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Increment Financing Districts Nos. 2 -1, 3 and 5 to the Authority; <br />and <br />E. WHEREAS, the City Council heretofore issued General <br />Obligation Tax Increment and Improvement Bonds of 1990, dated <br />July 1, 1990 of the City (the "1990 Tax Increment and Improvement <br />Bonds "), a General Obligation Taxable Tax Increment Bond of 1990, <br />Series B, dated November 1, 1990 of the City (the "1990 Bond ") <br />and a General Obligation Taxable Tax Increment Bond, Series <br />1993A, dated March 1, 1993 of the City (the "1993 Bond "); and has <br />heretofore entered into a Development Agreement, dated <br />October 21, 1992 (the "Development Agreement "), by and between <br />the City and Gideon Pond Center, Inc., a Minnesota non - profit <br />corporation; and <br />F. WHEREAS, the 1990 Tax Increment and Improvement Bonds, <br />1990 Bond, 1993 Bond and Development Agreement are hereinafter <br />referred to collectively as the "Obligations "; and <br />G. WHEREAS, to provide for payment of the Obligations, it <br />is necessary that the City execute the Pledge Agreement as <br />provided herein; and <br />NOW, 'THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Little Canada, Minnesota, as follows: <br />1. Transfer, The control, authority and operation of the <br />Development Programs for Development Districts Nos. 2, 4 and 5 <br />and all tax increments derived from Tax Increment Financing <br />Districts Nos. 2 -1, 3 and 5 are hereby transferred to the <br />Authority. <br />2. Pledge Agreement. The Mayor and City Administrator are <br />hereby authorized to execute the Pledge Agreement in substan- <br />tially the form presented to the City Council, which agreement <br />pledges the tax increments derived from Tax Increment Financing <br />District No. 2 -1 to the payment of the 1990' Bond and 1993 Bond; <br />pledges tax increments derived from Tax Increment Financing <br />District No. 3 to the payment of the 1990 Tax Increment and <br />Improvement Bonds; and further pledges tax increments derived <br />from Tax Increment Financing District No. 5 to the payment of the <br />obligations under the Development Agreement. <br />Said Resolution was duly seconded by Councilmember <br />• and put to a vote. Voting in favor <br />thereof were Councilmembers <br />Voting against said Resolution: <br />304786.1 2 <br />Page 21 <br />8 'd HO-9100988'0N /1701P1 ',LS/ 901 G 1 96 1 1 ' 11(I8d) 91799 EN Z19 'IflVd ',LS NV08011 QNV 8001118 Y10Ud <br />