Resolution 19-04 Dissolving the HRA

BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA, as follows:

Section 1. Findings.

1.01 The City of Mountain Iron (the “City”) is authorized generally by Minnesota Statutes Chapter 469 (�the Act”) and specifically by Minnesota Statutes �469.091 to establish an Economic Development Authority pursuant to the provisions of Minnesota Statutes �469.090 to �469.108.

1.02 The powers and authority of an Economic Development Authority under the Act may include all of the powers and authority of Housing and Redevelopment Agency

1.03 The City finds that economic development and redevelopment within the City can be best promoted by a single unified development authority that has all of the powers and authority of an Economic Development Authority.

1.04 The City Council did, on the 19th day of April, 2004, establish the Mountain Iron Economic Development Authority pursuant to the Act, and did grant the Mountain Iron Economic Development Authority all of the powers, authority, and duties of a Housing and Redevelopment Authority.

1.05 The City Council finds that with the establishment of the Mountain Iron Economic Development Authority, the purpose and need for a separate Housing and Redevelopment Authority of the City of Mountain Iron (the “Mountain Iron HRA”) no longer exists.

1.06 The City Council has, in accordance with Minnesota Statutes �469 093, provide public notice and conducted a public hearing on April 19, 2004 concerning the establishment of and Economic Development Authority for the City, at which hearing all persons wishing to express their views were given an opportunity to be heard on the proposal to establish an Economic Development Authority, and on this proposed Resolution to dissolve the Housing and Redevelopment Authority of Mountain Iron,

Section 2. Transfer and Dissolution.

2.01 Transfer of Authority. Pursuant to �469,094 of the Act, City does hereby transfer to the Mountain Iron Economic Development Authority all activities, programs, operations, and authority of the Mountain Iron HRA, including the transfer of control, authority, and operation of any project or development of the Mountain Iron HRA within the City, the Mountain Iron Economic Development Authority shall accept the control, authority, and operation of all projects, programs, or activities of the Mountain Iron HRA.

2.02 Transfer of Assets and Employees. All property, records, assets, cash or other funds held or used by the Mountain Iron HRA shall be transferred to and become the property of the Mountain Iron Economic Development Authority all employees of the Mountain Iron ERA shall be transferred to the authority, supervision, and control of the Mountain Iron Economic Development Authority.

2.03 Transfer of Rights Obligations and Debt. All rights of the Mountain Iron HRA, whether contractual or of any other kind or character, against any person, firm, or corporation shall accrue to and be enforced by the Mountain Iron Economic Development Authority upon dissolution, any and all obligations, debts, or liabilities of the Mountain Iron HRA shall be the obligation, debt, or liability of the Mountain Iron Economic Development Authority.

2.04 Covenants of Mountain Iron Economic Development Authority. The Mountain Iron Economic Development Authority shall and does hereby covenant and pledge to perform the terms, conditions, and covenants of any bond indentures or other agreements executed for the security of bonds issues by the Mountain Iron HRA notwithstanding any other provision of this Resolution or any other Resolution or Ordinance of the City, the Mountain Iron Economic Development Authority exercise all of the powers necessary to perform the terms, conditions, and covenants of any indenture or other agreement executed for the security of bonds and shall become obligated on any such bonds by reason of the transfers provided in Section 2.01 of this Resolution.

2.05 Dissolution. Pursuant to the authority granted to the City in �469.03, subd 7, the Mountain Iron Housing and Redevelopment Authority is hereby dissolved.

Section 3. Implementation.

3.01 Officers Authorized to Act. The Mayor, City Council, City Administrator, and other appropriate City officials are authorized and directed to take the actions and execute and deliver the documents necessary to give fill effect to this Resolution.

3.02 Effective Date. The transfers provided for herein and the dissolution of the Mountain Iron HRA are effective the 31st day of December, 2004.

DULY ADOPTED BY THE CITY COUNCIL THIS 19th DAY OF APRIL, 2004.