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CITY OF EVERETT, WASHINGTON <br /> RESOLUTION NO. 3451 <br /> A RESOLUTION of the City Council of the City of <br /> Everett, Washington accepting the proposal of <br /> Seattle-Northwest Securities Corporation to acquire <br /> certificates of participation in a lease with option <br /> to purchase that the Council has heretofore <br /> authorized for the acquisition of certain real <br /> property for City use; approving the rates of <br /> interest contained in such proposal for payments <br /> due under the lease; and ratifying certain acts and <br /> proceedings. <br /> WHEREAS, the City of Everett, Washington (the "City") , by <br /> Ordinance No.1774-91 of the City, has authorized the acquisition of <br /> the Wall Street Building located in the City by means of a lease <br /> with option to purchase (the "Lease") that would be financed by the <br /> issuance of certificates of participation in the Lease pursuant to <br /> a Trust Agreement (the "Trust Agreement") between Seattle-Northwest <br /> Securities Corporation (the "Underwriter") and Seattle-First <br /> National Bank, as trustee (the "Trustee") ; and <br /> WHEREAS, Ordinance N0. 1774-J91 approved the forms of the Lease <br /> and the Trust Agreement and required the Underwriter to submit to <br /> the City, for approval by resolution of the City Council, a <br /> proposal for acquiring the Lease and certificates of participation <br /> therein and specifying rates of interest for payments to be made <br /> by the City under the Lease; and <br /> WHEREAS, the Underwriter has submitted such a proposal <br /> containing such interest rates, dated March 25 , 1991, a copy of <br /> which has been presented at this meeting and is on file with the <br /> City (the "Proposal") ; and <br /> WHEREAS, the Proposal is consistent with the plan of financing <br />