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<br />" <br /> <br />.,. <br /> <br />".! <br /> <br />B <br /> <br />,. <br /> <br />_CITY OF NEW BRIGHTON <br /> <br />RESOLUTION NO. 99-Q3JL <br /> <br />MODIFYING RESOLUTION NO. 97-006 <br />RELATING TO THE CITY'S $1,565,000 GENERAL OBLIGATION <br />TAX INCREMENT BONDS, SERIES 1997C <br /> <br />BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota <br />(City) as follows: <br /> <br />Section 1. Recitals. <br /> <br />1.01. By Resolution No. 97-006 approved January 14, 1997 (Resolution), the <br />City Council awarded sale of the City's $1,565,000 General Obligation Tax Increment <br />Bonds, Series 1997C (Bonds) pursuant to Minnesota Statutes, Sections 469.174 to <br />469.179 (TIF Act) and Sections 469.124 to 469.134 (Development District Act). <br /> <br />1.02. Under Section 4 of the Resolution, the City pledged to the Debt Service <br />Fund for the Bonds tax increments from tax increment financing district (TIF District) <br />nos. 18 and 20 within Development District No. 1 (Development District). <br /> <br />1.03. The Council has found and determined that, in order to allocate efficiently <br />the City's financial resources in carrying out the development program for the <br />Development District, it is reasonable and in the City's interest to modify the pledge of <br />tax increment to the Debt Service Fund for the Bonds as described in this resolution. <br /> <br />1.04. The tax increment financing plans for each TIP District within the <br />Development District authorize expenditures from the TIF District for public costs <br />described in the Development Program for the Development Program (to the extent <br />permissible under the TIF Act), including without limitation payment of debt service on <br />the Bonds. <br /> <br />1.05. The Council has found and determined that the modification of the pledge <br />of tax increments described in this resolution will have no adverse effect on the rights of <br />the holders of the Bonds. <br /> <br />Section 2. Resolution Modified. <br /> <br />2.01. Section 4.01 of the Resolution is modified to add the following: <br /> <br />In addition, the City pledges to the Debt Service Fund Tax Increments from TIF <br />District nos. 1 through 17, 19, and 21 through 28 (Pooled Districts) in an amount <br />necessary to pay when due the principal of and interest on the Bonds, subject to (a) any <br />prior pledge of Tax Increments from any Pooled District to any outstanding obligation or <br />contract; (b) any limitations under the TIF Act as to amount of Tax Increment <br /> <br />SJB-161775 <br />NE136-149 <br />