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UNDERTAKING OF THE CITY OF EVERETT, WASHINGTON <br /> in connection with <br /> Everett Public Facilities District Project Revenue Bonds, Series 2007 <br /> The CITY OF EVERETT, WASHINGTON, a first class charter city (the <br /> "City"), is delivering this undertaking to the EVERETT PUBLIC FACILITIES <br /> DISTRICT, a public body corporate and politic of the State of Washington (the <br /> "District") pursuant to the Interlocal Agreement (the "Agreement") dated as of February <br /> 1, 2007, by and between the City and the District, in connection with the issuance and <br /> sale of the above-referenced bonds (the "Bonds") by the District. The City is executing <br /> this undertaking pursuant to the authority granted by Slate law, including without <br /> limitation by RCW Chapter 67.28 and Sections 67.28.120, 67.28.080(1) and 67.28.130 <br /> thereof. <br /> ARTICLE I <br /> Definitions <br /> Section 1.01. Definitions. Unless the context clearly requires otherwise, <br /> capitalized terms used herein have the meanings given such terms in the Agreement. <br /> ARTICLE II <br /> Payments by City <br /> Section 2.01. Payments. The City agrees to make payments for the benefit of the <br /> District and the holders of the Bonds at the times and in the amounts set forth in Section <br /> 2.02. <br /> Section 2.02. Times and Amounts. For as long as the Bonds remain outstanding, <br /> upon receipt by the City of notice from the District or its assignee that the amounts in the <br /> 2007 Bond Account are not sufficient to pay the interest coming due or principal coming <br /> due (at scheduled maturity or upon prior mandatory sinking fund redemption) with <br /> respect to any Bonds not less than [two business days] prior to the Interest Payment Date, <br /> maturity date or mandatory sinking fund redemption date, as the case may be, then the <br /> City shall pay to the District or its assignee no later than [one business day] prior to such <br /> Interest Payment Date, maturity date or redemption date an amount which, together with <br /> the balance in such 2007 Bond Account, is sufficient to pay the interest on the Bonds <br /> coming due on the upcoming Interest Payment Date or the principal coming due on the <br /> Bonds on the upcoming maturity date or mandatory sinking fund redemption date. <br /> Exhibit"B"to Authorizing Resolution <br />