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RESOLUTION 98-79 <br /> <br />RESOLUTION GIVING PRELIMINARY APPROVAL TO AND CALLING A <br />PUBLIC I-I~EARING ON A PROPOSED HOUSING PROGRAM AND PROPOSED <br />HOUSING FACILITIES PROJECTS AND THE PROPOSED ISSUANCE OF <br />REVENUE BONDS THEREFOR BY THE CITY OF ELK RIVER, MINNESOTA' <br />PURSUANT TO A JOhNT POWERS AGREEMENT TO BE ENTERED INTO IN <br />CONNECTION THEREWITH <br /> <br /> WHEREAS, the City Council of the City of Elk River, Minnesota (the "City") <br />has received a request from the entities listed in Exhibit A (such entities collectively referred <br />to as the "Borrowers"), for the City, or one of the other Participating Jurisdictions described <br />below if so determined by the City and the other Participating Jurisdictions, to issue its <br />revenue bonds (the "Bonds") in an aggregate principal amount not to exceed $15,000,000 <br />pursuant to the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections <br />469.152 to 469.1651, as amended (the "Industrial Development Act"), and the Municipal <br />Housing Programs Act, Minnesota Statutes, Chapter 462C, as amended (the "Housing <br />Programs Act," and together with the Industrial Development Act, the "Revenue Bond Acts"); <br />and <br /> <br /> ._WHE~AS, the Borrowers have represented ~o the City that a portion of the <br />proceeds of the Bonds (the "Evans Park Portion") would b~21'~'~ined to Evans Park, Inc., a <br />Minnesota nonprofit corporation, to pay costs of the Evans Park Projects described in Exhibit <br />B (the "Evans Park Projects"), and in accordance with the Housing Program developed <br />therefor (the "Housing Program"), substantially in the form attached hereto as Exhibit E <br />Revenue Bond, all pursuant to the provisions of the Housing Programs Act; and <br /> <br /> WHEREAS, the Borrowers have represented to the City that proceeds of the <br />Bonds not constituting a pan of the Evans Park Portion would be applied to finance or <br />refinance costs of acquiring, constructing, equipping and furnishing certain facilities of the <br />other Borrowers located in one or more of the Participating Jurisdictions (defined below); <br />and <br /> <br /> WHEREAS, the Borrowers have requested that the City enter into a Joint <br />Powers Agreement with the jurisdictions listed in Exhibit C (such jurisdictions collectively <br />referred to with the City as the "Participating Jurisdictions") in connection with the proposed <br />issuance of the Bonds; and <br /> <br /> WHEREAS, the Borrowers have represented to the City that Minnesota <br />Statutes, Section 471.59 (the "Joint Powers Act" and, taken collectively with the Revenue <br />Bond Acts, sometimes referred to together as the "Acts"), provides that two or more <br />governmental units, by agreement entered into through action of their governing bodies, may <br />jointly or cooperatively exercise any power common to the contracting parties, and may <br /> <br /> <br />