6B, Public Hearing Proposed TIF District Resolution 2010-081, -082 & -083

Home Browse Search

Ad�nninistrator, through the date oi last receipt of ta� incre�nent fra�n the TIF District. 2.03. Payments on this Interfund Loan are payable solely from "Available TaX Increment," which shall mean, on each Payment Date, taY irzcre�x�.e�.t available after o#her obligations hav� been paid, or as determin�d by the City Administratar, generated in the preceding six (b) rnonths with respect to the properry within the T1F District and remitted to the City by Ramsey County, all in accordance with Minnesota Statutes, Sectians 469.17A to 469.1799, all inctusive, as amended. �ayments on this Interfund Loan may be subordinated to any outstanding or fiature bonds, notes or contracts secured in whole or i:n part with Available Tax Incremeni, and are on parity with any o#her outstanding or future interfund loans secured in whole or in part wit�. Available Tax Increment. 2.04. The prin.cipai sum and all accrued interest payabie under this �nterfund Laan are pre- payable in whole or in part at any time by the City t�vithout premium or penalty. No partial prepayment shall af%ct the amount o:r timing of any ather reguiar paymen� otherwise required to be made under this Interfund Loan. 2.45. This InterFund Loan is evidence of an interr�al borrowing by the City in accordance with Minnesota Statutes, Section 4G9.178, Subd. 7, and is a limited obligation payable soiely from Available T� Incret�ent pledged to the payment hereof under this resalution. This Interfund Loan and the interest hereon sha11 not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, witllout limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the pxincipal of or interest on this Interfund Loan or other casts incident hereto except out oiAvailable Tax Increment, and neither #he full t'aiti� and credit nor the t�ing power of the State of Minnesota or any political subdivision thereof is p�edged to the payxnent of the principal of or interest on this Interfund Loan or otk�er costs incident hereto. The City shall have no obligation to pay any principal amount of the Interfund Loan or accrued interest thereon, which may :remain unpaid after the final Payment Date. 2.06. The City may amend the terms of this Intarfund Laan a# any time by resQlution of the City Council, including a determination to forgive tha o�tsta�ding principal amount and accru�d interest to the extent permissible under Iaw. Section 3. EFfective Date. This resolution is effective upon the date of its approval. The mation for th.e adoption of the foregoing resolu�ian was duly seconded by Council member , and upon a voie haing taken thereon, the following voted in favor thereof: and the following voted against th� satne: Dated: December 13, 2010 Stan Harpstead, Mayor ATTEST: Pat Klaers, City Administrator {Seal)