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A/12r-f <br /> RESOLUTION NO. 10 <br /> A RESOLUTION of the Board of Directors of the Industrial <br /> Development Corporation of the City of Everett authorizing the <br /> issuance and placement of its Variable Rate Demand Industrial <br /> Revenue Bonds, 1996 (Partners Trust I/Synsor Project) in the <br /> principal amount of $5,500,000; approving the documentation in <br /> connection with the issuance of said bonds; appointing a trustee; <br /> and providing for other matters relating thereto. <br /> WHEREAS, on August 23, 1995, the Board of Directors of the Industrial Development <br /> Corporation of the City of Everett (the "Development Corporation") approved Resolution No. 9, <br /> taking official action toward issuance and sale of its nonrecourse revenue bonds in the principal <br /> amount of not to exceed $4,500,000 for the purpose of financing certain new industrial <br /> development facilities described therein (the "Project") by Partners Trust I and Synsor <br /> Corporation (collectively, the "Company"); and <br /> WHEREAS, the Company has determined that the qualifying costs of the Project have <br /> increased by $1,000,000; and <br /> WHEREAS, the Washington State Department of Community Trade and Economic <br /> Development has approved a volume cap allocation of$5,500,000 for the Project; and <br /> WHEREAS, on this date, the Development Corporation held an open public hearing on <br /> the issuance of said nonrecourse revenue bonds pursuant to notice published in the Everett <br /> Herald; and <br /> WHEREAS, forms for the following documents ("Loan Documents") relating to the <br /> proposed issuance of bonds and the loan of bond proceeds have been prepared and submitted to <br /> this Board in substantially the form attached hereto and are hereby directed to be filed with the <br /> Secretary of the Board: <br />