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which building permits have been issued during the 18 months immediately preceding the adoption of this Resolution. 7. Ff ling. The City Manager is further authorized and directed to file a copy of the TIF Plan for TIF District No. 18 with the Commissioner of Revenue. 8. Administration. The administration of Development District No. 1 is assigned to the City Manager who shall from time to time be granted such powers and duties pursuant to Minnesota Statutes, Sections 469.130 and 469.131 as the City Council may deem appropriate. 9. Interfixnd Loan. The City has determined to pay for certain costs (the "Qualified Costs") identified in the TIF Plan consisting of certain administrative expenses, which costs may be financed on a temporary basis from the City's general fund or any other fund from which such advances may be legally made (the "Fund"). Under Minnesota Statutes, Section 469.178, Subd. 7, the City is authorized to advance or loan money from the Fund in order to finance the Qualified Costs. The City intends to reimburse itself for the payment of the Qualified Costs, plus interest thereon, from tax increments derived from TIF District No. 18 in accordance with the following terms (which terms are referred to collectively as the "Interfund Loan"): (a) The City shall repay to the Fund from which the Qualified Costs are initially paid, the principal amount of $261,895 (or, if less, the amount actually paid from such fund) together with interest at 5.00% per annum (which is not more than the greater of (i) the rate specified under Minnesota Statutes, Section 270.75, or (ii) the rate specified under Minnesota Statutes, Section 549.09) from the date of the payment. (b) Principal and interest on the Interfixnd Loan ("Payments") shall be paid semi-annually on each February 1 and August 1 commencing with the first February 1 or August 1 occurring after the date the tax increments from TIF District No. 18 are available and not otherwise pledged to and including the earlier of (a) the date the principal and accrued interest of the Interfund Loan is paid in full, or (b) the date of last receipt of tax increment from TIF District No. 18 ("Payment Dates") which Payments will be made in the amount and only to the extent of Available Tax Increment as hereinafter defined. Payments shall be applied first to accrued interest, and then to unpaid principal. (c) Payments on the Interfund Loan are payable solely from "Available Tax Increments" which shall mean, on each Payment Date, all of the tax increment generated in the preceding six (6) months with respect to the Development Property within TIF District No. 18 and remitted to the City by Ramsey County, all in accordance with Minnesota Statutes, Sections 469.174 to 469.1799. Payments on this Interfixnd Loan are subordinate to any outstanding or future bonds, notes or contracts secured in whole or in part with Available Tax Increment, and are on parity with any other outstanding or future interfund loans secured in whole or in part with Available Tax Increment.