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h c <br /> { <br /> Resolution No. 6 4 4 6 <br /> A RESOLUTION authorizing and approving (i) the execution and delivery of an <br /> undertaking by the City in connection with the Everett Public Facilities District <br /> variable rate bonds, for the benefit of a substitute credit facility provider for the <br /> bonds, and (ii) certain other actions in connection therewith. <br /> WHEREAS, the City Council has previously determined that it is mutually beneficial for the City <br /> of Everett and the Everett Public Facilities District for the District to obtain long-term financing for the <br /> Everett Events Center on the most favorable terms; and <br /> WHEREAS, the commercial bank currently providing a standby bond purchase agreement in <br /> connection with the District's long-term variable rate bonds, Dexia Credit Local, acting through its New <br /> York Branch (the "Current Bank"), has been downgraded, and the District desires to replace the Current <br /> Bank's standby bond purchase agreement with a letter of credit to be issued by The Bank of New York <br /> Mellon(the "New Bank"); and <br /> WHEREAS, the New Bank has requested that the City confirm its financial commitments with <br /> respect to the bonds that are set forth in the Interlocal Agreements between the City and the District, <br /> previously approved by the City Council, in substantially the same form as the City previously confirmed <br /> its financial commitments for the benefit of the Current Bank; <br /> NOW, THEREFORE, be it resolved by the City Council of the City of Everett: <br /> 1. The Undertaking is approved in substantially the form attached as Exhibit A to this resolution. The <br /> Mayor and City Clerk are authorized to execute and deliver the Undertaking on behalf of the City, <br /> with such changes, if any, as may be approved by the Mayor and City Attorney consistent with the <br /> purposes thereof. <br /> 2. The Mayor, the City Clerk and all other proper officials of the City are authorized to do such acts <br /> and execute such documents, instruments and agreements as are necessary or appropriate to carry <br /> out the purposes hereof. <br /> .'ire.► <br /> ouncilmem er Introduc' Resolution <br /> Passed and Approved this 23rd day of November, 2011. <br /> Council President <br />