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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 />(b) The City may amend the terms of the Interfund Loan at any time by <br />resolution of the City Council, including a determination to forgive the outstanding <br />principal amount and accrued interest to the extent permissible under law. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Olson, and upon vote being taken thereon, the following voted in favor thereof: <br />Mayor Heineman <br />Councilmember Peters <br />Councilmember Olson <br />Councilmember Buscher <br />Councilmember Riley <br />Councilmember Specht <br />Councilmember Stewart <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 />Whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this <br />the 14th day of July, 2026. <br />ATTEST: <br />Resolution #26-159 <br />Page 4 of 4 <br />