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ORDINANCE NO. 984 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA AN ORDINANCE AMENDING SECTION 7.03, SUBDIVISION I OF THE CITY OF MOUNDS VIEW CHARTER PERTAINING TO THE CITY'S SYSTEM OF TAXATION THE CITY OF MOUNDS VIEW ORDAINS: Section 1. Background; findings; authority. 1.01. The city of Mounds View ("City") is governed by a home rule charter (the "City Charter"), adopted pursuant to the Constitution of the State of Minnesota and Minnesota Statutes, chapter 410 the "Act"). 1.02. The Mounds View Charter Commission has proposed the adoption of an amendment to section 7.03 of the City Charter (the "Amendment") and recommended to the City Council that the Amendment be adopted by ordinance in the manner prescribed by section 410.12, subdivision 7 of the Act. 1.03. A public hearing on the Amendment was held on December 13, 2021 by the Mounds View City Council after published notice containing the text of the Amendment, as required by the Act, and all persons desiring to be heard with reference to the Amendment were heard at said public hearing. 1.04. The Mounds View City Council finds and determines that it is in the best interests of the City and its inhabitants that the Amendment be adopted. Section 2. Adoption; effective date; filing. 2.01. Section 7.03, subdivision 1 of the Mounds View City Charter is hereby amended by adding the double -underlined language and deleting the stricken language as follows: Subdivision 1. The City's annual resolution to levy ad valorem taxes (raising money against real and personal property) shall adhere to the following formula: nct exceed the lesser of the fello in . formulas; either the tax levy dollar amount may be increased up to 6 5% over the prior year tax levy dollar amount ' ° ; ° , except in the following circumstances: AA) The tax levy dollar amount may be increased an additional 2 5% to a total of 9% over the prior year tax levy dollar amount by an affirmative vote of four or more members of the Council. B The tax levy dollar amount may be increased to Consumer Price Index (CPII plus 2 5% if CPI exceeds 6 5% by an affirmative vote of four members of the Council The CPI shall be the 12 month average of the most recently published data for all Urban Consumers in the Minneapolis, St. Paul metropolitan area, as defined by the U.S. Department of Labor, Bureau of Labor Statistics. MU210\4\766940.v2