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WHEREAS, the Authority has provided the City with a written summary of the public <br /> testimony; and <br /> WHEREAS, the Code requires that the issuance of the Bond be approved by the City; and <br /> WHEREAS, Resolution No. 846 of the Authority authorizing the issuance of the Bond <br /> provides as follows: <br /> The Bond shall not be a debt of the City of Everett, the State of Washington or <br /> any political subdivision thereof, and the Bond shall so state on its face. Neither <br /> the City of Everett, the State of Washington nor any political subdivision thereof <br /> (except the Authority from the sources described herein) shall be liable for <br /> payment of the Bond nor in any event shall principal of and interest on the Bond <br /> be payable out of any funds of the Authority other than the Bond Fund. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> EVERETT that: <br /> Section 1. Approval of Bond Issue. The City approves the issuance by the Authority of <br /> the Bond in the principal amount of not to exceed $12,200,000, the proceeds of which will be <br /> lent to Bethany of the Northwest, a Washington nonprofit corporation, to finance housing for low <br /> income persons. This approval is intended to comply with the requirements of Section 147(f) of <br /> the Code in order to permit the issuance of the Bond. <br /> 'Urte. <br /> Councilmember Introductory Re V tion <br /> Passed and approved this 9th day of December , 1998. <br /> ouncil Presi ent <br /> -2- <br /> 50059609.01 <br />