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Section 1m Approval of Formation of the Authority. Pursuant to <br />RCW ch. 39.34 and RCW 35.21.730 through RCW 35.21.755, the City Council <br />of the City of Auburn ("Auburn") hereby approves the creation of a public <br />authority by the City of Kent to be designated as the Valley Communications <br />Center Development Authority ("Authority"). The purpose of the Authority is to <br />provide an independent legal entity under State law to finance the acquisition, <br />construction and equipping of the Valley Communications Center through the <br />issuance and servicing of long term debt in the aggregate principal amount of <br />not to exceed $12,758,000 (the "bonds"). The proposed form of ordinance to <br />be considered by the City Council of the City of Kent, along with the Charter <br />and the Bylaws of the Authority, drafts of which are attached hereto, as <br />Exhibits A, B and C, respectively, are hereby approved. The City Council <br />hereby approves the formation by the City of Kent of the Authority by the <br />approval of such ordinance, Charter and Bylaws substantially in the forms <br />presented to this Council. <br />Section 2. Limited Liability; Independent Obligations. The <br />Authority shall be an independent legal entity exclusively responsible for its own <br />debts, obligations and liabilities. All liabilities incurred by the Authority shall be <br />satisfied exclusively from the assets and credit of the Authority. No creditor or <br />other person shall have any recourse to the assets, credit, or services of the <br />---------------------------- <br />Ordinance No. 5358 <br />April 17, 2000 <br />Page 2