Resolution 2168 - Laserfiche WebLink

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~ ~, - \. ,~<_/ lii . , .' III - 3- . ., 1 , '11 . . ~ . ... ~" ',I ' I ' i'. , '. I,' ,~ . . I . I -, ' . - , I 3. If the applicant is an established firm, it sha.ll beV'1.1 " III fOU, ndthat the net r, evenues ,before deducting dep reci(;'.t 'on I and interest charges on existing debt (and/or lease. · II rentals on other equipment and facilities) and Federa,i , II and State income taxes, shall have been, for the last II II two (2) previous accounting years,not less than 1-1/2 times the annual principal and interest due on the I applicant's debt now outstanding and the principal and I interest payments on the bonds proposed to be issued. I If the project does not have the two previous accounting years to use for the base, pro forma I projections shall show not less than 1-1/2 times cover. I II' If the applicant is a new enterprise its financial I i projections shall show the same level of coverage. It !' is recognized that circumstances may, in lan individual II case, permit less coverage. Therefor, the City is I willing to review proposals not meeting this criteria I ! if the individual case facts justify less coverage. , il I II 4. The fair market rental value of the bUild1,"ng must be I I equal to or exceed the total amount of bonds and IL interest due. An appraisal may be required to verify fair market rental value. I 5. All administrative, legal, planning, fiscal, appraising I and any other expenses incurred by the City in connectipn I with the proposed project will be paid by the applicantl I whether or not the bonds are issued. I , I , 6. The applicant shall select, at its expense, under- ~ I wri t7rs to prep,are all necessary docun ,lents and materia ,s I requ1red for the bond sale. The underwriter shall I employ its own counsel. The City reserves the right I to reject an underwriter at its sole discretion. I II 7. The City shall select bond counsel for the project. J i The fees of bond counsel shall be paid by the applican I. I I I I i i \, I ' I , . I 'M ' , I .' , I .;;. o- j ! 1 4 I I I I . I r I !I ' Ii I ~ I