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.04. The City has also approved Tax Increment Financing District Na. 33 and has approv the acquisitions of property, demolition of buildings, site preparation and remediation, all of whi are Qualified Costs. 2. Terms afthe TIF Loans. .Ol The City shall repay the specific City fund from which the Qualified Costs were and ar o be paid, the principal amounts of which are shown an Exhibit A attached hereto as of the dot set forth thereon (each, a "TIF Loan"), together with accrued interest from the date of each a enditure at a rate which may not exceed the greater of the rates specified under (a) Minne to Statutes, Sec. 270C.40 or (b) Minnesota Statutes, Sec. 549.09. The interest rate for each c endar year during the term of each TIF Loan shall be determined as of each January 1 using maximum rate under clause (a) or (b) in effect as of that date. .02 Principal and interest payments (the "Payments") for each TIF Loan shall be paid annual an December 31 of the first year of receipt of Available Tax Increment (defined in Sec. 2.03 b w) and an each December 31 thereafter (the "Payment Dates"), up to and including the earlier f (a) payment in full of each TIF Loan or (b) the termination date of the TIF District. Payme s shall be applied first to accrued interest and the balance to the reduction of principal. Interes accruing from the date of each expenditure to the first Payment Date shall be Campo ded annually an December 31 of each year and added to principal. .03 Payments on each TIF Laan are payable solely from Available Tax Increment, which all mean the tax increment available from the TIF District to which such TIF Loan relates d available fnr that purpose from any other TIF District, after withholding (a) allowable City a inistrative fees, and (b) prior obligations, which shall include all general obligation or revenu bonds or notes far which the tax increment revenues of a TIF District are pledged. .04 The principal sum and accrued interest payable under each TIF Loan may be prepai in whole ar in part at any time without premium or penalty. No partial prepayment of any TI Loan shall affect the amount or timing of any regular payments otherwise required to be made der the TIF Loans. .OS Each TIF Loan is evidence of internal borrowing by the City in accordance with Minne to Statutes, Section 469.178, Subdivision 7, and is a limited obligation payable solely from Available Tax Increments pledged to the payment thereof under this resolution. The City s 1 have na obligation to pay any principal amounts of the TIF Loans or accrued interest therea which may remain unpaid after the final Payment Date. City 06 The City may amend the terms of any TIF Laan at any time by resolution of the ncil, including a determination to forgive the outstanding principal amounts and accrued the extent permissible under law. 2