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00-8973r 5 RESOLUTION NO. 8973 RESOLUTION GIVING HOST APPROV AL TO THE ISSUANCE OF REVENUE BONDS AND AUTHORIZING EXECUTION OF A JOINT POWERS AGREEMENT (MOUNT OLIVET ROLLING ACRES, INC. PROJl';:CT) WHEREAS, Mount Olivet Rolling Acres, Inc., a Minnesota nonprofit corporation (the "Borrower"), desires to finance and refinance the acquisition, and construction, improvement, rehabilitation, equipping and furnishing of various facilities of the Borrower for the developmentally disabled, including one or more facilities located in Richfield, Minnesota (as specifically described below) (the "City") and including facilities located in other cities or jurisdictions (as described below), all as further described in Exhibit A (collectively referred to as the "Development"); and WHEREAS, the Borrower has proposed that the City of Victoria, Minnesota (sometimes referred to as the "Issuer"), issue tax exempt revenue bonds in the approximate aggregate principal amount of $2,250,000 (the "Bonds") to finance the Development, pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Housing Programs Act"), and Minnesota Statutes, Section 471.59 (the "Joint Powers Act") (the Housing Programs Act and the Joint Powers Act together referred to as the "Acts"), and pursuant to the Housing Program therefor on file in the offices of the City and presented to the governing body of the City in connection with this Resolution (the "Housing Program"); and WHEREAS, in connection with the issuance of the Bonds, it is proposed that a Joint Powers Agreement be entered into by and between the Issuer and each of the other Joint Powers Participants identified in the Joint Powers Agreement, including the City (all collectively referred to as the "Joint Powers Participants"), and a copy of the proposed form of the Joint Powers Agreement has been placed on file with the City in the offices of the City Clerk and has been presented to the governing body of the City in connection with this Resolution; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended, requires that each governmental unit in which facilities to be financed by the Bonds are located must approve the issuance ofthe Bonds following a public hearing; and WHEREAS, a public hearing on this matter was held by the governing body of the City on the date hereof; and WHEREAS, the Bonds are payable solely from revenues of the Borrower, will not be a general or moral obligation of the City or of the Issuer or of any other political subdivision of the State of Minnesota, but will be payable solely from revenues of the Borrower, to the extent and in the manner provided in the Acts and the documents executed in connection with the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield, Minnesota, as follows: 1. The City hereby gives the host approval required under Section 147(f) of the Internal Revenue Code to the issuance of the Bonds and hereby approves the Housing Program. 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, nor 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. 3. The Joint Powers Agreement is hereby approved in substantially the form now on file in the offices of the City, together with su((h modifications thereto as may be approved by the officers executing the JoinJ Powers Agreement, which approval shall be conclusively evidenced by the execution thereof; and the Mayor and Clerk or other officers of the City are authorized to execute the same in the name of and on behalf of the City. In the .event of the disability or the resignation or other absence of the Mayor or Clerk 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 flb~~nJ 9r 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. Adopted by the City Council of the City of Richfield, Minnesota this 11 th day of December, 2000. ~~~~ Mayor fV'.:> tewl EXHIBIT A (Description of Development) The Development consists of the acquisition and construction of improvements, including equipment, furnishings and site improvements, to the existing facilities of the Borrower for the developmentally disabled located at 7200 Rolling Acres Road in the City of Victoria (referred to generally as the "Victoria Proje~t"), together with the following: (1) the refinancing, rehabilitation, equipping ~d furnishing of various existing facilities of the Borrower (sometimes referred to as the "Refinancing and Reha,bilitation Projects"), located in other cities or jurisdictions (at specific addresses set forth below); and (2) the acquisition, construction, improvement, rehabilitation, equipping and furnishing of new and/or existing facilities for the developmentally disabled in such cities or jurisdictions and in Aiken County, Minnesota (and/or in other locations, as necessary and suitable, to the extent permitted by law). The Refinancing and Rehabilitation Projects included in the Development will each consist of the rehabilitation of one or more existing buildings and sites located in other cities or jurisdictions outside of the City, and the discharge of any lien or other interest in those buildings and sites. The cost of rehabilitation of each of these existing buildings will be equal to at least $1,000 per dwelling unit, all as provided in and required by the Housing Programs Act. The Development will also include the acquisition, construction, improvement, rehabilitation, equipping and furnishing of facilities for the developmentally disabled in those same cities or jurisdictions and in the County of Aiken. The facilities included in the Development are situated at the following locations: 7200 Rolling Acres Road, Victoria, Minnesota (serving 44 persons); 129 Mackenthun Lane, Norwood- Young America, Minnesota (serving 6 persons); 1757 Highwood Drive, Chaska, Minnesota (serving 4 persons); 320 East Fifth Street Northeast, Mayer, Minnesota (serving 4 persons); 241 West Third Street, Waconia, Minnesota (serving 4 persons); 3921 Leslie Curve, Chanhassen, Minnesota (serving 4 persons); 112209 James Court, Jonathan, Minnesota (serving 4 persons); 25925 Birch Bluff, Shorewood, Minnesota (serving 4 persons); 6843 and 6845 Lyndale Avenue South, Richfield, Minnesota (serving 6 persons); 7829 Tessman Drive, Brooklyn Park, Minnesota (serving 4 persons); 8217 29th Avenue South, New Hope, Minnesota (serving 4 persons); 2413 Plymouth Road, Minnetonka, Minnesota (serving 4 persons); and Route T, Jevne Township, McGregor, Minnesota (serving a minimum of20 persons).