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CITY OF PEQUOT LAKES <br /> RESOLUTION NO. 03125 <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's in order to construct an 8-unit housing development project (the <br /> "Project's to provide housing to seniors within the City of Pequot Lakes(the"City'); and <br /> WHEREAS, 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 Project, 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 property 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 pledged proceeds thereof to the payment of the Bonds. <br /> 2. A copy of this Resolution shall be furnished to the City HRA through its Executive Director <br /> by the City Clerk. <br /> EMT-237401 vl <br /> CR195-4 <br />