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� <br />� <br />CITI' OF PEQUOT LAKES <br />RESOLUTiON NO. 0312� <br />APPROVING THE LEVY BY THE PEQUOT LAKES HOUSING AND <br />REDEVELOPMENT AUTHORITY OF ITS SPECIAL <br />BENEFITS TAX FOR CERTAIN PURPOSES <br />WHEREAS, the Crow Wing County Housing and Redevelopment Authority (the "County <br />HRA") proposes to issue bonds (the `Bonds") under Minnesota Statutes, Sections 469.001 to <br />469.047, as amended (the "Act") in order to construct an 8-unit housing development project (the <br />"Project") to provide housing to seniors within the City of Pequot Lakes (the "City"); and <br />WI�REAS, the County HRA will enter into a joint powers agreement (the "Joint Powers <br />Agreement") with the City of Pequot Lakes Housing and Redevelopment Authority (the "City <br />HRA") to develop the Proj ect, pursuant to which rental revenues and receipts to be derived from <br />operation of the Project (the "Project Revenues'� will be pledged to pay principal and interest on the <br />Bonds; and <br />WHEREAS, the County HRA anticipates that the Bonds will be fully repaid from the <br />Project Revenues, but the County HRA and City HRA propose to provide additional security for the <br />Bonds by covenanting to levy the City HRA's special benefits tax from time to time and pledging <br />proceeds thereof to pay principal of and interest on the Bonds when due; and <br />WHEREAS, pursuant to Minnesota Statutes, Section 469.033, Subd. 6, the City HRA is <br />authorized to levy its special benefit taxes upon all properly within the City in an amount not <br />exceeding .0144 percent of taxable market value, subject to the consent of the City. <br />NOW THEREFORE, BE IT RESOLVED by City of Pequot Lakes, Minnesota as follows: <br />1. For purposes of Minnesota Statutes, Section 469.033, Subd. 6, the City hereby consents to <br />and approves the levy by the City HRA in any year of its special benefits tax in an amount not <br />exceeding .0144 percent of taxable market value to the extent the City HRA shall have covenanted <br />with the County HRA for the benefit of the holder or holders of the Bonds to make such levy and <br />shall have ple�ged proceeds thereof to the payment of the Bonds. <br />2. A copy of this Resolution shall be fiunished to the City HRA through its Executive Director <br />by the City Clerk. <br />EMT-237401v1 <br />CR195-4 <br />