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of special assessments pursuant to Minnesota Statutes Sections 216C.435 and 216C.436 and <br /> Chapter 429 and 471.59 (the"Act"). <br /> 2. The City has received and approved one or more applications and petitions for <br /> Special Assessments from owners of property located in the City desiring to participate in and <br /> receive financing pursuant to the Act. <br /> 3. In order to finance the Improvements, the City hereby determines that it is <br /> beneficial to participate in PACE OF MN, and to designate the Port Authority as the <br /> implementor and administrator of that program on behalf of the City for purposes of financing <br /> Improvements located within the City. <br /> 4. The City understands that the Port Authority may obtain funding from designated <br /> lending institutions or may issue its PACE OF MN special assessment revenue bond(s) to <br /> finance the Improvements, and that the sole security for the loan(s) or bond(s) will be special <br /> assessments imposed by the other cities participating in PACE OF MN. <br /> 5. 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 /> 6. 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 /> 7. 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 /> Etten upon vote being taken thereon the following voted in favor thereof: <br /> and the following voted against the same: None. <br /> whereupon said resolution was declared duly passed and adopted. <br />