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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2022 <br /> <br /> <br /> <br />(67) <br />NOTE 18 COMMITMENTS (CONTINUED) <br />The payment amounts due hereon shall be payable solely from tax increments (the Tax <br />Increments) from the City’s Tax Increment Financing District No. 7-2 (the Tax Increment <br />District) within its Municipal Development District No. 7 which are paid to the City and <br />which the City is entitled to retain pursuant to the provisions of Minnesota Statutes, <br />Sections 469.174 through 469.1794, as the same may be amended or supplemented <br />from time-to-time (the Tax Increment Act), which are remitted or remaining after (a) the <br />principal of an interest on the bonds have been paid in full, (b) the City has fully <br />reimbursed itself from tax increments for any City Phase III shortfall amount, and (c) <br />payment of the guaranty note in full (the Available Tax Increments). <br /> <br />This note is not a general obligation of the City, and neither the full faith and credit nor the <br />taxing powers of the City are pledged to the payment of the principal of or interest of this <br />note and no property or other asset of the City, save and except the above-referenced Tax <br />Increments, is or shall be a source of payment of the City’s obligations hereunder. <br />