4.7. SR 07-15-2013 - Laserfiche WebLink

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DRAFT: 07/10/13 JOINT POWERS AGREEMENT This JOINT POWERS AGREEMENT (this "Agreement") is entered into as of the 1st day of August, 2013 (the "Joint Powers Agreement" or the "Agreement"), by and between the City of Albertville, Minnesota(the "Issuer"), and the City of Elk River, Minnesota (the "Participating Jurisdiction"). Each of the Issuer and the Participating Jurisdiction is a municipal corporation duly organized under the laws of the State of Minnesota. 1. 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. 2. Minnesota Statutes, Chapter 462C, as amended (the "Housing Programs Act"), authorizes cities to issue revenue bonds to finance multifamily housing developments, in each case in accordance with a housing program developed therefor pursuant to the Act, and to issue refunding revenue bonds to provide refinancing for such developments. Section 462C.14 of the Act authorizes a city to provide housing program and development financial services outside of its corporate boundaries when authorized to do so under a joint powers agreement that authorizes such city to provide the services within the boundaries of another city. 3. Pursuant to a housing program developed under the Act, the Participating Jurisdiction issued its Pooled Revenue Bonds (CareChoice Member Projects), Series 1998 (the "Series 1998 Bonds"), to provide financing for a multifamily rental housing facility for elderly residents in the City of Elk River (the "Project" or the "Development"). The Project is owned and operated by Evans Park, Inc., a Minnesota nonprofit corporation(the `Borrower"). The Borrower has requested the Issuer to issue its refunding revenue bonds to provide refinancing for the Development. 4. The Issuer and the Participating Jurisdiction are entering into this Agreement, pursuant to the Joint Powers Act and the Housing Programs Act (referred to together as the "Acts"), to authorize the Issuer to issue one or more series of refunding revenue bonds, in an aggregate principal amount not to exceed $5,500,000 (the `Bonds"), and to loan the proceeds thereof to the Borrower, to provide for the refunding in full of the Series 1998 Bonds and thereby provide refinancing for the Development, all in accordance with Section 462C.14 of the Housing Programs Act. 5. The governing bodies of the Issuer and the Participating Jurisdiction have each adopted or will each adopt a resolution (i) evidencing its intent to enter into this Agreement; and (ii) granting approval to the issuance by the Issuer of the Bonds, all as and to the extent required by the Acts. 6. The Issuer shall exercise the powers conferred under the Acts by adopting, approving and executing such resolutions, documents, and agreements as shall be necessary or convenient to authorize, issue, and sell the Bonds and such other resolutions, documents, and agreements as shall be necessary or required in connection with the issuance of the Bonds and