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NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT, WASHINGTON: <br /> Section 1. The City reasonably expects to reimburse the Phase <br /> I expenditures described herein with the proceeds of water and <br /> sewer revenue bonds (the "Bonds") to be issued by the City. The <br /> maximum principal amount of water and sewer revenue bonds expected <br /> to be issued towards Phase I of the Project is $8;000,000. <br /> Section 2 . The expenditures with respect to which the Issuer <br /> reasonably expects to be reimbursed from the proceeds of the Bonds <br /> are for Phase I of the Project. Phase I will increase the <br /> sustained production capacity of the Everett Water Treatment Plant <br /> to 100 million gallons per day and install certain other <br /> improvements. <br /> Section 3 . This declaration of official intention is made <br /> pursuant to Section 1. 103-18 of the Income Tax Regulations <br /> promulgated by the United States Department of the Treasury. <br /> Section 4 . All past acts in furtherance of the intent of <br /> this resolution are hereby ratified and confirmed. <br /> Section 5. This resolution shall be in full force and <br /> effect from and after its adoption. <br /> ADOPTED by the City Council of the City of Everett at a <br /> regular meeting thereof, held this 19thday of February , 1992 . <br /> CITY OF EVERETT, WASHINGTON <br /> 111 <br /> Ar /. IF , <br /> By ; <br /> ou ci man Introducing Resolution <br /> 1 <br /> sGouncil esident <br />