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86-055 - 07-15 Approving Infrastructure Financing Program Joint Powers Agreement Resolution 86-55 July 15, 1986 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION APPROVING AND AUTHORIZING MINNESOTA CITIES INFRASTRUCTURE FINANCING PROGRAM JOINT POWERS AGREEMENT AND EXECUTION OF PARTICIPATION AGREEMENT WITH RESPECT THERETO BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, as follows: 1. The League of Minnesota Cities (the League) has proposed that the City approve and execute a participation agreement (the Participation Agreement) and thereby become a party to a joint powers agreement (the Agreement), with other �1innesota cities and instrumentalities thereof (the Participants), providing for the creation of the Plinnesota Cities Infrastructure Financing Program (the Program) and the Minnesota Cities Infrastructure Financing Board (the Board) and the issuance of bonds (the Bonds) of the Board on behalf of each of the Participants to finance and refinance capital projects (the Projects) of the Partici�ants. Forms of the Participation Agreement and Agreement have been presented to this Council and are on file in the office of the Clerk. 2. The forms of the Participation Agreement and Agreement are hereby authorized and approved, subject to such minor modifications thereof as the Mayor and the Manager shall approve as evidence by execution thereof. The Mayor and blanager are authorized to execute the Participation Agreement on behalf of the City. The Board is authorized to issue its Bonds pursuant to the Agreement on behalf of the City in one or more series in the aggregate principal amount of $21,000,000 for the purpose of providing funds for the Projects described in Exhibit B to the Participation Agreement. As provided in the Agreement and Participation Agreement: The principal of, interest on and premium, if any, with respect to the Bonds shall be payable solely from the revenues of the board derived from the Program. The Bonds shall not constitute a general obligation of or pledge the full faith and credit or taxing powers of the Participants or of any one or any combination of them, the State of P�innesota or any political subdivision thereof, or a lien upon any property owned by or situated within the territorial limits of the Participants, the State of Minnesota or any political subdivision thereof. The holders of the Bonds shall not have the right to requi re or compel and exerci se of the taxi ng powers of any of the Participants, the State of Minnesota or any political subdivision thereof to pay the principal of, premium, if any, and interest on the Bonds or to make any other payments provided for under the Program Documents, except as expressly provided in each Participant Bonds and Participant Bond Resolution as approved by the governing body of each such Participant. 3. Larry Bakken is hereby designated Representative of the City in accordance with Section 2.03 of the Agreement. Resolution 86-55 - Continued July 15, 1986 ,� � ��������� Mary E. nderson, Mayor ATTEST: �. 1 ��� ��' � l u y Na y, Deputy� ity Clerk * he motion for the adoption of the foregoing resolution was seconded by Member Thompson and upon vote being taken thereon, the following voted in favor thereof: Anderson, Bakken, Johnson, Stockman and Thompson; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the Deputy City Clerk.