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D. WHEREAS, in order to finance the Project as herein <br />defined, it is necessary and expedient that the Authority and the <br />City enter into a Pledge Agreement, securing $1,970,000 General <br />Obligation Taxable Tax Increment Bonds, Series 1995B of the City <br />(the "Bonds ") to be issued to finance the Project pursuant to <br />Minnesota Statutes, Section 469.001, Subdivision 13; and <br />E. WHEREAS, in order for the City to loan $1,900,000 <br />of the proceeds of the Bonds to assist a developer in its <br />acquisition of certain land and the construction of improvements <br />located thereon and the rehabilitation and enhancement of the <br />existing facilities located thereon (the "Project "), it is also <br />necessary and expedient that the Authority and the developer <br />enter into an Acquisition and Construction Loan Agreement (the <br />"Loan Agreement "); and <br />F. WHEREAS, the Loan Agreement requires that a <br />Guaranty, Combination Mortgage, Assignment of Rents and Profits, <br />Security Agreement and Fixture Financing Statement, and Note (all <br />as defined in the Loan Agreement) be delivered to the Authority <br />to secure the obligations of the developer under the Loan <br />Agreement; and <br />NOW, THEREFORE, BE IT RESOLVED by the Board of <br />Commissioners of the Economic Development Authority of the City <br />of Little Canada, Minnesota. <br />1. Authorization to Execute Pledge Agreement and a <br />Loan Agreement. The President and Secretary are authorized and <br />directed to execute the Pledge Agreement and the Loan Agreement <br />on behalf of the Authority, a form of which agreement is now on <br />file in the office of the Authority. <br />2. Filing of Pledge Agreement. The Secretary is <br />directed to file a fully executed copy of the Pledge Agreement <br />with the County Auditor of Ramsey County pursuant to Minnesota <br />Statutes, Section 469.178, Subdivision 2. <br />The motion for the adoption of the foregoing resolution <br />was duly seconded by member and upon <br />a vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />adopted. <br />305806.1 <br />Whereupon said resolution was declared duly passed and <br />Page 4 <br />