5.4. SR 01-10-2000 - Laserfiche WebLink

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WHEREAS, the Borrowers have requested that the City enter into a Joint Powers Agreement with the jurisdiction listed in Exhibit C (such jurisdiction referred to with the City as the "Participating Jurisdictions") in connection with the proposed issuance of the Bonds; and, WHEREAS, the Borrowers have represented to the City that Minnesota Statutes, Section 471.59 (the "Joint Powers Act" and, taken collectively with the Revenue Bond Act, sometimes referred to together as the "Acts"), 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; and, WHEREAS, the Borrowers have represented to the City that, in connection with revenue bonds issued under the Housing Program Act, Section 462.14C, Subd. 3 provides for joint action between cities pursuant to the Joint Powers Act, and contracts for housing programs and development of financial services for housing between a city and another city or other political subdivision or state agency; and, WHEREAS, the Borrowers have represented to the City that the Participating Jurisdictions is a "city" under the Housing Programs Act with power to issue bonds under the Housing Programs Act; and, WHEREAS, the Borrowers have represented to the City that pursuant to Minnesota Statutes, Section 462C.04, and Section 147(f) of the Internal Revenue Code of 1986, as amended, it is necessary for the City to conduct a public hearing before the City issues the Bonds; and, WHEREAS, the Borrowers have agreed to reimburse the City for the cost of publication of notice of the hearing in the official newspaper of the City, together with any legal fees to be incurred by the City and any loss or expense of the City for its inability (due to the issuance of the Bonds) to designate the City's bonds in 2000 as "qualified tax-exempt" obligations, as well as any other costs incurred by the City related to the Joint Powers Agreement.