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RESOLUTION 98-80 RES OLUTION GIVING PRELIMINARY APPROVAL TO AND CALLING A PUBLIC HEARTNG ON PROPOSED HEALTH CARE FACILITIES PROJECTS AND THE PROPOSED ISSUANCE THEREFOR OF REVENUE BONDS BY THE CITY OF ELK RIVER, MINNESOTA PURSUANT TO A JOINT POWERS AGREEMENT TO BE ENTERED INTO IN CONNECTION THEREWITH WHEREAS, the City Council of the City of Elk River, Minnesota (the "City"), has received a request from the entities listed in Exhibit A (such entities collectively referred to as the "Borrowers"), for the City, or one of the other Participating Jurisdictions described below if so determined by the City and the other Participating Juris -tions, to issue its revenue bonds (the "Bonds") in an aggregate principal amount not to ,. xceed $15,000,000 pursuant to the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Industrial Development Act"), and the Municipal Housing Programs Act, Minnesota Statutes, Chapter 462C, as amended (the "Housing Programs Act," and together with the Industrial Development Act, the "Revenue Bond Acts"); and WHEREAS, the Borrowers have represented, to the City that a portion of the proceed of the Bgnd_s (the. "Guardian Angels portion") woul_d be loaned to Guardian Angels Health Services, Inc., a Minnesota nonprofit corporation, t$~p-a~, costs of the Guardian Angels Projects described in Exhibit B (the "Guardian Angels Projects"); and WHEREAS, the Borrowers have represented to the City that proceeds of the Bonds not constituting a part of the Guardian Angels Portion would be applied to finance or refinance costs of acquiring, constructing, equipping and furnishing certain facilities of the other Borrowers located in one or more of the Participating Jurisdictions (defined below); and WHEREAS, the Borrowers request that the City enter into a Joint Powers Agreement with the jurisdictions listed in Exhibit C (such jurisdictions collectively 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 Acts, sometimes referred to together as the "Acts"), provides that two or more governmental units, by agreement entered into through action of their governing bodies, ma)' 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;