City Council Resolution 2011-94MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2011-94
AUTHORIZING EXECUTION OF A TAX INCREMENT PLEDGE AGREEMENT
WITH THE CITY OF MONTICELLO RELATING TO $10,735,000 GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2011A
WHEREAS, the City previously issued its $25,150,000 General Obligation Bonds, Series
2005A, dated August 17, 2005 (the "Refunded Bonds"); and
WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section 469.178, and
Minnesota Statutes, Chapter 475, the City has agreed to refund the Refunded Bonds through the
issuance of general obligation bonds of the City in the principal amount of approximately
$10,735,000, designated the General Obligation Refunding Bonds, Series 2011A, and hereinafter
referred to as the "Bonds"; and
WHEREAS, the EDA has agreed to pledge certain tax increment revenues to the City for
the principal and interest on a portion of the Bonds; and
WHEREAS, the there has been presented to the EDA a Tax Increment Pledge Agreement
between the EDA and the City (the "Pledge Agreement") providing for the pledge of certain tax
increments from certain tax increment financing districts in the City to payment of principal and
interest on the Bonds after the redemption date for the Refunded Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board")
of the EDA, as follows:
1. The President and Executive Director of the EDA are hereby authorized to
execute and deliver the Pledge Agreement in substantially the form on file in City Hall.
2. This resolution shall be effective as of the date hereof.
ADOPTED BY the City of Monticello Economic Development Authority this 12th day
of October, 2011.
CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY
EDA President
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution #2011-94,
which was duly passed, adopted and approved by the Monticello Economic Development
Authority at their scheduled meeting on October 12, 2011, and recorded in minutes of said
meetings.
Notary Public:
Date:
�' KERRY T. BURRI
�� NOTARY PUBLIC - MINNESOTA
_.. My Commission Expires Jan. 31, 2015