5.1. HRSR 12-06-2004 - Laserfiche WebLink

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r • of the current actual Market Value of the Minimum Improvements as determined by the County Assessor over the County Assessor's Market Value of the Minimum Improvements as of the January 2 immediately following the Completion Date and applied on a prorata basis with other interfund loans of the City secured in whole or in part with such City Pledged Tax Increment. Payments on this Interfund Loan are subordinate to any outstanding or future bonds, notes or contracts secured in whole or in part with such City Pledged Tax Increment,and are on parity with any other outstanding or future interfund loans secured in whole or in part with such City Pledged Tax Increment. (d) The principal sum and all accrued interest payable under this Interfund Loan are pre-payable in whole or in part at any time by the City without premium or penalty. No partial prepayment shall affect the amount or timing of any other regular payment otherwise required to be made under this Interfund Loan. (e) This Interfund Loan is evidence of an internal bon-owing by the City in accordance with Minnesota Statutes, Section 469.178, Subd. 7, and is a limited obligation payable solely from City Pledged Tax Increment pledged to the payment hereof under this resolution. This Interfund Loan and the interest hereon shall not be deemed to constitute a general obligation 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 principal of or interest on this Interfund Loan or other costs incident hereto except out of City Pledged Tax Increment, 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 principal of or interest on this Interfund Loan or other costs incident hereto. The City shall have no obligation to pay any principal amount of the Interfund Loan or accrued interest thereon, which may remain unpaid after the final Payment Date. (f) The City may amend the terms of this Interfund Loan at any time by resolution of the City Council, including a determination to forgive the outstanding principal amount and accrued interest to the extent permissible under law. Section 3. Capitalized Terms. Capitalized terms not otherwise defined in this resolution are deemed to have the meanings given in the Development Agreement. Section 4. Effective Date. This resolution is effective upon the date of its approval. Adopted this 6th day of December, 2004. • Mayor ATTEST: City Clerk • 1713878v1 2