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The City must also report to the Year 2000 Project Office in the Department of Administration for each instance in which the City omitted compliance with the Uniform Municipal Contracting Law under authority of this section of Ch. 250. , Issuing Year 2000 Debt Above Debt Limit. (Section 7, Subd. 5): Under this section, any law or charter provision authorizing a municipality to borrow money and incur debt is deemed to also include the authority to borrow money and incur debt for Year 2000 problem remediation. Debt that is incurred to alleviate Year 2000 problems is not subject to debt limits and "notwithstanding any contrary provision of law or charter provision, need not be approved by the voters" of the municipality. This authorization sunsets December 31, 2000 and any debt incurred using this authorization is required to be paid by December 31, 2005. Year 2000 Loan Fund. (Section 12): With this Section, the legislature appropriated $20,000,000 from the-General Fund in fiscal year 2000 to the Commissioner of Finance to establish a fund to make loans to ". . . home rile charter and statutory cities and towns" to meet the costs of addressing potential Y2K problems. The Year 2000 Project Office of the Department of Administration is required to review all applications and certify that: 1. The proposed use of the loan is related only to remediation of a Y2K problem; • 2. the unit of government making the application has insufficient resources available to address its Y2k problems; and 3. the loan would be used to remediate problems that are hely to affect public health and safety or cause catastrophic loss to property or the environment. The loans must be repaid by June 30, 2001. The interest that is payable on the loan is at the rate earned by the State on Invested Treasurer's Cash, as determined monthly by the Commissioner of Finance. If the City received a loan under this Section,the Cary must report to the Year 2000 Project Office in the Department of Administration within 60 days of receiving the loan. This report must state how the loan was used in accordance with the criteria as listed above. The appropriation is cancelled April 1, 2000. If the Commissioner of Administration determines that these funds were not used in a manner consistent with the requirements of this Section,the City will be required to pay interest on the loan at the rate of 12%, compounded annually from the time the loan was received by the City.