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WHEREAS, the Act provides that each county, city or town <br /> within whose planning jurisdiction the Project is to be located <br /> must approve the issuance of revenue bonds by the Public Corpora- <br /> tion for such Project; and <br /> WHEREAS, the Public Corporation, as the issuer of the non- <br /> recourse revenue bonds for the Project, has requested the approval <br /> of the City pursuant to the Act; and <br /> WHEREAS, the City Council of the City has been assured that <br /> there will be no financial liability accruing to the City as a <br /> result of such approval and that this approval shall constitute <br /> approval solely for the purpose of permitting the Public Corpora- <br /> tion to proceed with the issuance of such revenue bonds; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF EVERETT, WASHINGTON, as follows: <br /> Section 1. The City Council of the City of Everett, <br /> Washington (the "City") , pursuant to Chapter 39 . 84 RCW, does hereby <br /> approve the issuance of revenue bonds (the "Bonds") by The Pilchuck <br /> Development Public Corporation (the "Public Corporation") for the <br /> purposes of financing the above-described Project under the Act. <br /> The Bonds are to be issued by the Public Corporation in the <br /> aggregate principal amount of not to exceed $4, 000, 000 pursuant to <br /> a resolution of the Board of Directors of the Public Corporation, <br /> approved by the County Council of Snohomish County. The proceeds <br /> of the Bonds are to be loaned to Kohkoku USA, Inc. (the "Company") , <br /> pursuant to a loan agreement, and used for the purposes of paying <br /> all or a part of the costs of industrial development facilities <br /> within the boundaries of Snohomish County and the City. The Bonds <br /> -2- K:\ZSI\PS030-89.002\ZQOPIaJu.041 <br />