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08/08/2005 Council Packet
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08/08/2005 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
08/08/2005
Council Meeting Type
Regular
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Prior to closing and delivery of the bonds for the project, the applicant must pay to <br />the City, or commit to pay, as the case may be, a one -time administrative fee equal <br />to 1 % of bond issue amount. Notwithstanding anything to the contrary herein, the <br />administrative fees required by this paragraph will be reduced to the extent needed <br />to ensure that the fee does not affect the tax - exempt status of the bonds under <br />Internal Revenue Code of 1986, amended and related regulations. <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 <br />without the tax - exempt issue, no differential would be calculated or paid by the <br />borrower. <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 <br />brief description of applicant and the proposed financing in such form as required at <br />the time of application. <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 <br />with the project and it's financing. <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 provides a public <br />service benefit to the community as a whole. <br />
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