Laserfiche WebLink
similar powers, including those which are the same except for the territorial limits within which <br /> they may be exercised, and the joint powers agreement may provide for the exercise of such <br /> powers by one or more of the participating municipalities on behalf of the other participating <br /> municipalities. <br /> WHEREAS, the Host Cities and the Issuer are authorized by Minnesota Statutes, <br /> Chapter 462C, as amended (the "Housing Act"), to carry out the public purposes described in the <br /> Housing Act by providing for the issuance of revenue bonds to finance or refinance multifamily <br /> housing developments, as described therein, and to act jointly in connection therewith, all in <br /> accordance with Section 462C.14, Subd. 3, of the Act. <br /> WHEREAS, the Host Cities and the Issuer are proposing to enter into this Cooperative <br /> Agreement whereby the Host Cities will consent to the issuance of the Bonds by the Issuer for <br /> the purposes of refunding the Refunded Bonds and thereby providing refinancing for the Project <br /> Facilities, and the Issuer will agree to issue the Bonds to finance the Project. <br /> WHEREAS, the Bonds proposed to be issued by the Issuer for the benefit of the <br /> Borrower shall not constitute general or moral obligations of, or pledge the full faith and credit <br /> or taxing powers of, the Host Cities, the Issuer, the State of Minnesota(the "State"), or any other <br /> agency or political subdivision thereof, but shall be payable solely from the revenues pledged <br /> and assigned thereto pursuant to one or more agreements between the Borrower and the Issuer. <br /> WHEREAS, the governing bodies of the Host Cities and the Issuer have each authorized <br /> the execution and delivery of this Cooperative Agreement. <br /> NOW, THEREFORE, the Host Cities and the Issuer hereby agree as follows: <br /> 1. The governing bodies of the Host Cities and the Issuer have each conducted a <br /> public hearing with respect to the Refunding, noticed and held in accordance with the <br /> requirements of section 147(f) of the Internal Revenue Code of 1986, as amended. <br /> 2. The governing bodies of the Host Cities and the Issuer have each adopted a <br /> resolution approving this Cooperative Agreement and authorizing its execution and delivery (the <br /> "Host Cities' Resolutions"). <br /> 3. The Host Cities hereby consent to and approve the issuance of the Bonds by the <br /> Issuer for the purposes stated herein. <br /> 4. The Issuer will issue the Series 2017 Bonds in the original aggregate principal amount of <br /> not to exceed $17,500,000 and the proceeds of the Series 2017 Bonds will be applied to: (i) the refunding <br /> and redemption in full of the outstanding Refunded Bonds, (ii) the funding of required reserves, and <br /> (iii) the payment of costs of issuance of the Series 2017 Bonds. <br /> 5. No litigation is pending or threatened against the Host Cities, to the knowledge of <br /> the Host Cities, (i) seeking to restrain or enjoin the resolutions adopted by the City Councils of <br /> the Host Cities approving this Cooperative Agreement (the "Host Cities Resolutions") or the <br /> execution and delivery of this Cooperative Agreement; or(ii) in any way contesting or affecting <br /> the existence of the powers of the Host Cities to enter into this Agreement. <br /> 2 <br />