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2016 JPA with <br />Prior Amendments <br /> <br /> 20 <br />Chair. The Secretary-Treasurer shall maintain a bond shall be maintained by VLAWMO <br />in the amount of at least $10,000. VLAWMO will be responsible for paying the premium <br />on said bond. <br /> <br />6.9 Subdivision 9. Revenue Bonds to Secure MPCA Loan. VLAWMO is given express <br />authority to issue revenue bonds in a principal amount not to exceed $800,000 (the <br />“Bonds”) to secure the Loan to finance the Project. The term “Bonds” shall also include <br />bonds issued to refund and refinance the Bonds. As provided in Minn. Stat. § 471.59, <br />subd. 11, the Bonds shall be revenue obligations of VLAWMO which are issued on behalf <br />of the Members, and shall be issued subject to the conditions and limitations set forth in <br />Minn. Stat. § 471.59, subd. 11. The Bonds shall be payable solely from VLAWMO’s <br />revenues including its storm water utility fees. VLAWMO may not pledge to the payment <br />of the Bonds the full faith and credit or taxing power of the Members. No bonds, <br />obligations or other forms of indebtedness other than the Bonds may be issued by <br />VLAWMO without the prior consent of the Members. <br /> <br />SECTION IXVII <br />DURATION OF THIS JOINT POWERS AGREEMENT <br /> <br />7.1 Subdivision 1. Duration of Agreement. Each Member agrees to be bound by the terms of <br />this Agreement until December 31, 20262036, and that it may be continued thereafter at the <br />option of the Members. This Agreement shall be in full force and effect upon the filing of <br />certified copy of the resolution approving said Agreement by each governmental <br />unitMember. <br /> <br />7.2 Subdivision 2. Termination of Agreement. This agreementAgreement may be terminated <br />prior to January 1, 2025December 31, 2046, by the unanimous consent of the <br />partiesMembers. If the agreementAgreement is to be terminated, a notice of the intent to <br />dissolve the VLAWMO shall be sent to the Board of Water and Soil Resources and to <br />Ramsey and Anoka Counties at least 90 days prior to the date of dissolution. <br /> <br />7.3 Subdivision 3. Dissolution. In addition to the manner provided in Subdivision 2 for <br />termination as provided above, any memberMember may petition the Board of Directors to <br />dissolve the agreement.this Agreement. Upon ninety (90) days’ notice in writing to the <br />clerk of each member governmental unit and toMember, the Board of Water and Soil <br />Resources, and to Anoka and Ramsey County, the Board shall hold a hearing and upon a <br />favorable vote by a majority of all eligible votes of then existing Board members, the <br />Board may by Resolutionresolution recommend that the VLAWMO be dissolved. Said <br />Resolutionresolution shall be submitted to each member governmental unitMember and if <br />ratified by three-fourths of the councilsgoverning bodies of all eligible membersMembers <br />within sixty (60) days, said Board shall dissolve the VLAWMO allowing a reasonable time <br />to complete work in progress, pay any outstanding obligations, and to dispose of personal <br />property owned by the VLAWMO. <br /> <br />7.4 Subdivision 4. Assets. Upon a set of findings and order for dissolution of VLAWMO by <br />the State Board of Water and Soil Resources, all personal property of VLAWMO shall be