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City of <br /> Elk <br /> PdVer Resolution No. 13-__ <br /> Resolution Authorizing Execution of a joint Powers Agreement with <br /> the City of Albertville (Evans Park, Inc. Project) <br /> WHEREAS, at the request of Evans Park, Inc., a Minnesota nonprofit corporation (the <br /> `Borrower"),the City of Elk River,Minnesota (sometimes referred to as the "Participating <br /> Jurisdiction"),issued its Pooled Revenue Bonds (CareChoice Member Projects), Series 1998 (the <br /> "Series 1998 Bonds"),pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act"),to <br /> provide financing for a multifamily rental housing development for elderly residents located in Elk <br /> River,Minnesota (the "Development" or the "Project"); and <br /> WHEREAS, Section 462C.14 of the Act authorizes a city to provide housing program and <br /> development financial services outside of its corporate boundaries when authorized to do so under a <br /> joint powers agreement that authorizes such city to provide the services within the boundaries of <br /> another city;and <br /> WHEREAS,pursuant to Section 462C.14 of the Act,the Borrower has requested that the <br /> Participating Jurisdiction and the City of Albertville (the "Issuer") enter into a Joint Powers <br /> Agreement (the "Joint Powers Agreement"),in accordance with Minnesota Statutes, Section 471.59, <br /> and Section 462C.14 of the Act,under which the Issuer would issue its refunding revenue bonds <br /> (Evans Park, Inc. Project),in one or more series, and in aggregate principal amount not to exceed <br /> $5,500,000 (the "Bonds"),to provide for the refunding in full of the Series 1998 Bonds,and thereby <br /> provide refinancing for the Project; and <br /> WHEREAS, the proceeds of the Bonds shall be loaned to the Borrower and applied to the <br /> refunding of the Series 1998 Bonds, and the Borrower shall be required to make loan repayments in <br /> connection therewith sufficient to provide for payment in full of all principal of,interest and <br /> premium,if any, owing on the Bonds; and <br /> WHEREAS, a copy of the proposed form of the Joint Powers Agreement (the "Joint Powers <br /> Agreement") has been presented to the City Council in connection with its consideration of this <br /> Resolution and has been placed on file in the offices of the City Administrator. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br /> Minnesota (sometimes referred to as the "City"),as follows: <br /> 1. The Joint Powers Agreement is hereby approved in substantially the form now on file in the <br /> offices of the City. The Mayor,the City Administrator and other officers of the City, acting <br /> either individually or together, are authorized and directed to execute the Joint Powers <br /> Agreement in the name of and on behalf of the City. In the event of the disability or <br /> resignation or other absence of the Mayor,the City Administrator or other officers of the <br /> City, such other officers of the City who may act in their behalf shall without further act or <br /> authorization of the City do all things and execute all instruments and documents required to <br /> be done or to be executed by such absent or disabled officials. The approval hereby given to <br /> the Joint Powers Agreement includes approval of such additional details therein as may be <br /> necessary and appropriate and such modifications thereof,deletions therefrom and additions <br />