05.02 - HRA West Grove Townhome Refunding

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JOINT POWERS AGREEMENT � THIS JOINT POWERS AGREEMENT (this "Agreement"), is made as of December 1, 2003, by and among the HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE COUNTY OF CROW WING (the "County HR.A"), a public body corporate and politic and political subdivision of the State of Minnesota (the "State"), CROW WING COIJNTY, MINNESOTA (the "County"), a political subdivision of the State and the HOUSING AND REDEVELOPMENT AUTHORITY OF PEQUOT LAKES, MINNESOTA (the "City HRA"), a public body, corporate and politic and political subdivision of the State of Minnesota. RECITALS: A. Pursuant to the authority to undertake a housing development project granted under.Minnesota Statutes, Sections 469.001 to 469.047 (the "Act"), and pusuant to the authority for two or more governmental units to enter into an agreement to cooperatively exercise any power common to both entities, and to provide for the exercise of such power by one of the participating governmental units granted under Minnesota Statutes Section 471.59, the City HRA and the County HRA propose to jointly undertake the acquisition and construction of an eight unit senior rental residential facility in the City (the "Project") on the propety legally described on Exhibit A (the "Project Site"). B. To finance the cost of the Project, the County HRA will issue its General Obligation Housing Revenue Bonds (Senior Housing Project), Series 2003A (the "Bonds"), --� pursuant to an Indenture of Trust (the "Indenture"), dated as of the date hereof, by and between the County HR.A, the County and U.S. Bank National Association, St. Paul, Minnesota (the "Trustee"). Capitalized terms used, but not defined herein, shall have the meanings assigned to. them under the Indenture. C. The-Bonds axe expected to be paid from the gross revenues of the Project and if necessary from the special benefits tax of the City HRA, levied at a rate of .0144 percent of the taxable value of real property in the City of Pequot�Lakes pursuant to Minnesota Statutes, Sections 469.033, Subd. 6(the "Special Benefits Tax"), but will also be secured by a pledge by the County HRA of the full faith and credit and taxing power of the County. The County will be reimbursed by the County HRA for payments made by it, subject to the limits for such reimbursement in any year set forth in the Indenture. D. The County HRA will pledge to cover any shortfall infunds available to pay operating expenses of the Project. E. The parties hereto desire to more specifically detail certain rights and obligations of each of them with respect to the Project. NOW, THEREFORE, in consideration of the mutual covenants and obligations of the County HRA, the County and the City HRA, each party does hereby represent, covenant and agree with the other as follows: � EMT-238666v5 CR195-4