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<br />A <br /> <br />* <br /> <br />--CITY OF NEW BRIGHTON <br /> <br />RESOLUTION NO. 99-037 <br /> <br />MODIFYING RESOLUTION NO. 97-007 <br />RELATING TO THE CITY'S $3,435,000 GENERAL OBLIGATION <br />TAXABLE TAX INCREMENT BONDS, SERIES 1997D <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. 97-007 approved January 14, 1997 (Resolution), the <br />City Council awarded sale of the City's $3,435,000 General Obligation Taxable Tax <br />Increment Bonds, Series 1997D (Bonds) pursuant to Minnesota Statutes, Sections <br />469.174 to 469.179 (TIP Act) and Sections 469.124 to 469.134 (Development District <br />Act). <br /> <br />1.02. Under Section 4 of the Resolution, the City pledged to the Debt Service <br />Fund for the Bonds t<;X increments from tax increment financing district (TIF District) <br />nos. 15 and 25 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 TIP 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 14, 16 through 24, and 26 through 28 (Pooled Districts) in an <br />amount necessary to pay when due the principal of and interest on the Bonds, subject to <br />(a) any prior pledge of Tax Increments from any Pooled District to any outstanding <br /> <br />516-161776 <br />NE136-149 <br />