Agenda - Council Work Session - 06/25/2019

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only to the extent of available tax increments. Payments shall be applied first to accrued interest, and then to unpaid principal. (c) Payments on the Interfund Loan are payable solely from the tax increment generated in the preceding six (6) months with respect to the TIF District and remitted to the City by Anoka County, all in accordance with Minnesota Statutes, Sections 469.174 to 469.1794, as amended. Payments on this Interfund Loan are subordinate to any outstanding or future bonds, notes or contracts secured in whole or in part with tax increment, and are on parity with any other outstanding or future interfund loans secured in whole or in part with tax increments. (d) The principal sum and all accrued interest payable under this Interfund Loan are pre -payable in whole or in part at any time by the City without premium or penalty. No partial prepayment shall affect the amount or timing of any oje; regular payment otherwise required to be made under this Interfund Loan. The Interfund Loan is evidence of an internorrowing by the City in accordance with Minnesota Statutes, Section 469.178, S l 7, and is a limited obligation payable solely from tax increment pledged to the pa t hereof under this resolution. The Interfund Loan and the interest hereon shall e s e deemed to constitute a general obligation of the State of Minnesota or any polit . • division thereof, including, without limitation, the City. Neither the State of Mi 47 . a, nor any political subdivision thereof shall be obligated to pay the principal of j in erest on the Interfund Loan or other costs incident hereto except out of tax incre Ni a and neither the full faith and credit nor the taxing power of the State of Minne .. r any political subdivision thereof is pledged to the payment of the principal of I rest on the Interfund Loan or other costs incident hereto. The City shall have °/ igation to pay any principal amount of the Interfund Loan or accrued interest the which may remain unpaid after the termination of the TIF District. (f) The Ch'may amend the terms of the Interfund Loan at any time by resolution of ty Council, including a determination to forgive the outstanding principal am e d accrued interest to the extent permissible under law. The motio O r adoption of the foregoing resolution was duly seconded by member and, after full discussion thereof, and upon a vote being taken thereof the following voted in favor thereof: and the following voted against same: and the following abstained: and the following were absent Whereupon said resolution was declared passed and adopted by the Ramsey City Council this this 25th day of June, 2019. 4