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Property to the Contractor ("Ground Lease") and simultaneously <br /> therewith executed a Lease of the Improvements back to the City <br /> ("Lease") , which Lease provides that the City as tenant would not <br /> be liable for rent thereunder unless and until the Improvements <br /> were substantially completed; and <br /> WHEREAS, on January 15, 1992, the City issued a certificate <br /> of substantial completion of the Improvements to Contractor; and <br /> WHEREAS, pursuant to the Construction Contract, the City has <br /> agreed to finance its obligations under the Construction Contract <br /> by means of a lease financing transaction that includes the <br /> assignment of the Ground Lease and Lease to a trustee and the <br /> execution and delivery of certificates of participation in payments <br /> under the Lease pursuant to a trust agreement to be entered into <br /> between an underwriter and the trustee; and <br /> WHEREAS, pursuant to the Construction Contract, the <br /> underwriter is to be identified through a competitive bid process <br /> undertaken by the City, seeking bids for the acquisition of <br /> Contractor's interests in the Improvements, the Ground Lease and <br /> the Lease; and <br /> WHEREAS, in connection with such lease financing and <br /> competitive bid process, it is necessary and advisable that the <br /> City authorize certain amendments to the Lease and Ground Lease, <br /> and that the City authorize and ratify other actions and documents <br /> in connection therewith; <br /> NOW, THEREFORE, the City of Everett do ordain as follows: <br /> -2- K:\KR\17863-00.005\25ORDINA.12H <br />