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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />LITTLE CANADA, MINNESOTA <br />HELD: October 27, 1999 <br />Pursuant to due call and notice thereof, a regular <br />meeting of the City Council of the City of Little Canada, Ramsey <br />County, Minnesota, was duly held at the City Hall in said City on <br />Wednesday, the 27th day of October, 1999, at 7:30 P.M., for the <br />purpose, in part, of considering proposals for, and awarding the <br />sale of, $790,000 Taxable General Obligation Tax Increment Bonds, <br />Series 1999B of the City. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following <br />resolution and moved its adoption: <br />RESOLUTION ACCEPTING PROPOSAL ON <br />SALE OF $790,000 <br />TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1999B, <br />PROVIDING FOR THEIR ISSUANCE, <br />PLEDGING FOR THE SECURITY THEREOF PLEDGED TAX <br />INCREMENTS; AND AUTHORIZING EXECUTION <br />OF A TAX INCREMENT PLEDGE AGREEMENT <br />A. WHEREAS, Economic Development Authority of the <br />City of Little Canada, Minnesota (the "Authority "), has <br />heretofore accepted jurisdiction over the Development Program <br />(the "Program ") for Development District No. 2 (the "Development <br />District ") and transfer of all tax increments derived from Tax <br />Increment Financing District No. 2 -1 therein (the "Tax Increment <br />District ") as provided in the Tax Increment Financing Plan <br />therefor, as amended (the "Plan ") heretofore established by the <br />City of Little Canada, Minnesota (the "City "), all pursuant to <br />the provisions of Minnesota Statutes, Sections 469.090 through <br />469.1081 (the "Act "); and <br />B. WHEREAS, pursuant to the Act and the provisions of <br />the Program and the Plan, funds are to be expended within the <br />Development District to provide money to finance land acquisition <br />and related costs of redevelopment therein, as set forth in the <br />Plan (hereinafter referred to as, the "Project "); and <br />C. WHEREAS, the City Council has heretofore <br />determined and declared that it is necessary and expedient to <br />1094077.1 <br />Page 110 <br />