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i \ t._.....i,'_ '. ~, j increment that may be pooled pursuant to Minnesota Statutes, Section 469.1763, Subdivision 2, after withholding (a) allowable City administrative fees; and, (b) prior obligations, which shall I ,include all general obligation or revenue bonds or notes for which the tax increment revenues of the , TIF Districts are pledged. 2.04. The principal sum and accrued interest payable under each TIF Loan is pre-payable , in whole or in part at any time without premium or penalty. No partial prepayment on any TIF Loan shall affect the amount or timing of any regular payments otherwise required to be made under the TIF Loans 2.05. Each TIF Loan is evidence of internal borrowing by the City in accordance with '. Minnesota Statutes, Section 469.178, Subdivision 7, and is a limited obligation payable solely from the Available Tax Increments pledged to the payment thereof under this resolution. The TIF Loans and the interest thereon shall not be deemed to constitute general obligations of the State of i Minnesota or any political subdivision thereof, including, without limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principals of or interest on any TIF Loans or other costs incident thereto except out of Available Tax Increments, ; and neither the full faith and credit nor the taxing power of the State of Minnesota or any political , , subdivision thereof is pledged to the payment of the principals of or interest on these TIF Loans or other costs incident thereto. The City shall have no obligation to pay any principal amounts of the TIF Loans or accrued interest thereon, which may remain unpaid after the final Payment Date. 2.06. The City may amend the terms ofthe TIF Loans at any time by resolution of the City Council, including a determination to forgive the outstanding principal amounts and accrued interest to the extent permissible under law. Section 3. Ratification and Armroval. The Council of the City hereby ratifies 'and approves the interfund loans and advances as shown on Exhibit A and their repayment in accordance with the TIF Loans. Adopted by the Council of the City this 27th day of November ,2001. ~LwM. Steve arson, Mayor ~9{A- M thew S. Fulton, City Manager ATTEST: 4~?(~_~ Daniel Maiers, Director of Finance and Support - Services/City Clerk