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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE <br /> INDUSTRIAL DEVELOPMENT CORPORATION OF THE CITY OF EVERETT, <br /> WASHINGTON, as follows: <br /> Section 1. Findings of the Development Corporation. The Board hereby finds as <br /> follows: <br /> (a) Financing the Project as described more fully in Resolution No. 13, <br /> currently refunding the 1999 Bonds, the issuance and sale of the Bonds, the execution and <br /> delivery of the Loan Agreement, the Indenture of Trust, the Underwriting Agreement and the <br /> Indemnification and Compensation Agreement, and the performance of all covenants and <br /> agreements of the Development Corporation contained in the Loan Agreement, the Indenture of <br /> Trust, the Underwriting Agreement and the Indemnification and Compensation Agreement, and <br /> all other acts and things required under the Constitution and laws of the State of Washington to <br /> make the Loan Agreement, the Indenture of Trust, the Underwriting Agreement, the <br /> Indemnification and Compensation Agreement, and the Bonds valid and binding, limited <br /> obligations of the Development Corporation enforceable against the Development Corporation in <br /> accordance with their terms, respectively, are authorized by the Act; <br /> (b) The issuance and sale of the Bonds and the loan of the Bond proceeds by <br /> the Development Corporation to the Company to finance the Project are in conformity with and <br /> satisfy the guidelines of the Development Corporation with respect to the issuance of <br /> nonrecourse revenue bonds under the Act; and <br /> (c) In reliance upon delivery of an approving legal opinion from Bond <br /> Counsel, Preston Gates & Ellis LLP, the Board hereby finds and determines that interest on the <br /> -3- P.\DOT\DOT19H 05/20/02 <br />