Resolution 4423 - Laserfiche WebLink

RESOLUTION NO. 4423 A RESOLUTION of the City Council of the City of Everett, Washington, approving the issuance of tax-exempt Variable Rate Demand Industrial Revenue Bonds of the Industrial Development Corporation of the City of Everett for the benefit of The Elizabeth A. Lynn Trust pursuant to RCW 39.84.060 and approving Resolution No. 12 of the Board of Directors of the Industrial Development Corporation of the City of Everett adopted on April 23, 1997. WHEREAS, the Industrial Development Corporation of the City of Everett (the "Development Corporation") at a meeting on April 23, 1997 adopted Resolution No. 12 approving the issuance of not to exceed $4,100,000 Variable Rate Demand Industrial Revenue Bonds, 1997 (Elizabeth A. Lynn Trust Project) (the "Bonds") for the benefit of the Elizabeth A. Lynn Trust (the "Borrower"); and WHEREAS, the proceeds of the Bonds will be used by the Borrower to acquire, construct and equip a manufacturing facility located at 6500 Merrill Creek Boulevard, Everett, Washington (the "Project"), which is within the boundaries of the City of Everett, Washington (the "City"); and WHEREAS, Chapter 39.84 RCW, as amended (the "Act") provides that each county, city or town within whose planning jurisdiction the Project is to be located must approve the issuance of revenue bonds by the Development Corporation for such Project; and WHEREAS, the Act also requires that the City, as the municipality that created the Development Corporation, approve the issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVERETT, WASHINGTON, as follows: Section 1. The City, pursuant to Chapter 39.84 RCW, does hereby approve the issuance of the Bonds by the Development Corporation for the purposes of financing the Project under the Act. The Bonds shall not constitute an obligation of the City, and no tax funds or other revenues of the City shall be used to pay the principal of, premium, if any, or interest on the