Resolution 2564

Providing for the issuance and sale of revenue bonds of the port district in the principal amount of $40,000,000, $30,000,000 of which shall be issued for the purpose of providing part of the money to acquire additional terminal equipment and to acquire, construct, install and make certain improvements to its facilities as authorized by the comprehensive scheme of the port district, as amended, and $10,000,000 of which shall be issued for the purpose of refunding certain Port of Seattle Second Lien Revenue Warrants issued under dates of May 1, 1972, September 15, 1972, and December 1, 1972; creating a construction fund; fixing the date, form, terms, and maturities of said bonds; providing that such bonds be issued on a parity with outstanding revenue bonds of the port district; providing for the payment of the principal of and interest on said bonds out of the Revenue Bond Redemption Fund of the port district created by Resolution No. 2143 of the Port Commission; and providing and adopting certain covenants safeguarding the payment of such principal and interest.