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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 07-03 <br />RESOLUTION AUTHORIZING EXECUTION OF A <br />TAX INCREMENT PLEDGE AGREEMENT WITH THE <br />CITY OF LINO LAKES RELATING TO <br />$4,215,000 GENERAL <br />OBLIGATION TAX INCREMENT BONDS, SERIES 2007A <br />BE IT RESOLVED by the Board of Commissioners (the "Board") of the Lino Lakes <br />Economic Development Authority (the "Authority"), as follows: <br />1. The President and Executive Director of the Authority are hereby authorized to <br />execute and deliver a Tax Increment Pledge Agreement with the City of Lino Lakes, Minnesota (the <br />"City") substantially in the form on file in City Hall, providing for the pledge of tax increment for <br />the payment of the principal of, premium, if any, and interest on, the City of Lino Lakes, Minnesota <br />$4,215,000 General Obligation Tax Increment Bonds, Series 2007A. <br />2. This resolution shall be effective as of the date hereof. <br />Adopted this 25th day of June, 2007. <br />President <br />Attest: <br />Secretary <br />312698v1 SJB LN140-100 <br />