08-04-25 - City Council Work Session Agenda

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Chair. The Secretary -Treasurer shall maintain a bond shall be maintained by VLAAq�40 in the amount of at least $10,000. VLAWMO will be responsible for paying the premium on said bond. 6.9 Subdivision °. Revenue Bonds to Secure MPCA Loan. VLAWMO is given express authority to issue revenue bonds in a principal amount not to exceed $800,000 (the "Bonds") to secure the Loan to finance the Project. The term "Bonds" shall also include bonds issued to refund and refinance the Bonds. As provided in Minn. Stat. § 471.59, subd. 11, the Bonds shall be revenue obligations of VLAWMO which are issued on behalf of the Members, and shall be issued subject to the conditions and limitations set forth in Minn. Stat. § 471.59, subd. 11. The Bonds shall be payable solely from VLAWMO's revenues including its storm water utility fees. VLAWMO may not pledge to the payment of the Bonds the full faith and credit or taxing power of the Members. No bonds, obligations or other forms of indebtedness other than the Bonds may be issued by VLAWMO without the prior consent of the Members. SECTION IXVII DURATION OF THIS JOINT POWERS AGREEMENT 7.1 Subdivision ' . Duration of Agreement. Each Member agrees to be bound by the terms of this Agreement until December 31, 24262036, and that it may be continued thereafter at the option of the Members. This Agreement shall be in full force and effect upon the filing of certified copy of the resolution approving said Agreement by each gevemmenW tm4Member. 7.2 Termination of Agreement. This agreetAgreement may be terminated prior to januafy 1, 2025mQecember 31, 2046, by the unanimous consent of the partie embers. If the agree neitAgreement is to be terminated, a notice of the intent to dissolve4he VLAWMO shall be sent to the Board of Water and Soil Resources and to Ramsey and Anoka Counties at least 90 days prior to the date of dissolution. 7.3 Subdivision Dissolution. In addition to the manner- idea i Subdivision termination as provided above, any memberMember may petition the Board of Directors to dissolve the agme-mePA.this Agreement. Upon ninety (90) days' notice in writing to the clerk of each Member, the Board of Water and Soil Resources, and to Anoka and Ramsey County, the Board shall hold a hearing and upon a favorable vote by a majority of all eligible votes of then existing Board members, the Board may by R�resolution recommend that the-VLAWMO be dissolved. Said ResehA4oaresolution shall be submitted to each Member and if ratified by three -fourths of the eetineilsof all eligible meffl-ber-sMembers within six 60) days, said Board shall dissolve tIit-VLAWMO allowing a reasonable time to complete work in progresspay any outstanding obligations, and to dispose of personal property owned by4he VLAWMO. 7.4 Assets. Upon a set of findings and order for dissolution of VLAWMO by the State Board of Water and Soil Resources, all personal property of VLAWMO shall be 20 Page 608 of 617