2018-08H HRA ResolutionMOUND HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 18-08H
RESOLUTION AUTHORIZING EXECUTION OF AN AMENDED AND
RESTATED TAX INCREMENT PLEDGE AGREEMENT WITH THE
CITY OF MOUND RELATING TO THE PRIOR 2009D BONDS
REFUNDING PORTION OF $7,520,000 GENERAL OBLIGATION
REFUNDING BONDS, SERIES 2018A
WHEREAS, pursuant to a resolution approved by the City Council of the City of Mound
(the "City") on July 12, 2005, and the authority conferred by Minnesota Statutes, Section
469.178, and Minnesota Statutes, Chapter 475, the City issued and sold its Taxable General
Obligation Tax Increment Temporary Bonds, Series 2005D (the "Series 2005D Bonds") in an
original aggregate principal amount of $3,875,000;
WHEREAS, in conjunction with the issuance and sale of the Series 2005D Bonds, the
City and the Housing and Redevelopment Authority in and for the City of Mound, Minnesota
(the "HRA") entered into a Tax Increment Pledge Agreement, dated July 12, 2005;
WHEREAS, pursuant to a resolution approved by the City Council of the City on
December 11, 2007, and the authority conferred by Minnesota Statutes, Section 469.178, and
Minnesota Statutes, Chapter 475, the City issued and sold its Taxable General Obligation
Temporary Tax Increment Refunding Bonds, Series 2008A (the "Series 2008A Bonds"), in an
original aggregate principal amount of $4,010,000, in order to pay the outstanding principal of
and interest due on the Series 2005D Bonds at maturity;
WHEREAS, in conjunction with the issuance and sale of the Series 2008A Bonds, the
City and the HRA entered into an Amended and Restated Tax Increment Pledge Agreement,
dated December 11, 2007;
WHEREAS, the Series 2008A Bonds matured on August 1, 2010, and the City issued
general obligation bonds to redeem and prepay the outstanding principal of and interest due on
the Series 2008A Bonds;
WHEREAS, pursuant to a resolution approved by the City Council of the City on
October 27, 2009, and the authority conferred by Minnesota Statutes, Section 469.178, and
Minnesota Statutes, Chapter 475, the City has issued and sold its General Obligation Tax
Increment Refunding Bonds, Series 2009D (the "Series 2009D Bonds"), in an original aggregate
principal amount of $4,020,000, to redeem and prepay the outstanding principal of and interest
due on the Series 2008A Bonds;
WHEREAS, the Series 2009D Bonds mature on February 12020, and the City intends to
issue general obligation bonds to redeem and prepay the outstanding principal of and interest due
on the Series 2009D Bonds;
WHEREAS, in conjunction with the issuance and sale of the Series 2009D Bonds, the
City and the HRA entered into an Amended and Restated Tax Increment Pledge Agreement,
dated October 27, 2009;
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WHEREAS, pursuant to a resolution approved by the City Council of the City on
November 13, 2018 (the 'Bond Resolution"), and the authority conferred by Minnesota Statutes,
Section 469.178, and Minnesota Statutes, Chapter 475, the City has agreed to issue and sell its
general obligation bonds of the City in the aggregate principal amount of $1,920,000, designated
the Prior 2009D Bonds Refunding Portion of General Obligation Refunding Bonds, Series
2018A (the "Series 2018A Bonds"), to redeem and prepay the outstanding principal of and
interest due on the Series 2009D Bonds;
WHEREAS, the HRA has agreed to pledge certain tax increment revenues to the City
for the payment of the principal and interest on the Series 2018A Bonds; and
WHEREAS, there has been presented to the HRA an Amended and Restated Tax
Increment Pledge Agreement between the HRA and the City (the 'Pledge Agreement")
providing for the pledge of certain tax increments from the Mound Harbor Tax Increment
Financing District within the Mound Harbor Project Area in the City to the payment of principal
and interest on the Series 2018A Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the
"Board") of the HRA, as follows:
1. The Chair and Executive Director of the ERA are hereby authorized to execute
and deliver the Pledge Agreement in substantially the form as shown in Exhibit A and made a
pert herein.
2. This resolution shall be effective as of the date hereof.
Adopted by the Housing and Redevelopment Authority in and for the City of Mound, Minnesota
this 27th day of November, 2018.
Chair Mark Wegscheid
Attest: Catherine Pausche, Clerk
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