Resolution 2532 - Laserfiche WebLink

080384/45311 the interest on this Bond; and neither any or all of the faith and credit nor the taxing power of the State, the Port of Everett, or any other municipal corporation, quasi-municipal corporation, subdivision, or agency thereof is pledged to the payment of the principal of , premium, if any, or the interest on this Bond . 5 . Conditions of Issuance. The Bonds shall be issued at one time in a single issue in such aggregate principal amount as the Company shall request; provided that it shall be a con- - dition to the issuance of the Bonds that (a) the Issuer and the Company shall have first agreed to mutually acceptable terms for the Bonds and of the sale and delivery thereof and mutually acceptable terms and conditions of the Loan Agreement, (b) all requisite governmental approvals , including those required by the Act, shall have first been obtained, and (c) the Issuer be in receipt of an opinion or opinions from underwriter ' s counsel or bond counsel to the effect that representations and findings that the Issuer is required by law to make can properly be made with respect to the Project . It is further agreed that the proceeds of the Bonds shall not be invested so as to constitute any of the Bonds as arbitrage bonds within the meaning of Sec- tion 103(c) of the Internal Revenue Code of 1954 , as amended, and applicable regulations promulgated pursuant thereto . 6 . Use of Proceeds . The proceeds of the Bonds of such issue shall be used solely for the making of a loan in the amount of all or part of the project costs , as defined in Sec- tion 7 below, and shall be disbursed in such manner and under -6-