4.3. SR 07-27-1998 - Laserfiche WebLink

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JOINT POWERS AGREEMENT This Joint Powers Agreement ("Agreement"), dated as of July 1, 1998, is by and between the City of Elk River, Minnesota (the "Proposed Issuer") and the other participating jurisdictions listed on Exhibit A (the together with the Proposed Issuer, collectively referred to as "Participating Jurisdictions"). RECITALS WHEREAS, Minnesota Statutes, Section 471.59 (the "Joint Powers Act"), provides that two or more governmental units, by agreement entered into through action of their governing bodies, may jointly or cooperatively exercise any power common to the contracting parties, and may provide for the exercise of such power by one of the participating governmental units on behalf of the other participating units; WHEREAS, in connection with revenue bonds issued under Minnesota Statutes, Sections 469.152 to 469.1651 (the "Industrial Development Act"), Section 469.155, Subd. 9 provides for intergovemmental agreements between municipalities, redevelopment agencies and political subdivisions relating to the financing of projects under the Industrial Development Act, and in connection with revenue bonds issued under Minnesota Statutes, Chapter 462C (the "Housing Programs Act"), Section 462-C.14, Subd. 3 provides for joint action between cities and housing and redevelopment authorities pursuant to the Joint Powers Act, and contract for housing programs and development of financial services for housing between a city and another city or other political subdivision or state agency; WHEREAS, the Proposed Issuer and the other Participating Jurisdictions are "governmental units" under the Joint Powers Act and "municipalities" or "redevelopment agencies" under the Industrial Development Act; WHEREAS, the Proposed Issuer is a "city" under the Housing Programs Act with power to issue bonds under the Housing Programs Act; WHEREAS, the projects described in Exhibits B1 - B4 (collectively referred to as the "Projects") to be financed and refinanced as described in the respective Loan Agreements (defined below) each constitute either a "project" within the meaning of Section 469.153, Subd. 2(b) of the Industrial Development Act or a "multifamily housing development" within the meaning of Section 462C.02, Subd. 5 of the Housing Programs Act; WHEREAS, it has been proposed that the Proposed Issuer issue revenue bonds on behalf of itself and the Participating Jurisdictions, to finance and refinance the Projects, together with the funding of required reserves, capitalized interest, and costs of bond issuance, pursuant to Section 469.155, Subd. 3 of the Industrial Development Act, Section 462C.07, Subd. 1 of the Housing Programs Act, and the Joint Powers Act;