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THE CITY OF ELK RIVER, MINNESOTA RESOLUTION NO?1-62. AUTHORIZINO THE EXECUTION AND DELIVERY OF A JOINT poWERs AGREEMENT WITH THE HENNEPIN COUNTY HOUSINO AND REDEVELOPMENT AUTHORITY TO FINANCE A PROJECT FOR OPPORTUNITY PARTNERS WHEREAS, the Hennepin County Housing and Redevelopment Authority ("the Hennepin County HRA") has advised the City of Elk River, Minnesota (the "City") that Opportunity Partners, a Minnesota nonprofit corporation (the "Borrower"), has requested that the Hennepin County HRA issue its tax-exempt revenue bonds and loan the proceeds of such bonds to the Borrower, thereby permitting the Borrower to refinance, on a tax-exempt basis, its outstanding indebtedness incurred in connection with the acquisition of certain residential treatment and workplace facilities owned and operated by the Borrower, including two group treatment residences that are located within the territorial boundaries of the City (the "Project"); WHEREAS, the City Council of the City conducted a public hearing on the date hereof on the proposed financing; and at such public hearing all parties who appeared or who submitted written comments were given an opportunity to express their views with respect to the proposal; and WHEREAS, a proposed Joint Powers Agreement between the Hennepin County HRA and the City respecting this proposed financing has been submitted for the City Council's consideration; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA that the Joint Powers Agreement in substantially the form submitted to the City at this meeting is hereby approved, and its execution and delivery in the name and on behalf of the City by the Mayor and the City Administrator are hereby approved. BE IT FURTHER RESOLVED, that, solely for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended, the City hereby gives host approval of the issuance of said revenue bonds to finance the Project.