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2.05. The HRA or the City, as applicable, may at any time make a determination to <br />forgive the outstanding principal amount and accrued interest on the Interfund Loan, in whole <br />or in part, on any date from time to time, to the extent permissible under law. <br />2.06. The City may from time to time amend the terms of this Resolution to the <br />extent permitted by law, including without limitation amendment to the payment schedule and <br />the interest rate; provided that the interest rate may not be increased above the maximum <br />specified in Section 469.178. subd. 7 of the TIF Act. <br />2.07. This resolution supplements, but does not supercede, the Original Loan <br />Resolution. <br />Section 3. Effective Date. This resolution is effective upon adoption. <br />Approved by the City Council of the City of Elk River this 6`' day of April, 2020. <br />J# J. L tz, M <br />ATTEST: <br />Tina Aard, City Clerk <br />NATURE <br />