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financing of the Improvements, and authorized City staff to conduct <br /> a public sale of Contractor's interests in the Improvements, the <br /> Lease and Ground Lease, as contemplated in the Construction <br /> Contract, and further authorized the City Council to approve the <br /> results of such public sale, and the resulting lease rental <br /> interest rates, by resolution; and <br /> WHEREAS, such public sale has been duly noticed and conducted, <br /> and the bid of Security Pacific Securities (the "Underwriter") has been <br /> found to be the lowest responsible bid; and <br /> WHEREAS, Contractor has accepted the bid of Underwriter; and <br /> WHEREAS, the Finance Director of the City has advised the <br /> Council that the interest rates bid by Underwriter to be applied <br /> to the principal component of rental payable by the City under the <br /> Lease do not result in a lease rental exceeding rents for <br /> comparable space in the Everett metropolitan area; <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT, WASHINGTON: <br /> Section 1. Approval of Bid. The bid of Security Pacific <br /> Securities, Inc. ("Underwriter") for the acquisition of Sierra <br /> Construction Co. , Inc. 's ("Contractor's") interests in the Ground <br /> Lease, Lease, and Improvements, as set forth on Exhibit A, is <br /> hereby approved. Exhibit A is hereby incorporated herein by this <br /> reference. <br /> Section 2 . Interest Rates on Lease. The City Council <br /> hereby approves, based on the findings in Section 3 of this <br /> Resolution, the interest rates set forth in Exhibit A as the <br /> 2 <br />