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I! . ""-r,', .-. 1:. d! #j CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 01-091 APPROVING THE INTERFUND LOANS ASSOCIATED WITH T AX INCREMENT FINANCING DISTRICTS NOS. 1,2,6, 7, 11, 13-20, 23, 25-29 BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. The City has approved the establishment of Tax Increment Financing Districts Nos. 1, 2, 6, 7, 11, 13-20, 23, 25-29 (the "TIF Districts") within Development District No.1 and has . . adopted an appropriate tax increment financing plan (the "TIF Plan") for each TIF District for the pwpose of financing certain tax increment eligible improvements. 1.02. The City has agreed to finance certain costs as identified in the individual TIF Plans . . (the "Qualified Costs") on a temporary basis from City funds available for such purposes. 1.03. The City has advanced or loaned money prior to August 1,2001 and will continue to advance or loan money after August 1, 2001 to finance expenditures under Minnesota Statutes, Section 469.176, Subdivision 4 from its general fund or any other fund under which it has legal authority to do so, pursuant to Minnesota Statutes, Section 469.178, Subdivision 7. 1.04. The City has reimbursed itself and intends to continue to reimburse itself for the , Qualified Costs from tax increments generated from the appropriate TIP District in accordance with . the terms of this resolution (which terms are referred to collectively as the "TIF Loans"). Section 2. Terms of the TIF Loans. 2.01. The City shall repay the specific City fund, from which the Qualified Costs were initially paid, the principal amounts as shown on Exhibit A attached hereto, together with accrued ; ., interest from the date of each expenditure at the greater rate as specified under (a) Minnesota ' : Statutes, Section 270.75, or (b) Minnesota Statutes, Section 549.09. The interest rate for each i: calendar year during the term of each TIF Loan shall be determined as of each January 1 using the maximum rate under clause (a) or (b) in effect as of that date. 2.02. Principal and interest payments (the "Payments") for each TlF Loan shall be paid annually on December 31,2001 and each December 31 (the "Payment Dates") thereafter up to and ' including the earlier of (a) payment in full of each TIP Loan or (b) the termination date of each TIF . District. Payments shall be applied first to accrued interest and the balance to the reduction of principal. Interest accruing from the date of each expenditure to the first Payment Date shall be . . compounded annually on December 31 of each year and added to principal. 2.03. Payments on each TlF Loan are payable solely from Available Tax Increment which shall mean the tax increment available from any TIF District, including the maximum amount of tax