08-11-25 - City Council Agenda - Laserfiche WebLink

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14 manner and subject to the laws of Minnesota applicable to statutory cities. Any and all reserve funds must be clearly indicated on the annual financial audit provided to the Members. 6.7 Gifts; Grants; Loans. VLAWMO may, within the scope of this Agreement, accept gifts, apply for and use grants or loans of money or other personal property from the United States, the State of Minnesota, a unit of government, or other governmental unit or organization or any person or entity for the purposes described herein; may enter into any reasonable agreement required in connection therewith, shall comply with any laws or regulations applicable thereto, and may hold, use, and dispose of such money or personal property in accordance with the terms of the gift, grant, loan, or agreement related thereto. 6.8 Disbursements. VLAWMO disbursements on budget items shall be reviewed and approved by the Technical Committee. A report of all disbursements shall be sent to the Board’s Secretary-Treasurer and the TEC’s Finance Officer for review and a copy provided to the Board. Checks issued by VLAWMO shall be signed by the VLAWMO Administrator and the Board Chair. The Secretary-Treasurer shall maintain a bond in the amount of at least $10,000. VLAWMO will be responsible for paying the premium on said bond. 6.9 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 VII DURATION OF THIS JOINT POWERS AGREEMENT 7.1 Duration of Agreement. Each Member agrees to be bound by the terms of this Agreement until December 31, 2036, 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 Member. 7.2 Termination of Agreement. This Agreement may be terminated prior to December 31, 2046, by the unanimous consent of the Members. If the Agreement is to be terminated, a notice of the intent to dissolve 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. Page 670 of 679