11-22-1995 Council Agenda - Laserfiche WebLink

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PLEDGE AGREEMENT THIS AGREEMENT, entered into as of the 1st day of November, 1995, by and between the City of Little Canada, a Minnesota municipal corporation, herein called the "City ", and the Economic Development Authority of the City of Little Canada, a public body corporate and politic created and existing under the laws of Minnesota, herein called the "Authority ", witnesseth that: A. WHEREAS, the Authority has heretofore, among other things, accepted jurisdiction over the Development Program for Development District No. 2 ( "Development Program No. 2 ") and transfer of all tax increments derived from Tax Increment Financing District No. 2 -1 ( "District No. 2 -1 "), all pursuant to the provisions of Minnesota Statutes, Sections 469.090 through 469.108 (the "Act "); and B. WHEREAS, pursuant to the provisions of Development Program No. 2, funds are to be and were heretofore expended within Development District No. 2 to provide money to finance certain costs within District No. 2 -1 as set forth in Development Program No. 2 through the issuance of a General Obligation Taxable Tax Increment Bond of 1990, Series B, dated November 1, 1990 of the City (the "1990 Bond ") and a General Obligation Taxable Tax Increment Bond, Series 1993A, dated March 1, 1993 of the City (the "1993 Bond "); and C. WHEREAS, the Authority has also heretofore, among other things, accepted jurisdiction over the Development Program for Development District No. 4 (the "Development Program No. 4 ") and transfer of all tax increments derived from Tax Increment Financing District No. 3 ( "District No. 3 "), all pursuant to the provisions of the Act; and D. WHEREAS, pursuant to the provisions of Development Program No. 4, funds are to be and were heretofore expended within Development District No. 4 to provide money to finance certain costs within District No. 3 as set forth in Development Program No. 4 through the issuance of General Obligation Tax Increment and Improvement Bonds of 1990, dated July 1, 1990 of the City (the "1990 Tax Increment and Improvement Bonds "); and E. WHEREAS, the Authority has also heretofore, among other things, accepted jurisdiction over the Development Program for Development District No. 5 (the "Development Program No. 5 ") and transfer of all tax increments derived from Tax Increment Financing District No. 5 ( "District No. 5 "), all pursuant to the provisions of the Act; and F. WHEREAS, pursuant to the provisions of Development Program No. 5, funds are to be and were heretofore expended 304788.1 Page 31 6 'd 860-9t00968 'ON /V0:171 IV 01 PI 9611'it(I8d) 9G99 Ei,� l9 9IlVd'13 NVDE011 GNU SDDId8 NtOdd