07. Red River Regional Dispatch Center Joint Powers Agreement review
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07. Red River Regional Dispatch Center Joint Powers Agreement review
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<br />32 <br /> Version Oct 13, 2022 <br /> <br />Section 11.05 DEBT OBLIGATION HELD/ISSUED BY MEMBER ENTITIES. The Debt <br />Obligations will be issued by one or more of the Member Entities. The Red River Regional <br />Dispatch Center Authority shall not be deemed to be the issuer of Debt Obligations and the Red <br />River Regional Dispatch Center Authority shall not have the authority to pledge the full faith, <br />credit and/or taxing power of a Member Entity without concurrent approval of the Member <br />Entity issuing the Debt Obligation. <br /> <br />Section 11.06 COVENANT. Until the Debt Obligations have been fully paid and <br />redeemed as provided in the terms of the Debt Obligations or any extensions thereof, have been <br />fully satisfied in accordance with the Dispatch Center Agreement, the Member Entities hereby <br />covenant and agree that they will use their Best Efforts to fully and properly perform each and all <br />of the covenants contained and referred to in this Agreement and in the Debt Obligations or any <br />extensions thereof. <br /> <br />Section 11.07 CASS COUNTY TO MAINTAIN TAX EXEMPT STATUS. Cass County <br />covenants and agrees that it will not take or permit any of its officers, employees, or agents to take <br />any action which would cause the interest payable in connection with the Debt Obligations to <br />become subject to taxation under the Code, as now existing or as hereinafter amended or proposed <br />or in effect at the time of such action, or otherwise cause the Debt Obligations to be treated as <br />private activity bonds. Cass County agrees to monitor and take any action necessary to make <br />rebate payments that may be required under the Code and related U.S. treasury regulations. <br /> <br />Section 11.08 CLAY COUNTY TO MAINTAIN TAX EXEMPT STATUS. Clay County <br />covenants and agrees that it will not take or permit any of its officers, employees, or agents to take <br />any action which would cause the interest payable in connection with the Debt Obligations to <br />become subject to taxation under the Code, as now existing or as hereinafter amended or proposed <br />or in effect at the time of such action, or otherwise cause the Debt Obligations to be treated as <br />private activity bonds. Clay County agrees to monitor and take any action necessary to make <br />rebate payments that may be required under the Code and related U.S. treasury regulations. <br /> <br />Section 11.09 CITY OF FARGO TO MAINTAIN TAX EXEMPT STATUS. The City of Fargo <br />covenants and agrees that it will not take or permit any of its officers, employees, or agents to take <br />any action which would cause the interest payable in connection with the Debt Obligations to <br />become subject to taxation under the Code, as now existing or as hereinafter amended or proposed <br />or in effect at the time of such action, or otherwise cause the Debt Obligations to be treated as <br />private activity bonds. The City of Fargo agrees to monitor and take any action necessary to make <br />rebate payments that may be required under the Code and related U.S. treasury regulations. <br /> <br />Section 11.10 CITY OF MOORHEAD TO MAINTAIN TAX EXEMPT STATUS. The City of <br />Moorhead covenants and agrees that it will not take or permit any of its officers, employees, or <br />agents to take any action which would cause the interest payable in connection with the Debt <br />Obligations to become subject to taxation under the Code, as now existing or as hereinafter <br />amended or proposed or in effect at the time of such action, or otherwise cause the Debt <br />Obligations to be treated as private activity bonds. The City of Moorhead agrees to monitor and
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