05.02 - HRA West Grove Townhome Refunding

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AMENDED AND RESTATED JOINT POWERS AGREEMENT '1 THIS AMENDED AND RESTATED JOINT POWERS AGREEMENT (this "Agreement"), is made as of May 15, 2012, by and among the HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE COLTNTY OF CROW WING (the "County HRA"), 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 entered into a Joint Powers Agreement dated as of December 1, 2003 (the "Original Joint Powers Agreement"), in order 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"). --1 B. To finance the cost of the Project, the County HRA issued its General Obligation Housing Revenue Bonds (Senior Housing Project), Series 2003A (the "Series 2003A Bonds"), pursuant to an Indenture of Trust (the "Indenture"), dated as of December 1, 2003, by and between the County HRA, the County and U.S. Bank National Association, St. Paul, Minnesota (the "Trustee"). C. The Series 2003 Bonds were expected to be paid from the gross revenues of the Project and if necessary from the special benefits tax of the City HRA, pursuant to Minnesota Statutes, Sections 469.033, Subd. 6(the "Special Benefits Tax"), but were also secured by a pledge by the County HRA of the full faith and credit and taxing power of the County. D. The parties hereto have determined that it is necessary and desirable for the reduction of interest cost and the adjustment of maturities of bonds that the County HRA issue its Governmental Development Refunding Bonds (Crow Wing County, Minnesota, Unlimited Tax General Obligation — West Grove Townhomes Project), Series 2012A (the `Bonds"), in the aggregate principal amount of $1,325,000, to effect a full net refunding of the Series 2003A Bonds. E. In connection with issuance of the Bonds, the parties hereto desire to more specifically detail certain rights and obligations of each of them with respect to the Project and the Bonds, and to amende and restate the Original Joint Powers Agreement in its entirey . F. Any capitalized terms used, but not defined herein, shall have the meanings � assigned to them under the Indenture. 400724v1 CR195-11