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IN WITNESS WHEREOF, the Issuer and the Lender have caused this Pledge Agreement <br />to be duly executed as of the day and year first above written. <br /> <br />CITY OF RAMSEY MINNESOTA <br /> <br />By <br /> Its Mayor <br /> <br />By <br /> <br />Its Administrator <br /> <br />Pledge Agreement between the City of Ramsey, Minnesota and <br />dated June __, 2005. <br /> <br />1779954¥ I Sm ! <br /> <br />-181- <br /> <br /> <br />