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W <br />2.04. The principal sum and all accrued interest payable Linder this resolution is pre -payable in <br />whole or in part at any time by the Authority without premium or penalty. <br />2.05. This resolution is evidence of an internal borrowing by the Authority in accordance with <br />Section 469.178, subdivision 7 of the TIF Act, and is a limited obligation payable solely from Available <br />Tax Increment pledged to the payment hereof under this resolution. The Interfund Loan shall not be <br />deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, <br />including, without limitation, the Authority and the City. Neither the State of Minnesota, nor any political <br />subdivision thereof shall be obligated to pay the principal of or interest on the Interfund Loan or other <br />costs incident hereto except out of Available Tax Increment. The Authority shall have no obligation to <br />pay any principal amount of the Interfund Loan or accrued interest thereon, which may remain unpaid <br />after the final Payment Date. <br />2.06. The Authority may at any time make a determination to forgive the outstanding principal <br />amount and accrued interest on the Interfund Loan to the extent permissible under law. <br />2.07. The Authority may from time to time amend the terms of this Resolution to the extent <br />permitted by law, including without limitation amendment to the payment schedule and the interest rate; <br />provided that the interest rate may not be increased above the maximum specified in Section 469.178. <br />solid. 7 of the TIl^ Act. <br />Section 3. Effective Date. This resolution is effective upon approval. <br />Adopted this day of _ 2005 <br />Chair <br />ATTEST: <br />Executive Director <br />