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<br />d <br /> <br />..' <br />'. . <br /> <br />-' <br /> <br />#c- . <br /> <br />,j <br /> <br />") <br /> <br />.' <br /> <br />If the applicant is a new enterprise, its financial <br />projections shall demonstrate the same level of coverage. <br />It is recognized that circumstances may, in an individual <br />case, permit less coverage. Therefore, the City will <br />review proposals not meeting this criteria, on a case-by- <br />case basis. <br /> <br />BE IT FURTHER RESOLVED, that all bonds and loans shall be issued <br />within one year after approved unless an extension of up to 6 months <br />is granted by the Council. If the bonds and loans are not issued <br />at the end of such period the Council's approval shall lapse and <br />the applicant shall be required to initiate a new application. <br /> <br />BE IT FURTHER RESOLVED, that the following policies shall govern <br />administration, fees, and expenses associated with MIDB and TEM's: <br /> <br />I 1- <br /> 2. <br />:L <br /> 3. <br /> <br />The applicant shall petition the City on a form <br />supplied by the City. <br /> <br />The application shall be accompanied by a fee of <br />$3,000 of which $1,500 shall be considered to be <br />non-refundable. <br /> <br />In addition, the applicant shall be responsible for all <br />expenses incurred by the City in evaluating the application <br />including administrative, legal, planning, fiscal and <br />appraisal costs. These expenses are the responsibility <br />of the applicant whether or not the financing is approved. <br />These expenses shall be deducted first from the application <br />fee and then shall be invoiced by the City and payable <br />prior to closing of the bonds. <br /> <br />4. Unexpended portions of the fee above the non-refundable <br />amount will be refunded upon withdrawal of the applica- <br />tion or action of the Council approving or disapproving <br />the application. <br /> <br />5. The application fee must be filed by such time that the <br />City has completed preliminary projections on the issue. <br /> <br />BE IT FURTHER RESOLVED, in the case of Industrial/Commercial <br />Revenue Bonds that: <br /> <br />; <br />~ i <br /> <br />:) <br />li <br />d <br />:.. <br />, " <br />, . <br />I' <br />~i <br />.";..J <br /> <br />H <br />h <br />'1"'",'.,,,,]1 <br />.. <br />1 <br /><, <br />, <br />" <br />'I <br />,~ <br />'~ <br />",',,:ii <br />j !~ <br /> <br />~'-l:A <br />.;\' <br /> <br />,:~ '~. <br /> <br />1. The applicant shall select and pay the costs of underwriters <br />to prepare all necessary documents and materials required <br />for the bond sale. <br /> <br />2. The bond counsel shall be selected by the City. All costs <br />associated with the use of the bond counsel shall be paid <br />by the applicant. <br /> <br />BE IT FURTHER RESOLVED, in the case of Tax Exempt Mortgage <br />Loans that: <br /> <br />1. The applicant shall submit with the application a financial <br />feasibility letter from an intended lender or underwriter. <br /> <br />-3- <br />