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3.2 The City Council may approve the refunding of a tax-exempt issue, but only upon a showing by the <br />applicant of (i) substantial debt service savings, (ii) the removal of bond covenants significantly <br />impairing the financial feasibility of the project, or (iii) both (i) and (ii). A non-refundable <br />application fee in the amount of $3,000 must be included with the submission of the application. <br />In the case of refunding of bonds for which the administrative fee listed in paragraph 5 of Part II <br />have been paid in full, the administrative fee shall be reduced to the greater of $10,000 or <br />0.25% of bond issue amount. If any fees related to the initial bond issue have not been paid, <br />such fees must be paid in full prior to closing the refunding bonds. <br />3.3 Where changes to the underlying documents or credit facilities of outstanding bond issues are to <br />be made and require Council action (including changes that are a "deemed reissuance" under <br />Internal Revenue Service regulation), no administrative fee is charged but a non-refundable fee <br />of $3,000 must be deposited with the City to cover administrative costs. No formal application <br />form is required. <br />3.4 The City may consider requests for tax-exempt financing of projects in the City by other political <br />subdivisions in cases where the project is done in conjunction with other communities, the <br />financing needed for the Oakdale portion not greater than 25% of the total multi-jurisdictional <br />project and the financed portion located within Oakdale is not more than $5,000,000 or where <br />the development provides community services to the vicinity including Oakdale. In these cases <br />the non-refundable application fee must be paid and all procedures through the approval of the <br />preliminary resolution followed. <br />3.5 The City Council conducts all tax-exempt financing matters at regularly scheduled City Council <br />meetings held on selected Tuesdays of each month. Documents for City Council consideration <br />must be at the City office no later than 14 days prior to the next City Council meeting. Council <br />meeting at which the matter is to be considered. In the case of a publicly offered bond issue, the <br />documents, when submitted, may specify a maximum price and maximum effective interest rate <br />if prices and rates have not yet been established. <br />3