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of financing the Project and ( ii ) to enter into contracts and <br /> agreements with the Company whereunder the Company will provide <br /> money sufficient to pay the principal of, premium, if any, and <br /> interest on such Bonds; Now, Therefore, <br /> BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE INDUSTRIAL <br /> DEVELOPMENT CORPORATION OF THE CITY OF EVERETT, as follows: <br /> Section 1 . It is hereby determined that ( a) the acquisition, <br /> construction and equipping of the Project and its operation as an <br /> industrial development facility; (b) the issuance of up to <br /> $848, 000 principal amount of the Bonds of the Development Corpora- <br /> tion to finance all or a portion of the costs of the Project, such <br /> costs presently estimated to be approximately $848, 000; and <br /> (c) the execution and delivery of such contracts and agreements <br /> with the Company as are necessary to provide for the payment by <br /> the Company of amounts sufficient to pay the principal of, <br /> premium, if any, and interest on the Bonds, together with certain <br /> costs of the Development Corporation, will all be in furtherance <br /> of the Act, the Ordinance and the Charter of the Development <br /> Corporation. <br /> Section 2 . The Development Corporation presently intends to <br /> authorize the issuance and sale of the Bonds pursuant to the <br /> provisions of the Act when and if requested to do so by the <br /> Company and hereby expresses its present approval of such issuance <br /> and sale. This resolution is not intended to legally bind the <br /> Development Corporation to authorize, issue or sell the Bonds. <br /> -2- CMW1302 85/04/11 <br />