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WHEREAS, the Act provides that each county, city or town within whose planning <br /> jurisdiction the Project is to be located must approve the issuance of revenue bonds by the <br /> Development Corporation for such Project; and <br /> WHEREAS, the Development Corporation, as the issuer of the Bonds for the Project, has <br /> requested the approval of the City pursuant to the Act; and <br /> WHEREAS, the City has been assured that there will be no financial liability accruing to <br /> the City as a result of such approval and that this approval shall constitute approval solely for the <br /> purpose of permitting the Development Corporation to proceed with the issuance of the Bonds; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT: <br /> Section 1. The City, pursuant to Chapter 39.84 RCW, does hereby approve the issuance <br /> of the Bonds by the Development Corporation for the purposes of financing the Project under the <br /> Act. <br /> The Bonds shall issued by the Development Corporation for the purposes of financing the <br /> Project under the Act. The proceeds of the Bonds will be loaned to the Partnership, pursuant to a <br /> loan agreement with the Development Corporation, and used for the purposes of paying all or a <br /> part of the costs of the Project within the boundaries of the City. The Bonds shall be payable <br /> solely from the Partnership's repayments of the loan under the loan agreement and will be further <br /> secured by a letter of credit to be issued by Union Bank. The Bonds shall not constitute an <br /> obligation of the City, and no tax funds or other revenues of the City shall be used to pay the <br /> principal of, premium, if any, or interest on the Bonds. Neither the faith and credit nor any taxing <br /> power or revenues of the City shall ever be pledged to pay the principal of, premium, if any, or <br /> interest on the Bonds. <br /> -2- CMw1TN.DOC 95/12/12 <br />