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EXTRACT OF MINUTES OF A MEETING OF THE BOARD OF COMMISSIONERS OF THE LITTLE CANADA ECONOMIC DEVELOPMENT AUTHORITY, MINNESOTA HELD: June 27, 2001 Pursuant to due call and notice thereof, a special meeting of the Board of Commissioners of the Little Canada Economic Development Authority, Ramsey County, Minnesota, was duly called and held at the City Hall on Wednesday, June 27, 2001, at 730 o'clock P.M. The following members were present: and the following were absent: Member adoption: introduced the following resolution and moved its RESOLUTION AUTHORIZING EXECUTION OF TAX INCREMENT PLEDGE AGREEMENT A. WHEREAS, the City Council of the City of Little Canada, Minnesota (the "City "), has provided for the issuance and sale of 33.000.000 Taxable General Obligation Tax Increment Bonds, Series 2001A, dated June 29, 2001 of the City (the "Bonds ") and has accepted the sale of the Bonds; and B. WHEREAS. to provide for payment of the Bonds it is necessary that the Little Canada Economic Development Authority, Minnesota (the "Authority "). execute the Tax Increment Pledge Agreement as provided herein. NOW, THEREFORE. BE IT RESOLVED by the Board of Commissioners of the Little Canada Economic Development Authority, Minnesota. as follows: 1. Execution of Agreement. The Tax Increment Pledge Agreement on file in the office of the City Administrator is hereby approved in substantially the form submitted and the President and Secretary of the Authority are authorized and directed to execute the same (and such other agreements and documents as may be required in connection therewith) on behalf of the Authority. The approval hereby given to the document referred to above includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney and by the Authority officials authorized herein to execute or accept. as the case may be. said document prior to its execution; and said Authority officials are hereby authorized to approve said changes on behalf of the Authority. 2. Filing of Tax Increment Pledge Agreement. The Secretary is directed to file a fully executed copy of the Tax Increment Pledge Agreement with the County Auditor of Ramsey County pursuant to Minnesota Statutes, Section 469.178. subdivision 2. 130001 PAGE 8