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<br />i i .l <br /> <br />b. Interest on the principal amount of the Transfer shall be calculated <br />at the greater of the rates specified under Minnesota Statutes, <br />Sections 270.75 or 549.09. <br /> <br />3.02 The City Manager is hereby authorized, at such time or times as he or she <br />deems appropriate, to direct repayment of the loan contemplated by this <br />Resolution. <br /> <br />Section 4. Amendments. <br /> <br />4.01 The City may amend the terms of the loan contemplated by this Resolution <br />at any time by resolution of the City Council, including a determination to <br />forgive the outstanding principal amount and accrued interest to the extent <br />permissible under law. <br /> <br />Section 5. Effective Date. <br /> <br />5.01 This resolution is effective upon the date of its approval. <br /> <br />PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF NEW <br />BRIGHTON, MINNESOTA THIS 25TH DAY OF SEPTEMBER, 2001. <br /> <br />~~ <br /> <br />Steve Larson, Mayor <br />^ J:j ,'/ /"'7 <br />;/ f?7"t~J ,/~"",""", <br />Matthew Fulton, City Manager <br /> <br />ATTEST: <br /> <br /> <br />\\PDC\VOL2\WPDATA\N\NW QlJAD\lO\DOC\RES - INTERFUND LOAN.DOC <br />