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_ EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 6 <br /> '1OJECT TITLE: <br /> Resolution Authorizing and X Briefing COUNCIL BILL# <br /> Approving the Execution and Proposed Action Originating Department Finance <br /> Delivery of an Undertaking by Consent Contact Person Susy Haugen <br /> the City in Connection with the X Action Phone Number X8612 <br /> Everett Public Facilities First Reading FOR AGENDA OF 11/23/11 <br /> District Variable Rate Bonds Second Reading <br /> Third Reading <br /> Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> CAA <br /> Council President 91-- <br /> ,;-Location <br /> -;;Location Preceding Action Attachments Department(s)Approval <br /> Resolution Bond Counsel <br /> Undertaking <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> II Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: The Everett Public Facilities District is in the process of <br /> changing letter of credit providers for its variable rate demand bonds from Dexia Credit Local to Bank of <br /> New York. A new Undertaking identifying Bank of New York as the letter of credit provider and a new <br /> Resolution approving the Undertaking are required to conclude the transition. <br /> RECOMMENDATION (Exact action requested of Council): Adopt Resolution authorizing and approving <br /> ;1 the execution and delivery of an undertaking by the City in connection with the Everett Public Facilities <br /> District Variable Rate Bonds. <br /> 17 <br />