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. , ..i>' This set aside will also satisfy the low-income occupancy requirements of Section 462C. 05, Subdivision 2 of the Act. (4) Pursuant to Section 462C.05, Subdivision 2 of the Act, the Project is designed to be affordable by persons and families with Adjusted Gross Income not in excess of the greater of (a) 110 percent of the median family income as estimated by the United States Department of Housing and Urban Development for Hennepin County, or (b) 100 percent of the income limits established by the Minnesota Housing Finance Agency for the City and by other persons and families to the extent determined to be necessary by the City in furtherance of the policy of economic integration. Subsection E. Evidence of Compliance. The City may require from the Developer at or before the issuance of the Bonds, evidence satisfactory to the City of the ability and intention of the Developer to complete the rehabilitation of the Project, and evidence satisfactory to the City of compliance with the standards and requirements for the roA'1dng of the financing established by the City, as set forth herein; and in connection therewith, the City or its representatives may inspect the relevant books and records of the Developer in order to confirm such ability, intention and compliance. In addition, the City may periodically require certification from either the Developer or such other person deemed necessary concerning compliance with various aspects of this Program. Subsection F. Issuance of Bonds. To finance the Program authorized by this Section the City may by resolution authorize, issue and sell its.revenue bonds in an . aggregate principal amount of approximately $11 ,500,000. The Bonds shall be issued pursuant to Section 462C.07, Subdivision 1 of the Act, and shall be payable primarily from the revenues of the Program authorized by this Section. The costs of the Project are presently expected to be as follows: Acquisition and Rehabilitation Reserves Costs of Issuance TOTAL $10,270,000 1,000,000 230,000 $11,500,000 The costs of the Project may change between the date of preparation of this program and the date of issuance of the Bonds. The Bonds are expected to be issued in October of 1994. Subsection G . Severability. The provisions of this Program are severable and if any of its provisions, sentences, clauses or paragraphs shall be held unconstitutional, contrary to statute, exceeding the authority of the City or otherwise illegal or inoperative by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remAining provisions. Subsection H. Amendment. The City shall not amend this Program, while Bonds authorized hereby are outstanding, to the detriment of the holders of such Bonds. Subsection I. State Ceilln~. $11,500,000 of the state ceiling for private activity bonds, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended, and Chapter 474A of Minnesota Statutes has been obtained with respect to the Bonds. Stm76010 0136-119 3