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JOINT PO~ERS AGREEMENT <br />PURSUANT TO MINNESOTA STATUTES, SECTION 474.18 <br /> <br /> THIS AGREEMENT has been entered into as of the <br /> <br />day of , 1985, pursuant to Minnesota Statutes, <br /> <br />Section 474.18, by and between the City of Ramsey, Minnesota <br />("Ramsey") and the City of Silver.Bay, Minnesota ("Silver Bay") <br />(together, the "Cities"), each a body corporate and politic <br />organized under the laws of the State of Minnesota. <br /> <br /> The Cities hereby covenant and agree as follows: <br /> <br /> 1. Silver Bay is an entitlement issuer of <br /> <br />commercial development revenue bonds under Minnesota Statutes, <br />Section 474.18, with an entitlement allocation in the amount of <br />$26,424,075. Pursuant to Minnesota Statutes, Section 474.18, <br />Subd. 4, an entitlement issuer is authorized to enter into <br />agreements with local issuers under which the local issuer <br />issues revenue bonds pursuant to the issuance authority of the <br />entitlement issuer. <br /> <br /> 2. Ramsey is hereby authorized to issue revenue <br /> <br />bonds in an amount not exceeding $350,000 (the "Transferred <br />Allocation") under the entitlement allocation of Silver Bay. <br />Silver Bay has neither issued private activity bonds relating <br />to such $350,000 of its entitlement allocation nor entered into <br />an agreement with any local issuer pursuant to Minnesota <br />Statutes, Section 474.18, Subd. 4 relating to such $350,000. <br /> <br /> <br />