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This note is deemed designated by the City as a qualified tax-exempt obligation under <br /> Section 265(b) of the Internal Revenue Code of 1986, as amended, for investment by financial <br /> institutions. <br /> The City has irrevocably covenanted with the owner of this note that it will annually <br /> include in its budget an amount sufficient to pay the principal of and interest on this note when <br /> due or at maturity and levy taxes, if necessary, within and as a part of the tax levy permitted to <br /> cities without a vote of the electorate, upon all property subject to taxation, in an amount <br /> sufficient, together with all other money legally available for such purpose, to pay the principal <br /> of and interest on this note as the same shall become due. The full faith, credit and resources of <br /> the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the <br /> prompt payment of such principal and interest. <br /> This note shall not be valid or become obligatory for any purpose or be entitled to any <br /> security or benefit under the Note Ordinance until the Certificate of Authentication has been <br /> manually signed by the Note Registrar. <br /> THIS NOTE IS NOT TRANSFERABLE, except to a successor to the business and assets <br /> of the Bank, conditioned on such successor assuming all obligations to provide the line of credit <br /> evidenced by this note. <br /> It is hereby certified that all acts, conditions and things required by the Constitution and <br /> statutes of the State of Washington and the Charter and ordinances of the City to exist, to have <br /> happened, been done and performed precedent to and in the issuance of this note have happened, <br /> been done and performed and that the issuance of this note does not violate any constitutional, <br /> statutory or other limitation upon the amount of bonded indebtedness that the City may incur. <br /> In Witness Whereof, the City of Everett, Washington, has caused this note to be executed <br /> by the manual or facsimile signature of the Mayor and to be attested by the manual or facsimile <br /> signature of the City Clerk, and has caused the seal of the City to be impressed, imprinted or <br /> otherwise reproduced on this note, as of this 31st day of December, 2003. <br /> CITY OF EVERETT, WASHINGTON <br /> By Is/ <br /> Mayor <br /> [SEAL] <br /> ATTEST: <br /> /s/ <br /> City Clerk <br /> -9- P:\CMW\CMW634 03/12/15 <br />