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Crow Wing County HRA <br />Refunding 2003A West Grove Townhomes <br />3/29/2012 <br />�, Page 3 <br />The Business Points <br />The business points on the refunding bonds will remain generally the same with the following exceptions: <br />• Debt Service Reserve Fund will be taken down to $0 <br />• Increase HRA levy pledge to the statutory maximum .0185% of the previous year's <br />taxable market value <br />o Both the City and the County will increase their HRA levy pledge from .0144% (in <br />place at the time of the 03 bonds) to .0185% as per current statute <br />• Clarify that the City will levy to pay deficiencies in debt service and operating costs of the <br />project (this is what the PLHRA is currently doing). CWCHRA Bond Counsel views this <br />language as having been overlooked originally and has recommended the issue be <br />clarified as part of this refunding process, through this Resolution of the Pequot Lakes <br />City Council. <br />Calendar of Events <br />� February 21 Met with PLHRA, received direction to move forward and pursue the restructuring <br />March 20 CWCHRA Approvetl Setting the Sale Date and Time, and approved Terms of Sale <br />April 3 PL City Council considers Resolution renewing their HRA levy pledge <br />April 10 CWC Board considers Resolution authorizing sale within certain parameters <br />April 17 PLHRA consitlers Resolution pledging HRA levy <br />April 24 Sale date, CWCHRA awards bid <br />� <br />