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3)The project application also meets requirements of paragraph a, e, f and g of these guidelines. <br />Procedures <br />a.The applicant shall make an application for financing on forms available from the Finance <br />Department of the City of Bloomington. The completed application is to be returned to the Chief <br />Financial Officer, accompanied by the processing fee, whereupon the application will be forwarded <br />to the City Council with a Staff recommendation. Specific findings shall be made and recited <br />regarding the criteria as well as satisfaction of public purposes of the Conduit Bonds Acts. <br />b.The application cannot be considered by the City until tentative City Code findings and requirements <br />have been made with respect to zoning, building plans, platting, streets and utility services. <br />c.The applicant shall submit a timetable for completion of the project as part of the application and <br />any apparent major deviation from that timetable will automatically cause the application to be <br />brought back to the City Council for review. This timetable must relate to the State timetable for <br />entitlement and pool allocations. The financing must be completed within the calendar year for <br />which application is made. <br />d.The applicant is to select qualified financial consultants and/or underwriters, as well as legal <br />counsel, to prepare all necessary documents and materials. The City may rely on the opinion of such <br />experts and the application shall be accompanied by a financial analysis (pro forma income <br />statement, debt service coverage, mortgage terms, etc.) by the underwriter as to the economic <br />feasibility of the project and the underwriter’s ability to market the financing. Financial material <br />submitted is to also include most recent fiscal year-end, audited, financial statements of the <br />applicant and/or of any major lessee tenant, if readily available. <br />e.Further, in the case of the tax exempt mortgage placements, the applicant will be required to <br />furnish the City, before passage of the Final Resolution, a comfort letter (but not necessarily a letter <br />of commitment) from the lending institution, to the affect that said lending institution has reviewed <br />the economic feasibility of the project, including the financial responsibility of the guarantors and <br />find that, in their professional judgment, it is an economically viable project. <br />f.The applicant shall furnish along with the application, a description of the project, plat plan, <br />rendering of proposed building, etc., and a brief description of the applicant company, all in such <br />form as shall be required at the time of application. Such of this data as necessary may be furnished <br />to members of the City Council for background information. <br />g.If an allocation of bonding authority is required under Minnesota Statutes, Chapter 474A, as <br />amended (“Chapter 47 4A”, the applicant shall be required to pay any required application fee and <br />provide any required application deposit as specified in Chapter 474A, without regard to whether <br />the application fee or application deposit will be refunded. <br />h.The applicant shall covenant in the applicable conduit bond documents to comply with all applicable <br />requirements of the Internal Revenue Code of 1986, as amended (the “Code”), and the applicable <br />FINANCIAL MANAGEMENT POLICIES City of Bloomington