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RESOLUTION 00-06 Resolution Giving Preliminary Approval to and Calling a Public Hearing on a Proposed Housing Program and Housing Facilities Projects and the Proposed Issuance of Revenue Bonds therefor 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 nonprofit corporations listed in Exhibit A (such entities collectively referred to as the "Borrowers"), for the City, or the other Participating Jurisdiction described below if so determined by the City and the other Participating Jurisdiction, to issue its revenue bonds (the "Bonds") in an aggregate principal amount not to exceed $10,000,000 pursuant to the Municipal Housing Programs Act, Minnesota Statutes, Chapter 462C, as amended (the "Housing Programs Act," or the "Revenue Bond Act"); and WHEREAS, the Borrowers have represented to the City that a portion of the proceeds of the Bonds (the "Evans Park Portion") would be loaned to Evans Park, Inc., a Minnesota nonprofit corporation, to pay costs of the Evans Park Project described in Exhibit B (the "Evans Park Project"), and in accordance with the Housing Program developed therefor (the "Housing Program"), substantially in the form attached hereto as Exhibit E, all pursuant to the provisions of the Housing Programs Act; and WHEREAS, the Borrowers have represented to the City that proceeds of the Bonds not constituting a part of the Evans Park Portion would be applied to finance or refinance costs of acquiring, constructing, equipping and furnishing certain senior housing and nursing facilities of the other Borrower located in the other Participating Jurisdiction (defined below) (and referred to, together with the Evans Park Project, as the "Projects"); and 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; WHEREAS, the Borrowers have represented to the City that, in connection with revenue bonds issued under the Housing Programs Act, Section 462C. 14, Subd. 3 provides for joint action between cities pursuant to the Joint Powers Act, and contracts for housing programs and