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interests in the Lease, as amended, and the Property, as <br /> contemplated in the Construction Contract and the Syndication <br /> Agreement, and further authorized the City Council to approve by <br /> resolution the results of such public sale and the resulting <br /> lease rental interest rates; and <br /> WHEREAS, such public sale has been duly noticed and <br /> conducted, and the bid of <br /> "Underwriter") has been found to be the lowest responsible bid; <br /> and <br /> WHEREAS, Contractor has accepted the bid of Underwriter; <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF EVERETT, WASHINGTON, as follows : <br /> Section 1 . Approval of Bid. The bid of fa. T,4 - fill„f,— <br /> N4 ' ,11 AG ("Underwriter") for the acquisition of <br /> Colby Square Partners, L.P. ' s ("Contractor' s") interests in the <br /> Lease and the Property, as set forth on Exhibit A, is hereby <br /> approved. Exhibit A is hereby incorporated herein by this <br /> reference. <br /> Section 2 . Interest Rates on Lease. The City Council <br /> hereby approves the interest rates set forth in Exhibit A as the <br /> interest rates to be applied to the principal components of lease <br /> payments to be made under the Lease, as amended, by and between <br /> the City and Colby Square Partners, L.P. Said interest rates <br /> shall be inserted in Exhibit B-1 of the Amendment to Lease, and <br /> the resulting dollar amounts of the interest component of lease <br /> payments (based on a 360-day year of 30-day months) and total <br /> -2- DOTO4Y.DOC 93/06/29 <br />