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as amended. Payments on this Interfund Loan are subordinate to any outstanding or future <br />bonds, notes or contracts secured in whole or in part with tax increment, and are on parity <br />with any other outstanding or future interfund loans secured in whole or in part with tax <br />increments. <br />(d) The principal sum and all accrued interest payable under this Interfund Loan are pre- <br />payable in whole or in part at any time by the City without premium or penalty. No partial <br />prepayment shall affect the amount or timing of any other regular payment otherwise <br />required to be made under this Interfund Loan. <br />(e) The 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 <br />from tax increment pledged to the payment hereof under this resolution. The Interfund <br />Loan and the interest hereon shall not be deemed to constitute a general obligation of the <br />State of Minnesota or any political subdivision thereof, including, without limitation, the <br />City. Neither the State of Minnesota, nor any political subdivision thereof shall be <br />obligated to pay the principal of or interest on the Interfund Loan or other costs incident <br />hereto except out of tax increment, and neither the full faith and credit nor the taxing power <br />of the State of Minnesota or any political subdivision thereof is pledged to the payment of <br />the principal of or interest on the Interfund Loan or other costs incident hereto. The City <br />shall have no obligation to pay any principal amount of the Interfund Loan or accrued <br />interest thereon, which may remain unpaid after the termination of the TIF District. The <br />City may amend the terms of the Interfund Loan at any time by resolution of the City <br />Council, including a determination to forgive the outstanding principal amount and accrued <br />interest to the extent permissible under law. <br />(2) Effective Date. This resolution is effective upon the date of its approval. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember, and upon <br />vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />and the following abstained: <br />and the following were absent: <br />Whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this the 24th <br />day of February, 2026. <br />ATTEST: <br />City Clerk <br />Mayor <br />Resolution #26-061 <br />Page 2 of 2 <br />