Agenda - Council - 04/22/2008 - Laserfiche WebLink

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DRAFT 4 -17 -08 Anoka Contract # 980145A AMENDMENT NO.1 TO JOINT POWERS AGREEMENT THIS AMENDMENT NO 1 TO JOINT POWERS AGREEMENT is made this 1 day of June, 2008, notwithstanding the dates of the signatures of the parties, by and between the City of Ramsey,. Minnesota ("City") and the Anoka County Housing and Redevelopment Authority ( "ACHRA "), both bodies politic and organized under the laws of the State of Minnesota. WHEREAS, on September 8, 1998, the City and the ACHRA entered into a joint powers agreement for the purpose of financing, constructing, and operating a 50 unit multifamily housing project for low and moderate income elderly tenants in the City of Ramsey, Minnesota (hereinafter the "Joint Powers Agreement"); and WHEREAS, on September 8, 1998, the City and the ACHRA also entered into an agreement for Right of First Refusal to Acquire Property (the "Right of First Refusal ") that grants to the City a right to purchase the Project site and improvements; and WHEREAS, the parties have determined that it would be prudent and in the best interest of the Project to refund certain outstanding bonds of the ACHRA and the City issued to finance the Project by issuing refunding bonds to be backed by the general obligation of the County of Anoka; and WHEREAS, the parties wish to amend the Joint Powers Agreement to modify certain provisions relating to the financing and operation of the Project. NOW, THEREFORE, in consideration the mutual covenants and agreements set forth in this Amendment No. 1, the parties agree to amend the Joint Powers Agreement as follows: A. Section 2. Subsection B. Financing. is hereby amended to read as follows by deleting the existing language and substituting the following: B. Financing. It is the intent of the parties that the ACHRA shall refund the $3,000,000 Housing Development Revenue Bonds, Series 1998A (City of Ramsey Unlimited Tax General Obligation _ Senior Housing Project) and the $1,195,000 General Obligation Tax Increment Bonds, Series 1999A issued to finance the design and construction of the Project (collectively referred to as the "Original Bonds ") by the issuance of tax - exempt refunding bonds pursuant to Minnesota Statutes, Section 469.034 for the Project (the "Project Bonds "), but nothing herein shall obligate the ACHRA to refund the Original Bonds or to issue the Project Bonds. The Project Bonds shall be issued as revenue bonds, to which the revenues of the Project shall be pledged, and shall be backed by the general obligation of the County of Anoka. The pledge of the Project revenues to the payment of debt service on the Project Bonds shall be