Resolution 5866 - Laserfiche WebLink

OP‘eS,/Z1 RESOLUTION NO. 5866 A RESOLUTION authorizing and approving (i) the execution and delivery of certain confirming undertakings by the City in connection with the Everett Events Center financings, and (ii) certain other actions in connection therewith. WHEREAS, the City Council has determined that it is mutually beneficial for the City of Everett (City) and the Everett Pubic Facilities District (District) for the District to obtain long term financing for the Everett Events Center on the most favorable terms possible; and WHEREAS, the City Council has determined that the City's participation in the financing of the Everett Events Center will enable the District to obtain financing on the most favorable terms possible, and; WHEREAS, the commercial bank providing a liquidity facility in connection with the financings has requested that the City, by separate document delivered to the District (the "Undertakings"), confirm it's financial commitments with respect to the Bonds that are set forth in the Interlocal Agreement with respect to the Project Revenue Bonds, previously approved by the City Council (the "Interlocal Agreement"); NOW, THEREFORE, be it resolved by the City Council of the City of Everett: 1. The Undertakings (Exhibits "A" and "B") are approved, and the Mayor and City Clerk are authorized to execute and deliver the Undertakings on behalf of the City, with such changes, if any, as may be approved by the Mayor and City Attorney consistent with the purposes thereof 2. Except as set forth above, the prior approvals by the City Council of Resolution No. 5859, the Interlocal Agreement and the Interlocal Agreements to Assist in the Reduction of Everett Events Center Indebtedness and Relating to the City's Hotel-Motel Tax Distribution and the Addendum thereto, all of which were passed by the City Council at its meeting of ranuary 24, 2007, shall remain in full force and effect and are hereby ratified and approved. The Mayor and City Clerk are authorized to execute and deliver the same on behalf of the City, in the forms previously presented to the City Council and on file with the City Clerk, with such changes, if any, as may be approved by the Mayor and City Attorney consistent with the purposes thereof 3. The Mayor, the City Clerk and all other proper officials of the City are authorized to do such acts and execute such documents, instruments and agr-em, is as are necessary or appropriate to carry out the purposes hereof -:id/ Councilperson Introducing Resolution PASSED AND APPROVED THIS DAY 1 FEBRUA : Y, 2007 • Br Ida Stone ks's her, Cpuncil President