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- 3- <br />t. <br />0 <br />I <br /> <br />' 3. I <br />If the applicant is an established firm, it shall be <br /> found that the net revenues, before deducting depreclati01) <br />j and interest charges on existing debt (and/or lease <br /> rentals on other equipment and facilities) and Federal <br /> and State income taxes, shall have been,for the last <br /> two (2) previous accounting years,not less than 1-1/2 <br /> times the annual principal and interest due on the <br /> applicant's debt now outstanding and the principal and :. <br /> interest payments on the bonds proposed to be issued. <br /> If the project does not have the two previous <br /> accounting years to use for the base, pro forma i <br /> projections shall show not less than 1-1/2 times cover. <br />i <br />i w <br />If the applicant is a new enterprise its financial <br />It! <br /> projections shall show the same level of coverage. <br />i is recognized that circumstances may, inian individual <br /> case, permit less coverage. Therefor, the City is <br /> willing to review proposals not meeting this criteria <br /> if the individual case facts justify less coverage. <br />4. The fair market rental value of the building must be <br /> equal to or exceed the total amount of bonds and <br /> interest due. An appraisal may be required to verify <br /> fair market rental value. <br />5. All administrative, legal, planning, fiscal, appraising <br /> and any other expenses incurred by the City in connection <br /> with the proposed project will be paid by the applicant <br /> whether or not the bonds are issued. <br />6. The applicant shall select, at its expense, under- <br /> writ.ers to prepare all necessary docucients and materials <br /> required for the bond sale. The underwriter shall <br /> employ its own counsel. The City reserves the right <br /> to reject an underwriter at its sole discretidn. <br />7. The City shall select bond counsel for the project. <br /> The fees of bond counsel shall be paid by the applicant-.