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,I .,. : 'pritlcipal. Interest accruing from the date of each expenditure to the first Payme~t Date. shall be compounded annually on December 31 of each year and added to principal. 2.03. Payments on each TIF 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 increment that may be pooled pursuant to the Special Legislation, after withholding (a) allowable City administrative fees; and, (b) prior obligations, which shall include all general obligation or . revenue bonds or notes for which the tax increment revenues of the TIF District is 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 TIP Loans 2.05. Each TlF 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 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 TlF 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 of the TIP 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 Approval. 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. . .. 27th November Adopted by the CouncIl of the CIty thIS day of ,2001. ~.~ '. Steve Larson, Mayor i1~ WJv Mat ew S. Fulton, City Manager ATTEST: #~/(.~ , Dan Maiers, Director of Finance and Support Services-