HomeMy WebLinkAboutResolution No. 2006-103 Amending Bonds 2005B and Series 2005D A, RESOLUTION NO. 2006-103
o� @ RESOLUTION AMENDING RESOLUTION NO. 2005-51
z o AND RESOLUTION NO. 2005-53
City Of Edna
BE IT RESOLVED by the City Council (the "Council") of the City of Edina (the "City") as follows:
Section 1. Recitals. On June 21, 2005, the Council adopted Resolution No. 2005-51, which awarded
the sale, and set forth the terms of the General Obligation Tax Increment Refunding Bonds, Series 2005B, (the
"Series 2005B Bonds") of the City, and adopted Resolution No. 2005-53, which awarded the sale and set forth
the terms of the General Obligation Tax Increment Refunding Bonds, Series 2005D (the "Series 2005D
Bonds"). The City has been advised that Section 4.03 of Resolution No. 2005-51 and Section 4.03 of
Resolution No. 2005-53, incorrectly designated the tax increment financing districts from which the tax
increment revenues are pledged to the payment of Series 2005B Bonds and the Series 2005D Bonds
respectively, and this resolution is being adopted to amend Section 4.03 of Resolution No. 2005-51 and
Section 4.03 of Resolution No. 2005-53 to correctly designate the tax increment financing districts.
Section 2. Amendment of Resolution No. 2005-51. Section 4.03 of Resolution No. 2005-51 is hereby
amended to read as follows:
"4.03. Pledge of Tax Increment. The City hereby irrevocably pledges to the Bond Fund tax
increments derived from tax increment financing districts of the Housing and Redevelopment Authority of
Edina (the "HRA") designated by Hennepin County as Nos. 1203 (Centennial Lakes), 1201 (Edinborough)
• and 1200 (50`h and France Redevelopment, which are received by the City from the HRA to pay the Bonds.
Such tax increments shall be deposited in the Bond Fund in an amount sufficient to pay all principal and
interest when due on the Bonds. Nothing herein shall preclude the City or the HRA from hereafter making
further pledges and appropriations of the tax increments pledged for the payment of the Bonds or for the
payment of other obligations of the Issuer or the HRA."
Section 3. Amendment of Section 4.03 of Resolution No. 2005-51. Section 4.03 of Resolution No.
2005-53 is hereby amended to read as follows:
"4.03. Pledge of Tax Increment. The City hereby irrevocably pledges to the Bond Fund tax
increments derived from the tax increment financing district of the Housing and Redevelopment Authority of
Edina(the "HRA") designated by Hennepin County as No. 1203 (Centennial Lakes),which are received by the
City from the HRA to pay the Bonds. Such tax increments shall be deposited in the Bond Fund in an amount
sufficient to pay all principal and interest when due on the Bonds. Nothing herein shall preclude the City or
the HRA from hereafter making further pledges and appropriations of the tax increments pledged for the
payment of the Bonds or for the payment of other obligations of the Issuer or the HRA."
ADOPTED: the 21St day of November 2006.
Attest
Debra A. Mangen, City Plerk ames B. Hovland, Mayor
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City Hall 952-927-8861
4801 WEST 50TH STREET FAX 952-826-0390
EDINA,MINNESOTA, 55424-1394 www.cityofedina.com TTY 952-826-0379
• STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA ) CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that
the attached and foregoing Resolution is a true and correct copy of the Resolution duly adopted by
the Edina City Council at its regular meeting of November 21, 2006, and as recorded in the Minutes
of said regular meeting.
WITNESS, my hand and seal of said City this day of 2006.
Debra A.Mangen,City Clerk
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