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38 (c) Payments on the Interfund Loan are payable solely from "Available Tax 39 Increments" which shall mean,, on each Payment Date, all of the tax increment available after 40 other obligations have been paid, generated in the preceding six (6) months with respect to the 41 property within the TIF District and remitted to the City by Ramsey County,, all in accordance 42 with Minnesota Statutes,, Sections 469.194 to 469.1999. Payments on the Interfund Loan are 43 subordinate to any outstanding or future bonds, notes or contracts secured in whole or in part 44 with Available Tax Increment,, and are on parity with any other outstanding or future interfund 45 loans secured in whole or in part with Available Tax Increment. 46 (d) The principal sum and all accrued interest payable under the Interfund Loan are 47 pre-payable in whole or in part at any time by the City without premium or penalty. No partial 48 prepayment shall affect the amount or timing of any other regular payment otherwise required to 49 be made under this Interfund Loan. 50 (e) The Interfund Loan is evidence of an internal borrowing by the City in 51 accordance with Minnesota Statutes,, Section 469.1 8, Subd. 7,, and is a limited obligation 52 payable solely from Available Tax Increment pledged to the payment hereof under this 53 resolution. The Interfund Loan and the interest hereon shall not be deemed to constitute a 54 general obligation of the State of Minnesota or any political subdivision thereof, including, 55 without limitation,, the City. Neither the State of Minnesota, nor any political subdivision thereof 56 shall be obligated to pay the principal of or interest on the Interfund Loan or other costs incident 57 hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing 58 power of the State of Minnesota or any political subdivision thereof is pledged to the payment of 59 the principal of or interest on the Interfund Loan or other costs incident hereto. The City shall 60 have no obligation to pay any principal amount of the Interfund Loan or accrued interest thereon, 61 which may remain unpaid after the termination of the TIF District. 62 (fl� The City may amend the terms of the Interfund Loan at any time by resolution of 63 the City Council, including a determination to forgive the outstanding principal amount and 64 accrued interest to the extent permissible under law. 65 Section 3. Effective Date. This resolution is effective upon the date of its approval. W 4091975vl 2