Ordinance 1818-91 - Laserfiche WebLink

paid in the years and in the amounts, on such dates, and subject to prepayment at such times, as are set forth in such Exhibit B. By this reference, Exhibit B is incorporated in this Ordinance, as if fully set forth herein. A. The Payment Obligation Commencement Date, as defined in the Amended and Restated Lease, from which the principal components of Lease Payments shall bear interest, shall be October 1, 1990. B. The City Council shall approve by resolution the interest rate components of Lease Payments, subject to finding that the resulting total Lease Payments do not exceed rental for comparable space in the Everett metropolitan area on the date of the Amended and Restated Lease. Said interest rates shall be determined by means of a competitive bid process, authorized by Section 4 of this Ordinance. Section 4 . Authorization of Competitive Bid for Contractor' s Interests in Improvements, Ground Lease and Lease. As required by the Construction Contract, the City Council hereby authorizes its employees, officers and agents to conduct a competitive bid seeking bids for the acquisition of the Contractor's interests in the Improvements, the Amended and Restated Ground Lease, and the Amended and Restated Lease. The bid request shall seek interest rates applicable to principal components of Lease Payments set forth in Exhibit B. City employees, officers and agents are authorized and directed to do everything necessary and advisable to accomplish such competitive -4- K:\KR\17863-88.003\25ORDINA.10L