Agenda - Council - 04/28/2020 - Laserfiche WebLink

Home

The Interfund Loan is evidence of an internal borrowing by the City in accordance with Minnesota Statutes, Section 469.178, Subd. 7, and is a limited obligation payable solely from tax increment pledged to the payment hereof under this resolution. The Interfund Loan and the interest hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of or interest on the Interfund Loan or other costs incident hereto except out of tax increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment of the principal of or interest on the Interfund Loan or other costs incident hereto. The City shall have no obligation to pay any principal amount of the Interfund Loan or accrued interest thereon, which may remain unpaid after the termination of the TIF District. The City may amend the terms of the Interfund Loan at any time by resolution of the City Council, including a determination to forgive the outstanding principal amount and accrued interest to the extent permissible under law. Right of Re-Entry Agreement. The City Council hereby approves the Right of Re - Entry Agreement in substantially the form submitted, and the Mayor and City Administrator are hereby authorized and directed to execute the Right of Re -Entry Agreement on behalf of the City. The approval hereby given to the Right of Re -Entry Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney and/or City Officials authorized by this resolution to execute the Right of Re -Entry Agreement. The execution of the Right of Re -Entry Agreement by the appropriate officer or officers of the City shall be conclusive evidence of the approval of the Right of Re -Entry Agreement in accordance with the terms hereof. That the motion for the adoption of the foregoing resolution was duly seconded by Councilmember , and upon vote being taken thereon, the following voted in favor: and the following voted against the same: and the following abstained: and the following were absent: whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this 28th of April, 2020. Mayor Resolution #20-082 Page 3of4