4.1. SR 09-10-2001 - Laserfiche WebLink

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JOINT POWERS AGREEMENT This Joint Powers Agreement, dated as of September 1, 2001 (the "Agreement"), is made by and between the HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY (the "Hennepin County HRA") and the CITY OF ELK RIVER, MINNESOTA (the "City"). RECITALS WHEREAS, the Hennepin County HRA represents that it is a housing and redevelopment authority created pursuant to Minnesota Statutes, Section 383B.77, has all of the powers and duties of a housing and redevelopment authority described in Sections 469.001 through and including 469.047, as amended (the "Act"), and all powers under provisions of Minnesota Statutes, Sections 469.152 to 469.1651 (the "Industrial Development Act"), including the authority to issue bonds and loan the proceeds thereof for certain projects, and is authorized to operate within the territorial boundaries of Hennepin County, Minnesota (the "County"); and WHEREAS, Opportunity Partners, a Minnesota nonprofit corporation (the "Borrower"), has requested that the Hennepin County HRA issue its tax-exempt revenue bonds (the "Bonds") in order for the Borrower to refinance certain outstanding indebtedness, including indebtedness related to two of the Borrower's facilities located in the City (the "Project"); and WHEREAS, Minnesota Statutes, Section 471.59 (the "Joint Powers Act"), states that two or more governmental units, acting through their governing bodies, may enter into an agreement whereby they jointly or cooperatively exercise any power common to them or similar powers, including those which are the same except for the territorial limits within which they may be exercised; NOW, THEREFORE, the Hennepin County HRA and the City agree as follows: 1. The City consents to the issuance by the Hennepin County HRA of its revenue Bonds and the financing of the Project. In no event shall the Bonds ever be payable from, secured by or charged upon any funds or other assets of the City. The foregoing approval is conditioned upon receipt of a written opinion from bond counsel for the Bonds, addressed to the City, that no portion of the Bonds shall be allocable to or required to be taken into account by the City for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. The City has not requested to and will not participate in the issuance of the Bonds, and nothing herein is intended or shall be construed as a request or recommendation by the City that the Hennepin County HRA issue the Bonds. The City shall have no obligation whatsoever with respect to the Bonds or the financing of the Project. 2. The City shall incur no liability, obligation or expense associated with this Agreement or the issuance by the Hennepin County HRA of its Bonds and shall be reimbursed by the Borrower for all expenses, including any legal fees. JOINT POWERS AGREEMENT