RES 2006-16 - 00013696RESOLUTION NO. 2006 - 16
RESOLUTION AMENDING THE RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $4,645,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING
BONDS, SERIES 2005B AND PLEDGING FOR THE SECURITY THEREOF TAX
INCREMENTS
WHEREAS, by resolution duly adopted by the City Council on May 23, 2005 (the "Bond
Resolution "), the City Council of the City of Fridley, Minnesota (the "City "), issued $4,645,000
General Obligation Tax Increment Refunding Bonds, Series 2005B, dated June 15, 2005 (the
"Bonds ") to refund, on August 1, 2005, $4,625,000 aggregate principal amount of the City's
General Obligation Tax Increment Refunding Bonds, Series 1997A, dated June 1, 1997; and
WHEREAS, the Bond Resolution incorrectly pledged to the payment of the Bonds the tax
increments received from Tax Increment Financing District No. 6, heretofore created by the
Housing and Redevelopment Authority of the City of Fridley, Minnesota (the "Authority "),
within Redevelopment Project No. 1; and
WHEREAS, the City Council hereby determines that the Bond Resolution must be amended to
correctly identify the source of the tax increments which are pledged to the payment of the
Bonds, such tax increments specifically being tax increments derived from Tax Increment
Financing Districts 1, 2 and 3; and
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Fridley, Anoka County,
Minnesota, as follows:
WHEREAS, Clause B of the Bond Resolution is amended to read as follows
WHEREAS, the Authority has also heretofore created Tax Increment Financing Districts Nos. 1,
2 and 3 within the Project Area (the "Tax Increment District ") under the provisions of Minnesota
Statutes, Sections 469.174 through 469.1799 and has approved a tax increment financing plan
and amendments (the "Plan ") with respect to the Tax Increment District; and
The Mayor and City Manager are hereby authorized to execute the Amended Tax Increment
Pledge Agreement in substantially the form presented to the City Council, which Amended Tax
Increment Pledge Agreement correctly pledges Tax Increments derived from Tax Increment
Financing Districts 1, 2 and 3 to the payment of the Bonds.
The Authority will also adopt a resolution authorizing execution of the Amended Tax Increment
Pledge Agreement. The City shall take such action as it determines is necessary to assure that
the covenants of the Authority in the Amended Tax Increment Pledge Agreement are fully and
promptly performed; provided that in the exercise of any rights with respect thereto, the City
shall be subject to the same standards and to the same rights applicable to the Authority under
the covenants as if the City were the Authority.
Resolution No. 2006 -16
Page 2
The Clerk is hereby directed to file a certified copy of this resolution and the Amended Tax
Increment Pledge Agreement with the Office of Anoka County Property Records and Taxation
(the "County "), together with such other information as the County shall require, and to obtain
from the County the certificate that this Resolution and the Amended Tax Increment Pledge
Agreement have been filed with the County.
Except as hereby amended, all other terms and conditions of the Bond Resolution shall remain in
full force and effect.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
13TH DAY OF FEBRUARY, 2006
,X
SCOTT J. L - MAYOR
ATTEST:
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DEBRA A. SKOGEN — &rY CLERK