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Councilmember Riley introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #26-061 <br /> <br />RESOLUTION APPROVING THE TERMS OF UP TO A $2,000,000 INTERFUND LOAN <br />IN CONNECTION WITH INFRASTRUCTURE IMPROVEMENTS – BUNKER LAKE <br />BOULEVARD RECONSTRUCTION IN CONNECTION WITH TAX INCREMENT <br />FINANCING DISTRICT NO. 18 <br /> <br /> WHEREAS, the City of Ramsey, Minnesota (the "City") has established TIF District No. <br />18 (The “TIF District”), An Economic development district within Development District No. 1 <br />in the City, pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the <br />“TIF Act”); and <br /> <br />WHEREAS, the City may pay for certain costs related to and incurred within the TIF <br />District (the "Qualified Costs"), which costs may be financed on a temporary basis from City funds <br />available for such purposes. <br />WHEREAS, under Minnesota Statutes, Section 469.178, Subd. 7, the City is authorized to <br />advance or loan money from the City's general fund or any other fund from which such advances <br />may be legally made, in order to finance the Qualified Costs. <br />WHEREAS, the City intends to reimburse itself for the payment of the Qualified Costs <br />(consisting of $2,000,000), plus interest thereon, from tax increments derived from the TIF District <br />in accordance with the terms of this resolution (which terms are referred to collectively as the <br />"Interfund Loan"). <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />(1) Terms of Interfund Loan. <br /> <br />(a) The City hereby authorizes the advance of up to $2,000,000 from the City's <br />Public Improvement Revolving (PIR), or any other fund designated by the City, <br />or so much thereof as may be paid as Qualified Costs. The City shall reimburse <br />itself for such advances together with interest at the rate stated below. Interest <br />accrues on the principal amount from the date of each advance. The maximum <br />rate of interest permitted to be charged is limited to the greater of the rates <br />specified under Minnesota Statutes, Section 270C.40 or Section 549.09 as of the <br />date the loan or advance is authorized, unless the written agreement states that <br />the maximum interest rate will fluctuate as the interest rates specified under <br />Minnesota Statutes, Section 270C.40 or Section 549.09 are from time to time <br />adjusted. The interest rate shall be 4.00% and will not fluctuate. <br /> <br />