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<br /> <br />3. If the applicant is an established firm, it shall be <br />found that the net revenues, before deducting depreci-t <br />and interest charges on existing debt (and/or lease <br />rentals on other equipment and facilities) and Federate <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 <br />projections shall show not less than 1-1/2 times cover. <br />If the applicant is a new enterprise its financial ', <br />projections shall show the same level of coverage. Zt~~~ <br />is recognized that circumstances may, in~an individual i <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. i <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. nn appraisal may be required to verify <br />fair market rental value. <br />.~ <br />5. All administrative, legal, planning, fiscal, appraisingi <br />and any other expenses incurred by the City in connects n <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 />~oriters to prepare all necessary docur.~ents and materia <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 discretion. <br />7. <br />The City shall select bond counsel for the project. <br />The fees of bond counsel shall be paid by the applican . <br />