HRA Resolution 2001-12iz-
HRA RESOLUTION NO. 01 -12
RESOLUTION AUTHORIZING EXECUTION OF A
TAX INCREMENT PLEDGE AGREEMENT WITH THE
CITY OF MONTICELLO RELATING TO $2,150,000 TAXABLE GENERAL
OBLIGATION TEMPORARY TAX INCREMENT BONDS, SERIES 2001
WHEREAS, The Housing and Redevelopment Authority in and for the City of Monticello,
Minnesota (the "HRA ") has established Redevelopment Project No. 1 (the "Project "), and approved
a Redevelopment Plan (the "Plan ") for the Project; and
WHEREAS, the HRA and City have established Tax Increment Financing District No. 1 -22
(the "TIF District ") within the Project in accordance with Minnesota Statutes, Sections 469.174 to
469.179; and
WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section 469.178, and
Minnesota Statutes, Chapter 475, the City has agreed to finance certain public redevelopment costs
to be incurred by the HRA or the City in the Project Area through the issuance of general obligation
bonds of the City in the principal amount of $2,150,000, designated the Taxable General Obligation
Temporary Tax Increment Bonds, Series 2001, and hereinafter referred to as the "Bonds "; and
WHEREAS, the HRA has agreed to pledge certain tax increment revenues to the City for
the principal and interest on the Bonds; and
WHEREAS, the there has been presented to the HRA a Tax Increment Pledge Agreement
between the HRA and the City providing for the pledge of tax increments from the TIF District to
payment of principal and interest on the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board ") of
the HRA, as follows:
1. The Chair and Secretary of the HRA are hereby authorized to execute and deliver a
Tax Increment Pledge Agreement with the City of Monticello, Minnesota substantially in the form
on file with the City, providing for the pledge of tax increment derived from property in the TIF
District for the payment of the principal of, premium, if any, and interest on, the Bonds.
2. This resolution shall be effective as of the date hereof.
SJB- 20041Ovl
MN 190 -96
Adopted by The Housing and Redevelopment Authority in and for the City of Monticello,
Minnesota this 23 day of July, 2001.
� 7c,,.,
Chair
Attest:
Secretary
SJB- 200410v1
MN 190 -96
E I I