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shall be payable solely from the Company's repayments of the loan <br /> under the loan agreement and to be additionally secured by a letter <br /> of credit. The Bonds shall not constitute an obligation of the <br /> City, and no tax funds or other revenues of the City shall be used <br /> to pay the principal of, premium, if any, or interest on the Bonds. <br /> Neither the faith and credit nor any taxing power or revenues of <br /> the City shall ever be pledged to pay the principal of, premium, <br /> if any, or interest on the Bonds. <br /> The City Council of the City hereby approves the issuance of <br /> the Bonds under the Act by the Public Corporation for the purpose <br /> of financing the industrial development facilities. <br /> Section 2 . This resolution is intended solely to constitute <br /> approval of the issuance of revenue bonds within the meaning of <br /> RCW 39 . 84 . 060. This approval shall not in any way be deemed to be <br /> a review or final approval of any development permit for the <br /> Project which may be in process, or may be submitted at a future <br /> date. <br /> ADOPTED by the City Council of the City of Everett, <br /> Washington, this day of , 1989 . <br /> CQF EVERAkk <br /> Councilmember Introducing Resolution <br /> Coun ' 1 Pr-si.ent <br /> -3- K:\ZSI\P5030-89.002\ZQOPIaf u.041 <br />