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the provisions of the federal Internal Revenue Code of 1986, as amended, and applicable <br /> regulations thereunder. <br /> Section 4. The proper officials of the Development Corporation are hereby authorized to <br /> take such further action as is necessary to carry out the intent and purposes hereof and to issue <br /> the Bonds upon the terms and conditions and for the purposes stated herein and in compliance <br /> with applicable provisions of law. <br /> Section 5. The Borrower is authorized to commence the Project and advance such funds <br /> as may be necessary therefor, subject to reimbursement for all expenditures, but only out of <br /> proceeds, if any, of the issue of bonds herein authorized. <br /> Section 6. It is intended that, as to the Project to be financed from the proceeds of the <br /> Bonds, this resolution shall constitute an official action of the Development Corporation within <br /> the meaning of Section 1.150-2(d) of the Treasury Reyulatioris.. <br /> The expenditures with respect to which the Borrower reasonably expects to be reimbursed <br /> from the proceeds of the Bonds will be made from funds of the Borrower. No public funds will <br /> be used for the Project. <br /> ADOPTED by the Board of Directors of the Industrial Development Corporation of the <br /> City of Everett this 19th day of February, 1997. <br /> INDUSTRIAL DEVELOPMENT <br /> CORPORATION OF THE CITY OF <br /> EVERETT <br /> President <br /> ATTEST: <br /> Secretary <br /> -3- CMW 2JK.DOC 97/02/11 <br />