Resolution 7827 - Laserfiche WebLink

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• Certificates will be issued by the City of Blaine, but Mounds View and Spring Lake Park each will be legally obligated to pay a portion of debt service on the Certificates to Blaine and hereby pledge their full faith and credit and taxing powers to pay such portion of the debt service on the Certificates. Prior to the issuance of the Certificates, in order to evidence Spring Lake Park's and Mounds View's obligations to Blaine to pay a portion of debt service on the Certificates, Spring Lake Park and Mounds View will each issue to Blaine a note, certificate of indebtedness or other debt instrument (the "Notes") or adopt a resolution or enter into an agreement pursuant to which they will pledge their full faith and credit and taxing powers to pay the applicable Formula percentage of debt service on the Certificates or a pro rata share of the annual debt service on the Certificates based on the Formula in effect at the time of issuance, but not in any event to exceed the amounts of debt service on the Certificates properly allocable to the maximum principal amounts set forth above. In the event any of the Cities withdraw from participation in the Joint Powers Agreement as contemplated by paragraph I of the Joint Powers Agreement, they shall remain obligated to pay their Historical Share of debt service on the Certificates as contemplated by paragraph E of the Joint Powers Agreement or, if Mounds View or Spring Lake Park agree to pay scheduled debt service amounts pursuant to the Notes or other agreement,they shall remain obligated to pay their scheduled debt service set forth therein. 4. Ownership, Acquisition and Construction of Project. Ownership of the Equipment shall, in accordance with the provisions of the Joint Powers Agreement, be nominally in the name of the City of Blaine. The acquisition, construction and operation of the Equipment shall be accomplished in accordance with the provisions of the Joint Powers Agreement. M5. Effect. Except as herein supplemented all provisions of the Joint Powers Agreement shall remain in effect. 6. Duration of Agreement. This Supplement shall remain in effect until the Certificates are paid or otherwise discharged. 7. Miscellaneous. This Supplement shall be effective as of the date that all of the Cities shall have approved and executed this Supplement, which shall be governed by law of the State of Minnesota, and may be executed in any number of counterparts, each of which shall constitute an original hereof. In the event that any provision of this Supplement is declared unlawful or unenforceable by a court of competent jurisdiction, the remainder of this Supplement shall remain in full force and effect to the same extent as though said provision did not appear herein. IN WITNESS WHEREOF, the Cities of Blaine, Mounds View, and Spring Lake Park, Minnesota, have duly authorized the execution of and have duly executed this Supplement by their authorized representatives,respectively. 391605v1 JSB BL140-12 B-2