10-22-1990 CC - Laserfiche WebLink

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the Property, which percentage shall vary from time to time and equal that City's "Historical Share" , hereafter described. For the years 1970 through 1990 the total capital costs under the Contract and its predecessor agreements or arrangements amounted to $1, 332,566, of which Blaine contributed $857, 694 (64.36%) , Mounds View contributed $294, 205 (22 . 08%) , and Spring Lake Park contributed $180;667 (13 . 56%) . Those Historical Shares shall be recomputed for each year based upon each Cities' additional contributions made pursuant to this Agreement. (F) Consent and_Approval . For purposes of determining majority consent at the Administrative Committee level, or at the City Council level, each City shall have voting rights which equal its percentage share under the Formula at the time such decision is made, with each such decision being made on the basis of 50% + approval. (G) Bonding. For the purpose of defraying the expense of the acquisition, construction, furnishing, and betterment of land, buildings, and equipment for municipal fire protection and firefighting purposes, the Cities believe it to be in their best interest that approximately $4 , 450,000 of bonds be issued. It is anticipated that such bonds • would be issued by Blaine and would be general obligations of that City. Each City's share of the debt service on such bonds, or on any other obligations issued pursuant to this Agreement, shall from year to year equal that City's Formula percentage for that year multiplied by the total amount of debt service due on such obligations in said year. No bonds shall be issued or other capital costs incurred under this Agreement without the majority consent and approval of the Cities, as described in paragraph III (F) above. The annual budget for fire protection services to the Cities under this Agreement shall be presented for review and approval to each of the City Councils; provided, however, that in making all decisions under this Agreement, including those described above, the Administrative Committee shall make recommendations. (H) Duration of Agreement. This Agreement shall remain in effect for an indefinite term. (I) germination of Agreement. This Agreement shall be terminated within one year after the City Council of one of the Cities notifies the other Cities by resolution of its intent to withdraw from participating in this Joint Powers Agreement. The notice of intent to withdraw must be given one year in advance of the proposed termination date. Upon receipt of a notice of intent to withdraw, the -3-