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limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof <br />shall be obligated to pay the principal of or interest on the Interfund Loan or other costs <br />incident hereto except out of tax increment, and neither the full faith and credit nor the <br />taxing power of the State of Minnesota or any political subdivision thereof is pledged to <br />the payment of the principal of or interest on the Interfund Loan or other costs incident <br />hereto. The City shall have no obligation to pay any principal amount of the Interfund <br />Loan or accrued interest thereon, which may remain unpaid after the termination of the TIF <br />District. <br />The City may amend the terms of the Interfund Loan at any time by resolution of <br />the City Council, including a determination to forgive the outstanding principal amount <br />and accrued interest to the extent permissible under law. <br /> Right of Re-Entry Agreement. The City Council hereby approves the Right of Re-Entry <br />Agreement in substantially the form submitted, and the Mayor and City Administrator are hereby <br />authorized and directed to execute the Right of Re-Entry Agreement on behalf of the City. The <br />approval hereby given to the Right of Re-Entry Agreement includes approval of such additional <br />details therein as may be necessary and appropriate and such modifications thereof, deletions <br />therefrom and additions thereto as may be necessary and appropriate and approved by the City <br />Attorney and/or City Officials authorized by this resolution to execute the Right of Re-Entry <br />Agreement. The execution of the Right of Re-Entry Agreement by the appropriate officer or <br />officers of the City shall be conclusive evidence of the approval of the Right of Re-Entry <br />Agreement in accordance with the terms hereof. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Kuzma, and upon vote being taken thereon, the following voted in favor thereof: <br /> <br /> Mayor LeTourneau <br /> Councilmember Musgrove <br /> Councilmember Kuzma <br /> Councilmember Heinrich <br /> Councilmember Menth <br /> Councilmember Riley <br /> Councilmember Specht <br /> <br />and the following voted against the same: <br /> <br /> None <br /> <br />and the following abstained: <br /> <br /> None <br /> <br />and the following were absent: <br /> <br /> None <br />Resolution #20-082 <br />Page 3 of 4 <br /> <br /> <br />