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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: January 27, 1993 <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 January, 1993, at o'clock .M., <br />for the purpose, in part, of authorizing the issuance of, and <br />awarding the sale of, a $175,000 General Obligation Taxable Tax <br />Increment Bond, Series 1993A of the City. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following reso- <br />lution and moved its adoption: <br />RESOLUTION PROVIDING FOR THE <br />ISSUANCE, SALE AND PURCHASE OF A <br />$175,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT <br />BOND, SERIES 1993A, AND PLEDGING <br />TAX INCREMENTS FOR THE SECURITY THEREOF <br />A. WHEREAS, the City Council of the City of Little <br />Canada, Minnesota (the "City "), has heretofore created <br />Development District No. 2 (the "Development District ") pursuant <br />to the provisions of Minnesota Statutes, Section 469.124 through <br />469.134, and has approved a development program (the "Program ") <br />with respect to the Development District; and <br />B. WHEREAS, The Council has also approved a tax <br />increment financing plan (the "Plan "), and designated Tax <br />Increment Financing District No. 2 -1, a redevelopment district <br />(the "Tax Increment District ") under the provisions of Minnesota, <br />Statutes, Section 469.174 through 469.179; and <br />C. WHEREAS, pursuant to the provisions of the Program <br />and Plan, funds are to be expended within the Development <br />District to provide money to finance a portion of certain capital <br />and administration costs of the Development District, as set <br />forth in the Plan (the "Project "); and <br />Page 28 <br />232758 <br />