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,!1W '*'' <br /> ,,,t41/77, <br /> r <br /> RESOLUTION NO. 4311 <br /> A RESOLUTION of the City Council of the City of Everett, Washington, <br /> approving the issuance of tax-exempt Variable Rate Demand Industrial Revenue <br /> Bonds of the Industrial Development Corporation of the City of Everett for the <br /> benefit of Partners Trust I and Synsor Corporation pursuant to RCW 39.84.060 <br /> and approving Resolution No. 10 of the Board of Directors of the Industrial <br /> Development Corporation of the City of Everett adopted on August 14, 1996. <br /> WHEREAS, the Industrial Development Corporation of the City of Everett (the <br /> "Development Corporation") at a meeting on August 14, 1996 adopted Resolution No. 10 <br /> approving the issuance of $5,500,000 Variable Rate Demand Industrial Revenue Bonds, 1996 <br /> (Partners Trust I/Synsor Project) (the "Bonds") for the benefit of Partners Trust I and Synsor <br /> Corporation (collectively the "Company"); and <br /> WHEREAS, the proceeds of the Bonds will be used by the Company to acquire, construct <br /> and equip a manufacturing facility located at Seaway Center, Everett, Washington (the "Project"), <br /> which is within the boundaries of the City of Everett, Washington (the "City"); and <br /> WHEREAS, Chapter 39.84 RCW, as amended (the "Act") provides that each county, city <br /> or town within whose planning jurisdiction the Project is to be located must approve the issuance <br /> of revenue bonds by the Development Corporation for such Project; and <br /> WHEREAS, the Act also requires that the City, as the Municipality that created the <br /> Development Corporation, approve the issuance of the Bonds. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT, WASHINGTON, as follows: <br /> Section 1. The City, pursuant to Chapter 39.84 RCW, does hereby approve the <br /> issuance of the Bonds by the Development Corporation for the purposes of financing the Project <br /> under the Act. <br /> The Bonds shall not constitute an obligation of the City, and no tax funds or other <br /> revenues of the City shall be used to pay the principal of, premium, if any, or interest on the <br /> CMW296 DOC 96/08/13 <br />