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issued by the City to finance public development costs paid or incurred by the City in the ge aic area described in Minnesota Laws 1998, Ch. 389, Article 11, Section 24 (the obligat radel. "NW .03. By resolution approved this date, the City is awarding sale of its $ Genera I Obligation Tax Increment Bonds, Series 2007B (the "Series 2007B Bonds"), to which bonds e City has pledged Pledged Tax Increment on a parity basis with the Series 2006A Bonds. 1i .04. It is determined that the estimated collection of Pledged Tax Increment, taking into account the parity pledge of Pledge Tax Increment to the Series 2007B Bonds, is at least 20 percent of the principal and interest payable on the Series 2006A Bonds, all within the meaning of Minnesota Statutes, Section 475.58. 3 1.05. The City has determined to modify the Prior Resolution in order to recognize the reduce amount of Pledged Tax Increment available to pay the Series 2006B Bonds in light of the parity edge of such revenues to the Series 2007B Bonds. ion 2. Prior Resolution Modified; Taxes Levied. .01. Section 4.02 of the Prior Resolution is hereby modified to delete the existing and substitute the following: 4.02. For the purpose of paying the principal of and interest on the Series 2006A ?nds, there is levied a direct annual irrepealable ad valorem tax upon all of the taxable :)perty in the City, which will be spread upon the tax rolls and collected with and as part other general taxes of the City. The tax will be credited to the Debt Service Fund and is the years and amounts as follows (year stated being year of collection): Year Levy (See Attachment A) 2.02. Nothing in this resolution alters or affects the City's pledge of its full faith and credit to the 1?eries 2006A Bonds. 2.03. The City Manager is directed to file a certified copy of this Resolution with the r of Property Records and Revenue of Ramsey County. 12.04. It is determined that the estimated collection of the foregoing taxes together with Pledg Tax Increments collected pursuant to the pledge thereof under Section 4.01 of the Prior Resol ion, as modified herein, will produce at least five percent in excess of the amount needed to meet hen due, the principal and interest payments on the Series 2006A Bonds. The tax levy herei provided is irrepealable until all of the Series 2006A Bonds are paid, provided that at the time e city makes its annual tax levies the City Manager may certify to the Director of Property Reco s and Revenue the amount available in the Debt Service Account to pay principal and inter due during the ensuing year, and the Director of Property Records and Revenue will theretbon reduce the levy collectible during such year by the amount so certified. sJB NE136-214