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secured in whole or in part with Available Tax Increment, and are on parity with any other <br /> outstanding or future interfund loans secured in whole or in part with Available Tax Increment. <br /> 4) That the principal sum and all accrued interest payable under this Interfund Loan are pre-payable <br /> in whole or in part at any time by the City without premium or penalty. No partial prepayment <br /> shall affect the amount or timing of any other regular payment otherwise required to be made under <br /> this Interfund Loan. <br /> 5) That this Interfund Loan is evidence of an internal borrowing by the City in accordance with <br /> Minnesota Statutes, Section 469.178, Subd. 7, and is a limited obligation payable solely from <br /> Available Tax Increment pledged to the payment hereof under this resolution. This Interfund Loan <br /> and the interest hereon shall not be deemed to constitute a general obligation of the State of <br /> Minnesota or any political subdivision thereof, including,without limitation,the City. Neither the <br /> State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of <br /> or interest on this Interfund Loan or other costs incident hereto except out of Available Tax <br /> Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or <br /> any political subdivision thereof is pledged to the payment of the principal of or interest on this <br /> Interfund Loan or other costs incident hereto. The City shall have no obligation to pay any principal <br /> amount of the Interfund Loan or accrued interest thereon,which may remain unpaid after the final <br /> Payment Date. <br /> 6) That the City may amend the terms of this Interfund Loan at any time by resolution of the City <br /> Council,including a determination to forgive the outstanding principal amount and accrued interest <br /> to the extent permissible under law. <br /> The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Kuzma,and <br /> upon vote being taken thereon,the following voted in favor thereof: <br /> Mayor Strommen <br /> Councilmember Riley <br /> Councilmember Kuzma <br /> Councilmember Johns <br /> Councilmember LeTourneau <br /> Councilmember Shryock <br /> Councilmember Williams <br /> and the following voted against the same: <br /> None <br /> and the following abstained: <br /> None <br /> and the following were absent: <br /> None <br /> Resolution#17-07-133 <br /> Page 2 of 3 <br />