Laserfiche WebLink
Administrator,through the date of last receipt of tax increment from the TIF District. <br /> 2.03. Payments on this Interfund Loan are payable solely from "Available Tax Increment," - <br /> which shall mean, on each Payment Date,tax increment available after other obligations have been paid, <br /> or as determined by the City Administrator, generated in the preceding six.(6)months with respect to the <br /> property within the TIF District and remitted to the City by Ramsey County, all in accordance with <br /> Minnesota Statutes, Sections 469.174 to 469.1799, all inclusive, as amended. Payments on this Interfund <br /> Loan may be subordinated to any outstanding or future bonds, notes or contracts secured in whole or in <br /> part with Available Tax Increment, and are on parity with any other outstanding or future interfund loans <br /> secured in whole or in part with Available Tax Increment. <br /> 2.04. The principal sum and all accrued interest payable under this Interfund Loan are pre- <br /> payable in whole or in part at any time by the City without premium or penalty. No partial prepayment <br /> shall affect the amount or timing of any other regular payment otherwise required to be made under this <br /> Interfund Loan. <br /> 2.05. This Interfund Loan is evidence of an internal borrowing by the City in accordance with <br /> Minnesota Statutes, Section 469.178, Subd. 7, and is a limited obligation payable solely from Available <br /> Tax Increment pledged to the payment hereof under this resolution. This Interfund Loan and the interest - <br /> hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political <br /> subdivision thereof, including, without Iimitation, the City. Neither the State of Minnesota, nor any <br /> political subdivision thereof shall be obligated to pay the principal of or interest on this Interfund Loan or <br /> other costs incident hereto except out of Available Tax Increment, and neither the full faith and credit nor <br /> the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment <br /> of the principal of or interest on this Interfund Loan or other costs incident hereto. The City shall have no <br /> obligation to pay any principal amount of the Interfund Loan or accrued interest thereon, which may <br /> remain unpaid after the final Payment Date. <br /> 2.06. The City may amend the terms of this Interfund Loan at any time by resolution of the City <br /> Council, including a determination to forgive the outstanding principal amount and accrued interest to the <br /> extent permissible under law. <br /> Section 3. Effective Date. This resolution is effective upon the date of its approval. <br /> The motion for the adoption of the foregoing resolution was duly seconded by Council member <br /> and upon a vote being taken thereon,the following voted in favor thereof: <br /> and the following voted against the same: <br /> Dated: December 20, 2010 <br /> ATTEST: <br /> sJ <br /> C)4 <br /> Stan Harpst ad, or Patrick Klaers,City Administrator <br /> (Seal) <br />