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The Port of Everett is a self-sustaining, special purpose district tasked with economic development. Differently than general purpose governments, ports do the accounting and financial reporting for their activities very much like a business. They collect revenues by performing services for customers and pay for expenses related to those services.

As a municipal government, ports are authorized to collect property tax revenues from property owners within it’s Port District. Ports will often use tax revenues to pay for debt incurred to construct facilities that are used to support port functions. Ports may issue General Obligation Bonds or Revenue Bonds as a means to borrow money to finance projects. Most commonly, tax-exempt interest is paid to the purchasers of the bonds. The Port manages its finances based on Commission approved financial guidelines. 

Note: The Port has retained Northwest Municipal Advisors to, among other things, assist us in evaluating advice received in connection with the issuance of municipal securities and municipal financial products (as such terms are defined in the Municipal Advisor Rule (SEC Rule 15Ba1-1(d)(3)(vi)(B)) and the Securities Exchange Act of 1934, as amended (the Act)). We will rely on the advice of Northwest Municipal Advisors with respect to any advice you may provide relating to such matters. For purposes of this certificate, “reliance” means that we will seek and consider the advice, analysis and perspective of the Northwest Municipal Advisors but does not mean that we are assuming an obligation to follow that advice.