Ordinance 2587-02 - Laserfiche WebLink

• WHEREAS, representatives of the City and the District have negotiated the terms of the Interlocal Financing Agreement to set forth their respective rights and responsibilities in connection with the financing of the Regional Center, NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: The terms of that certain Interlocal Agreement Between the City of Everett and the Everett Public Facilities District for Financing a Regional Center in substantially the form thereof dated February 11, 2002 (the "Interlocal Financing Agreement"), and on file with the City Clerk are approved, and the Mayor and City Clerk are authorized to execute and deliver the Interlocal Financing Agreement on behalf of the City, with such changes, if any, as may be approved by the Mayor and City Attorney consistent with the substantial terms and purposes thereof. Section 2: To the extent that the Interlocal Financing Agreement obligates the City to lend money to the District or advance money directly to the Bank of America, N.A. (the "Bank"), on behalf and for the account of the District if required to pay the Project Notes Reimbursement Obligations (as defined in the Interlocal Financing Agreement) to the Bank in connection with the financing by the District of the Regional Center, that obligation to lend money to the District or advance money directly to the Bank on behalf and for the account of the District in the amounts, at the times and in the manner described in the Interlocal Financing Agreement shall be absolute and unconditional, and shall not be subject to any defense, including without limitation any breach by the District of the Interlocal Financing Agreement, diminution by setoff, counterclaim, abatement or otherwise, and the City pledges its full faith, credit and resources irrevocably for the payment to the Bank, on behalf and for the account of the District, of the Project Notes Reimbursement Obligations in accordance with the Interlocal Financing Agreement. The City pledges to include in its budget for each fiscal year during the term of the Interlocal Financing Agreement and appropriate an amount equal to the amount, if any, reasonably anticipated to be required to be advanced by the City to the Bank on behalf and for the account of the District under the terms of the Interlocal Financing Agreement. Section 3: The Mayor, City Clerk and all other proper officials of the City are authorized to do such acts and execute such instruments as are necessary or appropriate to carry out the terms of the Interlocal Financing Agreement consistent with substantial terms and purposes thereof. I�� /.i/� .�✓�i�"� : ' NK A i ERSON, Mayor Pro Tem