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09-09-2019 Council Packet
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09-09-2019 Council Packet
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10/30/2021 1:08:48 PM
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10/16/2019 3:51:59 PM
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City Council
Council Document Type
Council Packet
Meeting Date
09/09/2019
Council Meeting Type
Regular
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<br />607378v1LN140-121 <br />Prior to closing and delivery of the bonds for the project, the applicant must pay to the <br />City, or commit to pay, as the case may be, a one-time administrative fee equal to <br />1.0% of the principal amount of the bond issue amount. Notwithstanding anything to <br />the contrary herein, the administrative fees required by this paragraph will be reduced <br />to the extent needed to ensure that the fee does not affect the tax-exempt status of <br />the bonds under Internal Revenue Code of 1986, amended and related regulations. <br /> <br />6. Should the tax exempt financing request cause the City’s total bonding for the year to <br />exceed $10,000,000 in a year that the City would otherwise be eligible to issue bank <br />qualified bonds, (bonds with tax incentives to banks), any interest rate differential <br />between bank qualified and non-bank qualified bonds shall be estimated and the <br />difference paid by the borrower. If the City would have exceeded this amount without <br />the tax-exempt issue, no differential would be calculated or paid by the borrower. <br /> <br />7. Applications for financing must be made on the forms attached to these Guidelines. <br />In addition, the applicant must furnish a description of the project, together with a brief <br />description of applicant and the proposed financing in such form as required at the <br />time of application. <br /> <br />8. The City may, in its sole discretion, withdraw its preliminary approval of a project any <br />time if in its judgment the purposes of the Act will not be served by going forward with <br />the project and it’s financing. <br /> <br />9. The City may, in its sole discretion, reduce the administrative fee in cases where the <br />borrower’s request is related to a partnership with the City and/or provides a public <br />service benefit to the community as a whole. <br /> <br />
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