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~-'~ -,. ,,-- ----:T ... , . ,l. . . . . ~ -4- .' .' " . 'I .. . ( ":,.. b:", ' , WHEREAS the tax-exempt mortgage is similar to an . - · Industrial Development Revenue Bond with the exception that" '. the tax-exempt mortgage is structured and presented in a manner .,., . . identical to that of a conventional mortgage loan and projects"~- which are legally eligible for I.R.B financing can be ~ evaluated on the basis of traditional mortgage loan under- . . I writing principles. oi I. . . . . NOW THEREFORE BE IT RESOLVED, by the Council of the City of New Brighton, That, in considering an application for a tax-exempt mortgage loan: I 1) The Council recognizes that the guidelines required for Industrial Revenue Bonds are not directly applicable to tax-exempt mortgages, but desires that I the guidelines be utilized to the extent possible in I considering tax-exempt mortgages. 2) The Council shall require a financial feasibility letter I from an intended lender or underwriter to accompany - I , an application for a tax-exempt mortgage. Preliminary I I approval of the application would be by resolution. 3) The Council shall require a commitment letter from the I intended lender for a tax-ex~mpt mortgage before i approving a final resolution! for a tax-exempt mortgage. ~ I 4) The Council shall reserve the right to approve or I disapprove all applications for a tax-exempt I mortgage on an individual case-by-case basis. I ! 5) All expenses incurred by the City in connection with the I I tax-exempt mortgage shall be required to be paid by the I applicant whether or not the tax-exempt mortgage loan is I closed or not, and the CitYi shall determine whether a I deposit is required or not on an individual case-by- case basis. . I Adopted this l3th day of February 1979 I ~ ) I /. . ,I' \? Jh, I I ~./LU'l U'-J A:--jt A^' ~' ATTEST: ~~~es W.Senden, Mayor I i ,./ ~. Vernon C. ,I 11 {SEAL} ,j " f' i i - II . I I, II I I I I I