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080384/45301 <br /> Company to construct said facilities and has presented to the <br /> Issuer the description of the proposed industrial development <br /> facilities (the "Project" ) , and an estimate of the cost of the <br /> Project, as shown in Annex A to the Agreement; <br /> WHEREAS, the Issuer desires to encourage the Company to <br /> provide economic development and employment opportunities in <br /> the State and the jurisdiction of the Issuer ; and <br /> WHEREAS , the Issuer deems it necessary and advisable for <br /> the facilitation of economic development and employment oppor- <br /> tunities within the State and the jurisdiction of the Issuer <br /> that the Project be constructed at the earliest practicable <br /> date, but the Company requires satisfactory assurances from the <br /> Issuer that the proceeds of the sale of bonds of the Issuer <br /> will be loaned to the Company to finance the Project; <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of <br /> Industrial Development Corporation of the Port of Everett , as <br /> follows : <br /> SECTION 1 . The acquisition and construction of indus- <br /> trial development facilities by the Company within the bound- <br /> aries of the Issuer will facilitate economic development and <br /> employment opportunities and will be consistent with the public <br /> purposes set forth in the Act . <br /> SECTION 2 . Subject to the provisions of the Agreement , <br /> the Issuer will issue an amount not to exceed $5, 000 , 000 prin- <br /> cipal amount of bonds of the Issuer for the Project . <br /> -2- <br />