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2011_0808_packet
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12/29/2011 12:02:46 PM
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38 property within the TIF District and remitted to the City by Ramsey County, all in accordance <br />39 with Minnesota Statutes,, Sections 469.174 to 469.1799. Payments on the Interfund Loan are <br />40 subordinate to any outstanding or future bonds, notes or contracts secured in whole or in part <br />41 with Available Tax Increment,, and are on parity with any other outstanding or future interfund <br />42 loans secured in whole or in part with Available Tax Increment. <br />43 (d) The principal sum and all accrued interest payable under the Interfund Loan are <br />44 pre-payable in whole or in part at any time by the City without premium or penalty. No partial <br />45 prepayment shall affect the amount or timing of any other regular payment otherwise required to <br />46 be made under this Interfund Loan. <br />47 (e) The Interfund Loan is evidence of an internal borrowing by the City in <br />48 accordance with Minnesota Statutes,, Section 469.1 ?8, Subd. 7,, and is a limited obligation <br />49 payable solely from Available Tax Increment pledged to the payment hereof under this <br />50 resolution. The Interfund Loan and the interest hereon shall not be deemed to constitute a <br />51 general obligation of the State of Minnesota or any political subdivision thereof, including, <br />52 without limitation,, the City. Neither the State of Minnesota, nor any political subdivision thereof <br />53 shall be obligated to pay the principal of or interest on the Interfund Loan or other costs incident <br />54 hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing <br />55 power of the State of Minnesota or any political subdivision thereof is pledged to the payment of <br />56 the principal of or interest on the Interfund Loan or other costs incident hereto. The City shall <br />57 have no obligation to pay any principal amount of the Interfund Loan or accrued interest thereon, <br />58 which may remain unpaid after the termination of the TIF District. <br />59 (fl� The City may amend the terms of the Interfund Loan at any time by resolution of <br />60 the City Council, including a determination to forgive the outstanding principal amount and <br />61 accrued interest to the extent permissible under law. <br />62 Section 3. Effective Date. This resolution is effective upon the date of its approval. <br />63 <br />4091958vl <br />2 <br />
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