amended <br /> end Restated Ground Lease by and between the City and Lumpkin, <br /> Inc.,and the Amended and Restated.-ea a by and between the Oily <br /> end Lumpkin Inc., to Security PacificBank Washington, N.A.,as <br /> trustee for the benefit of the Underwriter andowners <br /> of <br /> ertificates of participation in the Lease Payments from time to <br /> time,in c ection with the lease financing of the Improvements <br /> as entemplated by the Construction Contract end by Ordinance <br /> No.ISIS-91. <br /> O <br /> 0 <br /> 12 <br />