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<br />A-2 <br />(the “Improvements”), on properties located throughout the State of Minnesota through the use <br />of special assessments pursuant to Minnesota Statutes Sections 216C.435 and 216C.436 and <br />Chapter 429 and 471.59 (the “Act”). <br />2. In order to finance the Improvements, the City hereby determines that it is <br />beneficial to participate in MinnPACE, and to designate the Port Authority as the implementor <br />and administrator of that program on behalf of the City for purposes of financing Improvements <br />located within the City. <br />3. The City understands that the Port Authority may obtain funding from designated <br />lending institutions or may issue its MinnPACE special assessment revenue bond(s) to finance <br />the Improvements, and that the sole security for the loan(s) or bond(s) will be special <br />assessments imposed by the governmental entity participating in MinnPACE. <br />4. To facilitate and encourage the financing of Improvements located within the <br />City, the City covenants to levy assessments for said Improvements on the property so <br />benefitted, in accordance with the Application and Petition for Special Assessments received <br />from the owner(s) of the Property and approved by the Port Authority. The interest rate on the <br />Special Assessments shall be the interest rate on the Loan(s) or Bond(s), and may include <br />additional interest. <br />5. After imposition of the special assessments, the City shall collect such <br />assessments and remit them to the Port Authority for use in the repayment of the Loan(s) or <br />Bond(s). The City will take all actions permitted by law to recover the assessments, including <br />without limitation, reinstating the outstanding balance of assessments when the land returns to <br />private ownership, in accordance with Minn. Stat. Section 429.071, Subd. 4. <br /> 6. The Mayor and City Clerk are authorized to execute on behalf of the City, any <br />documents, certificates or agreements necessary to implement the program authorized by this <br />resolution. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br />______________ upon vote being taken thereon the following voted in favor thereof: <br />and the following voted against the same: <br /> <br />whereupon said resolution was declared duly passed and adopted. <br />