HRA Resolution 1987-3HRA
RESOLUTION NO. 1987- 3
RESOLUTION AUTHORIZING EXECUTION
OF A TAX INCREMENT PLEDGE AGREEMENT
WHEREAS, the Monticello Housing and Redevelopment Authority
(the "HRA") has heretofore established Economic District No. 7 (the
"District "), prepared a Tax Increment Financing Plan (the "Plan ")
for the District, and has heretofore approved the Plan; and
WHEREAS, the City Council of the City of Monticello (the "City")
has heretofore approved the Plan; and
WHEREAS, in order to finance the District, it is necessary that
the Authority enter into a Tax Increment Pledge Agreement with the
City pursuant to Minnesota Statutes, Section 273.77, securing $155,000
aggregate principal amount of General Obligation Tax Increment Bonds,
Series 1987B of the City and the interest thereon, issued to finance
the District and any additional bonds that may be issued to finance
the District.
NOW, THEREFORE, BE IT RESOLVED by the Monticello Housing and
Redevelopment Authority,
1. That the Chair of the HRA is hereby authorized and directed
to execute the Tax Increment Pledge Agreement (the "Agreement "),
on behalf of the Authority in substantially the form attached hereto
as Exhibit A and incorporated herein by reference.
2. Upon execution of the Agreement by the parties thereto,
the Secretary of the Authority is hereby directed pursuant to Minnesota
Statutes, Section 273.77, to file an executed copy of the Agreement
with the County Auditor of Wright County, Minnesota.
li t,
Adopted this day of , 1987.
Attest:
Secretary
Chair
EXTRACT OF MINUTES OF MEETING OF THE
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF MONTICELLO, MINNESOTA
HELD: July 11 1987
Pursuant to due call and notice thereof, a regular meeting_ of
the Housing and Redevelopment Authority in and for the City of Monticello,
Minnesota, was duly held in the City of Monticello on the 1st day
of July, 19870
The following members were present:
Lowell Schrupp, Ken Maus, Ben Smith, and Al Larson.
and the following were absent:
None
Member Ken Maus introduced the following resolution and moved
its adoption:
RESOLUTION NO. 87 -3
RESOLUTION AUTHORIZING EXECUTION
OF A TAX INCREMENT PLEDGE AGREEMENT
(For body of Resolution see Exhibit A attached hereto.)
The motion for the adoption of the foregoing resolution was
duly seconded by Member Ben Smith and upon vote being taken thereon,
the following voted in favor thereof:
Ken Maus, Ben Smith, Lowell Schrupp, and Al Larson
and the following voted against the same:
None
Whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA)
COUNTY OF WRIGHT )
CITY OF MONTICELLO)
I, the undersigned, being the duly qualified and acting Secretary
of the Housing and Redevelopment Authority in and for the City of
Monticello, Minnesota (the "Authority "), DO HEREBY CERTIFY that I
have carefully compared the attached and foregoing extract of minutes
of a meeting of the Authority held on the date therein indicated,
which are complete transcript therefrom insofar as the same relates
to the resolution authorizing the execution of the Tax Increment
Pledge Agreement with the City of Monticello.
WITNESS my hand as such Secretary and the official seal of the
Authority this 1st day of July, 1987.
Secretary