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Resolution 2017-10-187 <br />Page 2 <br /> <br /> <br /> <br />2.4. This resolution is evidence of an internal borrowing by the City and shall not be <br />deemed to constitute a general obligation of the State of Minnesota or any political <br />subdivision thereof, including, without limitation, the City. Neither the State of Minnesota, nor <br />any political subdivision thereof shall be obligated to pay the principal of or interest on this <br />Internal Loan or other costs, and neither the full faith and credit nor the taxing power of the <br />State of Minnesota or any political subdivision thereof is pledged to the payment of the <br />principal of or interest on this Internal Loan or other costs incident hereto. The City shall have <br />no obligation to pay any principal amount of the Internal Loan or accrued interest thereon, which <br />may remain unpaid after the final Payment Date. <br /> <br />2.5. The City may amend the terms of this Internal Loan at any time by resolution <br />of the City Council, including a determination to forgive the outstanding principal amount and <br />accrued interest to the extent permissible under law. <br /> <br />Section 3. Effective Date. This resolution is effective upon the date of its approval. <br /> <br /> <br />Adopted this 11th day of October, 2017. <br /> <br /> <br /> John T. Keis, Mayor <br /> <br />ATTEST: <br /> <br /> <br /> Joel R. Hanson City Administrator <br /> <br />