RESOLUTION NO. 79

A RESOLUTION of the Industrial Development Corporation of the Port of

Seattle authorizing the transfer of surplus funds in the

sum of $10,000 from the Industrial Development

Corporation to the Port of Seattle for the provision of

training in public sector management skills necessary to

implement the economic development programs of the

Port.

users (“users”); and

WHEREAS, all costs and expenses of the Development Corporation are paid from fees

collected from users; and

WHEREAS, RCW 39.84.130 prohibits the commingling of funds of the Development

Corporation with funds of the Port; and

WHEREAS, RCW 39.84.130 further provides that those funds of the Development

Corporation that are not otherwise encumbered for the payment of revenue bonds and are not

reasonably anticipated by the Board of Directors of the Development Corporation to be

necessary for administrative expenses of the Development Corporation (hereinafter referred to

“transferable surplus funds”) may be transferred to the Port and used for growth management,

education in the public sector management skills necessary to implement the economic

development programs of the Port; and

WHEREAS, the Port has created the Economic and Trade Fellowship (the “Fellowship”)

for the purpose of contribution to the Port’s core mission of economic development by extending

Committee reviewed the applications received and determined that the selected Fellows for the

year 2011 and their program of study will contribute to the economic development purposes of

the Port; and

WHEREAS, this Board has determined that the balance on hand in the accounts of the

Development Corporation is more than sufficient to meet the reasonably anticipated needs of the

Development Corporation for the years 2011 and 2012; and

WHEREAS, the Development Corporation has accumulated transferable surplus funds

and the directors of the Development Corporation have agreed to a transfer of those funds in the

amount of ten thousand dollars ($10,000) to the Port under RCW 39.84.130 to fund the

Fellowships in furtherance of the Port’s economic development purposes;

sum of ten thousand dollars ($10,000) of transferable surplus funds for use by the Port to fund

two Economic Trade and Development Fellowships in furtherance of the Port’s economic

development purposes.

ADOPTED by the Board of Directors of the Industrial Development Corporation of the

CORPORATION OF THE PORT OF

ATTEST:

Secretary, Board of Directors

I, the undersigned, Secretary of the Board of Directors (the “Board”) of the Industrial

Development Corporation of the Port of Seattle (the “Development Corporation”), DO HEREBY

CERTIFY:

1. That the attached Resolution No. 79 (herein called the Resolution”) is a true and

correct copy of a resolution of the Development Corporation as adopted at a special meeting of

the Board held on August 23, 2011.

2. That said meeting was duly convened and held in all respects in accordance with

law, and to the extent required by law, due and proper notice of such meeting was given; that a

legal quorum was present throughout the meeting and a legally sufficient number of members of

the Board voted in the proper manner for the adoption of the Resolution; that all other

requirements and proceedings incident to the proper adoption of the Resolution have been duly

fulfilled, carried out and otherwise observed, and that I am authorized to execute this certificate.

IN WITNESS WHEREOF, I have hereunto set my hand this 23