Agenda - Council - 07/14/2009 - Laserfiche WebLink

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be compounded semiannually on February 1 and August 1 of each year and added to principal, unless otherwise specified by the City of Ramsey. 2.03. Payments. on this TIP Loan are payable salely fram "Available Tax Increment," which shall mean, on each Payment Date, all af the tax increment generated in the 'preceding six (6) months with respect to the property within TIP District No.. 4 and remitted to. the City by Anoka County, all in accardance with Minnesota Statutes, Sectians 469.174 to. 469.179. Payments an this TIP Laan are subardinate to. any outstanding or future bonds, nates ar contracts secured in whole ar in part with Available Tax Increment, and are on parity with any other autstanding ar future interfund laans secured in whole or in part with Available Tax Increment. 2.04, The principal sum and all accrued interest payable under this TIF Laan are pre- payable in whole ar in part at any time by the City withaut premium ar penalty. No. partial prepayment shall affect the amount ar timing af any other regular payment otherwise required to. be made under this TIP Laan. 2.05. This TIP Loan is evidence af an internal barrowing by the City in accardance with Minnesata Statutes, Section 469.178, subdivisian 7, and is a limited obligation payable salely fram Available Tax Increment pledged to. the payment hereof under this resolutian. This TIP Laan and the interest herean shall not be deemed to constitute a general abligatian af the State of Minnesota or any palitical subdivision thereaf, including, withaut limitation, the City. Neither the State af Minnesata, nor any palitical subdivisian thereaf shall be obligated to pay the principal af or interest an this TIP Loan or other casts incident hereto except aut af Available Tax Increment, and neither the full faith and credit nor the taxing p,?wer af the State of Minnesota or any political subdivision thereof is pledged to. the payment af the principal af ar interest an this TIF Loan or other casts incident hereto. The City shall have no abligatian to pay any principal amaunt af the TIP Loan ar accrued interest thereon, which may remain unpaid after the final Payment Date. 2.06. The City may amend the terms af this TIP Laan at any time by resalution af the City . Council, including a determinatian to. fargive the autstanding principal amount and accrued interest to the extent permissible under law. Sectian 3. Effective Date. This resolution is effective upon the date afits approvaL Adapted this 14 day of July, 2009. Mayar ATTEST: City