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_ _ _ _ _ __ ... . ... Administrator, �hrough the date of last receipt of taac increment from the TIF Disirict. 2.03. Payments on this In#erfund Loan are payable solely from "Available Tax Increment," which shali mean, on each Payment Date, ta�c increment available after other ob�igations have been paid, or as determined by fi11e City Administrator, generated in the preceding six {6) months with respect to the property within the TIF District a�d remi�ted to the City by Ramsey County, al� in accordance with Minnesota Statutes, Sections 469.174 to 4b9.1799, all inclusive, as amended. Payments on this Interfund Loan may be subordinated to any outstanding or future bonds, notes or contracts sect�red in whole or in part wi� Available Tax Increment, and are on parity with any other outstanding ar future interfund loans secured in whoIe or in par� with Available Ta� Increment. 2.04. The principal sum and all accrued itaterest payable under this InterFund Loan are pre- payable in whole or in part at any time by the City without premium or penalty. No partial prepay�ment s1tall affect the axnount or timing of any other regular paynnent o�he:rwis� r�quired t� be made under this Interfurid Loan. 2.05. This Interfund Loan is evide�ce of an internal borrowing by �he City in accordance wi�h Minnesota Statutes, Section 469.178, Subd. 7, and is a l�mited obfigation payable solely firo�a Available Tax Increment pledged to the payment hereof under this resolution. This Interfund Loan and the interest hexeon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without iitnitation, the City. Neither the State of Minnesota, nor any politicaI subdivision thereof sha1I be obligated to pay t�e principal of or interest on this Intierfund Loan or other costs incident hereto except ont of Available Tax Inerement, and neither the full faitk� and credit nor the ta��ing power af the State of Minnesota or any political subdivision thereof is pledged to the payment o��e principal of or interest on #his Interfund Loan or other costs incident hereto. The City shall have no obligation to pay any principal amount of the Untex�fund Loan or accrued interest tl�ereon, which may rexx�.ain unpaid after the final Payment Date. 2.06. The City may amend the terms of this Interfund Loan at any time by resolution o� the City Council, including a determination to forgive the outstanding pri�cipal a�nount a�d accrued interest to tlae extent permissible under law. 5ec#ion 3. Effective Date. This resolution is effective upon the date of its approval. The motion far the adoption of the foregoing resolufiian was duly seconded by Council member , and upon a vote being taken therean, the following voted in favor thereaf: and the foIlowing voted against the same: Dated: Dacember 20. 2010 Stan Harpstead, Mayor ATTEST: Patrick Klaers, City Administrator (Seal)