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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 installation of the Project and its operation as <br /> an industrial development facility; (b) the issuance of up to <br /> $6, 500, 000 principal amount of the Bonds of the Development <br /> Corporation to finance all or a portion of the costs of the <br /> Project, such costs presently estimated to be approximately <br /> $6, 500,000; and (c) the execution and delivery of such contracts <br /> and agreements with the Company as are necessary to provide for <br /> the payment by the Company of amounts sufficient to pay the <br /> principal of, premium, if any, and interest on the Bonds, together <br /> with certain costs of the Development Corporation, will all be in <br /> furtherance of the Act, the Ordinance and the Charter of the <br /> Development 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- CMW1046 84/08/27 <br />