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II , ~" ... CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 01-090 APPROVING THE PRE-AUGUST 1, 2001 INTERFUND LOANS ASSOCIATED WITH THE NORTHWEST QUAD IN THE CITY OF NEW BRIGHTON 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 designated an area bounded on the north by the south boundary line of , ,Tax Increment Financing District No. 8 extended to Long Lake Regional Park, on the east by I- 35W, on the south by 1-694, and on the west by Long Lake Regional Park (the "NW Quad") and has adopted an amended Exhibit I-B, "Estimated Public Costs" to its Development Program for Development District No. 1 for purposes of financing certain tax increment eligible improvements. 1.02. The City has agreed to finance certain costs as identified in Exhibit I-B of its . : Development Program (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 to finance such 'Qualified Costs 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 intends to create one or more tax increment financing districts (collectively the "TIF District") in the NW Quad pursuant to Laws of Minnesota 1998, Chapter 389, Article II, Section 24 (the "Special Legislation"). 1.05. The City intends to reimburse itself for the Qualified Costs from tax increments : generated from the TIF District, once it is created, 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 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 calendar year during the term of each TIP 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 TIP 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 the TIF District. Payments shall be applied first to accrued interest and the balance to the reduction of