Resolution 6446 - Laserfiche WebLink

EXHIBIT A UNDERTAKING OF THE CITY OF EVERETT,WASHINGTON in connection with Everett Public Facilities District Project Revenue Bonds, Series 2007 The CITY OF EVERETT, WASHINGTON, a first class charter city (the "City"), is delivering this undertaking to the EVERETT PUBLIC FACILITIES DISTRICT, a public body corporate and politic of the State of Washington (the "District") pursuant to the Interlocal Agreement (the "Agreement") dated as of February 1, 2007 by and between the City and the District in connection with the above- referenced bonds (the "Bonds"). The City is executing this undertaking pursuant to the authority granted by State law, including without limitation by RCW Chapter 67.28 and Sections 67.28.120, 67.28.080(1) and 67.28.130 thereof. ARTICLE I Definitions Section 1.01. Definitions. Unless the context clearly requires otherwise, capitalized terms used herein have the meanings given such terms in the Agreement. ARTICLE II Payments by City Section 2.01. Payments. The City agrees to make payments for the benefit of the District and The Bank of New York Mellon, and any successor thereto (the "Bank") at the times and in the amounts set forth in Section 2.02. From and after the date on which an alternate or substitute "Credit Facility" as defined in Resolution No. 154-07 of the District is delivered to secure the payment of the principal of, interest on, or purchase price of the Bonds, the term "Bank" shall be deemed to include the provider of such alternate or substitute Credit Facility for the purpose of this Undertaking. Section 2.02. Times and Amounts. For as long as the Bonds remain outstanding, upon receipt by the City of notice from the District or its assignee that the amounts in the 2007 Bond Account are not sufficient to pay the interest coming due or principal coming due (at scheduled maturity or upon prior mandatory sinking fund redemption) with respect to any Bank Bonds not less than two business days prior to the Interest Payment Date, maturity date or mandatory sinking fund redemption date, as the case may be, then the City shall pay to the District or its assignee no later than one business day prior to such Interest Payment Date, maturity date or redemption date an amount which together with the balance in such 2007 Bond Account is sufficient to pay the interest on the Bank Bonds coming due on the upcoming Interest Payment Date or the principal coming due on the Bank Bonds on the upcoming maturity date or mandatory sinking fund redemption date. Section 2.03. Nature of City's Obligation. The obligation of the City to make payments to the District or its assignee in the amounts, at the times and in the manner described herein shall be absolute and unconditional and shall not be subject to diminution by setoff, counterclaim, abatement or otherwise. The full faith, credit and resources of the City are pledged irrevocably for the payment to the District or its assignee of the amounts described herein.