RES 13-44 City of
Elkp°m
' r Resolution No. 1 - 44
Resolution Authorizing Execution of a Joint Powers Agreement with
the City of Albertville (Evans Park, Inc. Project)
WHEREAS, at the request of Evans Park, Inc., a Minnesota nonprofit corporation (the
`Borrower"), the City of Ella River,Minnesota (sometimes referred to as the "Participating
Jurisdiction"),issued its Pooled Revenue Bonds (CareChoice Member Projects), Series 1998 (the
"Series 1998 Bonds"),pursuant to Minnesota Statutes, Chapter 462C,as amended (the "Act"), to
provide financing for a multifamily rental housing development for elderly residents located in Elk
River,Minnesota (the "Development" or the "Project");and
FI E REAS, Section 462C.14 of the Act authorizes a city to provide housing program and
development financial services outside of its corporate boundaries when authorized to do so under a
joint powers agreement that authorizes such city to provide the services within the boundaries of
another city;and
FIE REAS, pursuant to Section 462C.14 of the Act, the Borrower has requested that the
Participating Jurisdiction and the City of Albertville (the "Issuer") enter into a Joint Powers
Agreement (the "Joint Powers Agreement"),in accordance with Minnesota Statutes, Section 471.59,
and Section 462C.14 of the Act, under which the Issuer would issue its refunding revenue bonds
(Evans Park, Inc. Project), in one or more series, and in aggregate principal amount not to exceed
$5,500,000 (the"Bonds"), to provide for the refunding in full of the Series 1998 Bonds, and thereby
provide refinancing for the Project; and
FIREA , the proceeds of the Bonds shall be loaned to the Borrower and applied to the
refunding of the Series 1998 Bonds, and the Borrower shall be required to make loan repayments in
connection therewith sufficient to provide for payment in full of all principal of,interest and
premium,if any,owing on the Bonds; and
WHEREAS, a copy of the proposed form of the Joint Powers Agreement (the "Joint Powers
Agreement") has been presented to the City Council in connection with its consideration of this
Resolution and has been placed on file in the offices of the City Administrator.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River,
Minnesota (sometimes referred to as the "City"), as follows:
1. The Joint Powers Agreement is hereby approved in substantially the form now on file in the
offices of the City. The Mayor, the City Administrator and other officers of the City, acting
either individually or together, are authorized and directed to execute the Joint Powers
Agreement in the name of and on behalf of the City. In the event of the disability or
resignation or other absence of the Mayor, the City Administrator or other officers of the
City, such other officers of the City who may act in their behalf shall without further act or
authorization of the City do all things and execute all instruments and documents required to
be done or to be executed by such absent or disabled officials. The approval hereby given to
the Joint Powers Agreement includes approval of such additional details therein as may be
necessary and appropriate and such modifications thereof, deletions therefrom and additions
thereto as may be necessary and appropriate and approved by the officers of the City
authorized herein to execute the Joint Powers Agreement, such approval to be conclusively
evidenced by the execution thereof.
2. In no event shall the Bonds ever be payable from or charged upon any funds of the City; the
City is not subject to any liability thereon; no owners of the Bonds shall ever have the right
to compel the exercise of the taxing power of the City to pay any of the Bonds or the
interest thereon, not to enforce payment thereof against any property of the City; the Bonds
shall not constitute a charge, lien or encumbrance,legal or equitable, upon any property of
the City; and the Bonds do not constitute an indebtedness of the City within the meaning of
any constitutional, statutory, or charter limitation.
Adopted by the City Council of the City of Ella River,Minnesota this 15th day of July, 2013.
J hn ietz, a
ATTEST:
City Administrator(
N' A' TUREE]
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