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-4- <br />thc, t,ix-(,x,-ml t, mortgage is :; i mi I'll- t() cin f <br />L rictus t r i a 1 I)t_ vi' l c?I rr nt. Revenue Bond with the except i ors that <br />? <br />the tax-exempt_ mo?rt( <br />_lc.rge is structured and presented in a m,).nn(-,r <br />identical to that of a conventional mortgage loan and pro jvcts • f <br />which area legally eligible for I.R•B financing can be <br />evaluated on the basis of traditional mortgage loan under- <br />writing principles. <br />NOW THEREFORE BE IT RESOLVED, by the council of the City <br />of New Brighton, That, in considering an application for a <br />tax-exempt mortgage loan: <br />i • <br />'i 1) The Council recoHnizes that the guidelines required <br />for Industrial Revenue Bonds are not directly <br />applicable to tax-exempt mortga(les, but desires that <br />the guidelines be utilized to the extent possible in <br />considering tax-exempt mortgages. <br />2) The Council shall require a financial feasibility letter <br />from an intended lender or underwriter to accompany <br />an application for a tax-exempt mortgage. Preliminary <br />approval of the application would be by resolution. <br />i 3) The Council shall require a commitment letter from the <br />intended lender for a tax-exempt mortgage before <br />approving a final resolution for a tax-exempt <br />mortgage. <br />t? 4) The Council shall reserve the right to approve or <br />f: <br />disapprove all applications for a tax-exempt <br />mortgage on an individual case-by-case basis. <br />5) All expenses incurred by the City in connection with the <br />tax-exempt mortgage shall be required to be paid by the <br />applicant whether or not the tax-exempt mortgage loan is <br />Closed or not, and the City shall determine whether a <br />depos=it is required or not on an individual case-by- <br />case basis. <br />Adopted this 13th day of February 1979 <br />tr'A !/' <br />ATTEST: ames W. Senden, Mayor <br />Vernon C. Pederson, Clerk Manager <br />(SEAL) E