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CITY OF LITTLE CANADA, MINNESOTA <br />RESOLUTION NO. <br />AMENDING THE TERMS OF AN INTERNAL LOAN <br />IN CONNECTION WITH TAX INCREMENT FINANCING DISTRICT 5 -1 <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE CANADA, <br />MINNESOTA ( "CITY ") AS FOLLOWS: <br />Section 2. Terms of Internal Loan. <br />2.01. The city hereby authorizes the advance of up to $750,000 from the general fiord or <br />so much thereof as may be paid as Qualified Costs. The City shall reimburse itself for such <br />advances together with interest at the rate stated below. Interest accrues on the principal amount <br />from the date of each advance. The maximum rate of interest permitted to be charged is limited to <br />the greater of the rates specified under Minnesota Statutes, Section 270.75 or Section 549.09 as of <br />the date or advance is made, unless the written agreement states that the maximtun interest rate will <br />fluctuate as the interest rates specified under Minnesota Statutes, Section 270.75 or Section 549.09 <br />are from time to time adjusted. The interest rate shall be 6 %. <br />Section 3. Effective Date. This change is retroactive to April I, 2010. <br />All other terms of the Interfund Loan as stated in Resolution 2007 -10 -252 shall remain the same. <br />Adopted this 8" day of June, 2011. <br />ATTEST: <br />City Administrator <br />Mayor <br />