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WHEREAS, the new fire station wouldwill be owned and operated by the Board to serve <br />the three contract cities of Arden Hills, North Oaks, and Shoreview. <br />AGREEMENT <br />NOW, THEREFORE, in consideration of the mutual unde1takingsundertakings herein <br />expressed, the City of Shoreview, the City of Arden Hills, and the City of North Oaks agree as <br />follows: <br />1 Lake Johanna Fire Department Headquarters Board <br />1.1 Composition. The Board shall be made up of four total membersdirectors. Two <br />membersdirectors shall be City CouncilmembersCouncil members from the City of <br />Shoreview. One memberdirector shall be a City Councilmember Council member <br />from the City of Arden Hills. One memberdirector shall be a City <br />CouncilmemberCouncil member from the City of North Oaks. <br />1.2 Quorum. To approve any act, the proposed action must receive at least 3/4 ths vote. <br />Quorum shall be 3 Board membersdirectors. <br />1.3 Bylaws. The Board shall pass Bylaws at the earliest possible time. <br />1.3 Action. The directors shall take action by the affirmative vote of at least 3/4 of the <br />directors present at any duly called meeting where a quorum is present. <br />2 Agreement between the Parties <br />2.1 Land Transfer. This Joint Powers Agreement is contingent upon Lake Johanna <br />Fire Department transferring the Prope1tyProperty to the Board. <br />2.2 Cost shareShare of Equity and ownership interest.Costs.The cost -share formula <br />will be used to allocate each City's ownership interestequity and responsibility for costs in <br />the Property and any improvements thereon, which is currently defined as 25% <br />population, 25% households, 40% fire calls, and 10% market value, in accordance with <br />the Fire Department’s operating budget. <br />2.3 Bond issuance. At the time financing is needed for the construction of a new station, <br />the financing will be provided by one of the two following methods: <br />To the extent as authorized by law, the Board shall have the authority to independently <br />issue bonds or obligations and use said proceeds to can-y out the purpose of this <br />agreement, construction of the Project. Said bonds or obligations may be issued in <br />accordance with the express authority granted by the City Councils of each Patty. <br />Unless otherwise unanimously agreed upon, in the alternative, one of the cities will