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CITY OF PEQUOT LAKES RESOLUTION NO. 12-11 APPROVING THE LEVY BY THE PEQUOT LAKES HOUSING AND REDEVELOPMENT AUTHORITY OF ITS SPECIAL BENEFITS TAX FOR CERTAIN PURPOSES WHEREAS, the Crow Wing County Housing and Redevelopment Authority (the "County HRA") issued its $1,280,000 General Obligation Housing Revenue Bonds (Senior Housing Project), Series 2003A, dated December 1, 2003 (the "Series 2003A Bonds") under Minnesota Statutes, Sections 469.001 to 469.047, as amended (the "Act") in order to construct an 8-unit housing development project (the "Project")to provide housing to seniors within the City of Pequot Lakes(the"City"); and WHEREAS, the County HRA, Crow Wing County (the "County") and the Housing and Redevelopment Authority of Pequot Lakes, Minnesota (the "City HRA") entered into a Joint Powers Agreement dated December 1, 2003 (the "Original Joint Powers Agreement")regarding the Project, pursuant to which (among other things) rental revenues and receipts to be derived from operation of the Project (the "Project Revenues") are pledged to pay principal and interest on the Bonds; and WHEREAS, the Series 2003A Bonds are also secured by the full faith and credit of the County; and WHEREAS, under the Original Joint Powers Agreement and City Resolution No. 03125 approved September 16, 2003, the City approved the levy by the City HRA of the special benefits tax under Minnesota Statutes, Section 469.033, subd. 6 of the Act, in order to pay debt service on the Series 2003A Bonds in the event of deficiencies in Project revenues; and WHEREAS, the County HRA, City HRA and County propose to refund the Series 2003A Bonds by issuance of the County HRA's Governmental Development Refunding Bonds (Crow Wing County, Minnesota, Unlimited Tax General Obligation — West Grove Townhomes Project), Series 2012A in the maximum principal amount of$1,310,000 (the"Bonds"); and WHEREAS, in connection with issuance of the Bonds, the City HRA, County and County HRA have proposed to enter into an Amended and Restate Joint Powers Agreement (the "Joint Powers Agreement"), which governs those parties' ongoing responsibilities regarding the Bonds; and WHEREAS, under the Joint Powers Agreement, the City HRA pledges to the County HRA the proceeds of the City HRA special benefits tax in the amounts needed (a) to pay debt service on the Bonds in the event of deficiencies in Project revenues, and (b) to pay deficiencies in Operating Costs of the Project; 400751v2 CR195-11