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81 <br /> CFebruary 2,1992 <br /> NOW, THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT,MASHINGiON: <br /> Section1. <br /> Securities, Inc. Securityproval of Bid. The bid of Pacific <br /> I <br /> . (.Underwriter") or the acquisition Sierra <br /> Construction Co., Inc.'s ("Contractor's") interests in the <br /> Ground Lease, Lease, and Improvements, a t Porth p Exhibit <br /> A, is hereby approved. Exhibit A is herebyset <br /> herein <br /> by this reference. <br />• <br /> Section 2 Interest Rates <br /> n Lease. The city Council hereby <br /> approved, based o e f andings in Section 3 of this Resolution, <br /> the interest rates set forth in Exhibit Aas the interest rates <br /> f B <br /> to be applied to the principal components o lease payments to <br /> ac <br /> be m under the Amended an Restated Leaseby and between the <br /> City and Sierra Construction Co., <br /> Inc. Said interest rates <br /> shall be inserted <br /> U in Exhibit 8-1 of the Amended and Restated <br /> the resultingdollar amounts of the interest <br /> component lease payments9 (based o 360-day year o 0-day <br /> months) and total lease payments shall f e inserted Exhibit <br /> B-2 of the Amended and Restated Lease.. <br /> Section 3. Findings Regarding Lease Rental. The�. City Council finds and determines that the lease rental-to he paid under the <br /> Amended and Restated LeSe including principal and interest <br /> components thereof, doesexceed prevailing rents for <br /> comparable space in tha Everett metropolitan area. <br /> Section h. Approval of Assignment. City Council hereby <br /> approves the asignment bys5 a Construction Co., of all <br /> its right, title and interest Sierra <br /> the Improvements (as defined <br /> above), the Amended andd Ground Lease by and between the <br /> City Sierra Consruction Restated <br /> Inc., and the Amended and <br /> Restated Lease by and between the City and Sierra Construction <br /> Co.,Inc.,to Security Pacific Bank Washington, N s trustee <br /> Par the c benefit of the Underwriter a certificates o <br /> participation In Lease Payments d from s time, in <br /> connection with a lease financing of therm Improvements as <br /> emplated by the a Construction Contract and by Ordinance No. <br /> 185892. <br /> Section 5.. Ratification of Past Acts. All actions heretofore <br /> taken by city officers, staff, and agents consistent with the <br /> terms and <br /> purposes of this ordinance are <br /> hereby ratified, <br /> approvedand confirmed, including but not limited to the <br /> approval of certain portions of the preliminary official <br /> statement with espectCity the delivery of <br /> certificates of participation ti <br /> in the Lease rental payments. <br />