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12-16-19-SR
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12-16-19-SR
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<br /> 4 <br /> <br />penalty. No partial prepayment shall affect the amount or timing of any other regular <br />payment otherwise required to be made under this Interfund Loan. <br />(e) The Interfund Loan is evidence of an internal borrowing by the City in <br />accordance with Minnesota Statutes, Section 469.178, Subd. 7, and is a limited obligation <br />payable solely from tax increment pledged to the payment hereof under this resolution. <br />The Interfund Loan and the interest hereon shall not be deemed to constitute a general <br />obligation of the State of Minnesota or any political subdivision thereof, including, <br />without limitation, the City. Neither the State of Minnesota, nor any political subdivision <br />thereof shall be obligated to pay the principal of or interest on the Interfund Loan or other <br />costs incident hereto except out of 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 <br />to the payment of the principal of or interest on the Interfund Loan or other costs incident <br />hereto. The City shall have no obligation to pay any principal amount of the Interfund <br />Loan or accrued interest thereon, which may remain unpaid after the termination of the <br />TIF District. <br />(f) The City may amend the terms of the Interfund Loan at any time by <br />resolution of the City Council, including a determination to forgive the outstanding <br />principal amount and accrued interest to the extent permissible under law. <br /> <br />PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS <br />THIS 16th DAY OF DECEMBER, 2019. <br /> <br />________________________________ <br />Mayor <br />Attest: ______________________________ <br />City Administrator
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