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U <br />general fund or other City fund designated by the Finance Director. <br />(c) Neither the maximum principal amount of any one Loan nor the aggregate <br />principal amount of all Loans may exceed $7,369,836 outstanding at any time. <br />(d) All Loans shall mature not later than February 1, 2049 or such earlier date as the <br />Finance- Director may specify in writing. All Loans may be pre -paid, in whole or in part, <br />whether from tax increment revenue, tax increment revenue bond proceeds or other eligible <br />sources. <br />(e) The outstanding and unpaid principal amount of each Loan shall bear interest at <br />the rate prescribed by the statute (Minnesota Statutes, Section 469.178, Subdivision 7), which is <br />the greater of the rates specified under Minnesota Statutes, Sections 270C.40 or 549.09 at the <br />time a Loan, or any part of it,'is first made, subject to the right of the Finance Director to specify <br />a lower rate (but not less than the City's then -current average investment return for similar <br />amount and term). <br />(f) Such Loans within the above guidelines are pre -approved. The Loans need not <br />take. any particular form and may be undocumented, except that the Finance Director shall <br />specify the principal amount and interest rate and maintain all necessary or applicable data on the <br />Loans. <br />Adopted this 31 day of May, 2021. <br />ATTEST: <br />r <br />City Clerk <br />EL185150M4796 1 <br />5 <br />