Resolution 5439 - Laserfiche WebLink

Section 2: The Bonds shall be issued in the aggregate principal sum of not to exceed $37,270,000 pursuant to a Resolution of WEDFA. A portion of the proceeds of the Bonds are to be lent to the Company, pursuant to a loan agreement or other appropriate financing agreement, and used for the purpose of constructing and equipping those portions of the Project, including the necessary appurtenances, located within the boundaries of the City of Everett and to pay certain costs of issuance of the Bonds. Section 3: The Bonds shall not constitute an obligation of the State of Washington or of the City of Everett, and no tax funds or revenues of the State of Washington or of the City of Everett shall be used to pay the principal or interest on the Bonds. Neither the faith and credit nor any taxing power of the State of Washington or of the City of Everett shall be pledged to pay the principal or interest on the Bonds. Section 4: The City of Everett hereby approves the issuance of Bonds by WEDFA for the purpose of financing, inter alia, those portions of the Project located within the boundaries of the City of Everett as described herein, a qualified project under the Act. However, such approval shall not waive any of the permitting requirements applicable to this project. Section 5: This Resolution is intended to constitute approval of the issuance of revenue bonds within the meaning of the policy of the Washington Economic Development Finance Authority. Section 6: Upon passage and approval of this Resolution, it shall take effect immediately. Council Member Introducing Resolution Council President Passed and approved this l lday of February, 2004