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RESOLUTION NO. 1848 Page Three • .6. The City will require that the applicant provide . acceptable security to guarantee principal and interest payments of any tax increment obligation and which may be drawn upon by the City when revenues are not sufficient to meet debt service requirements. 7. The applicant shall be required to complete the project as presented and approved from its own funds should the proceeds prove to be inadequate for the purpose . The applicant shall require a 100% performance bond of the building , electrical , mechanical , and other contractors guaranteeing completion of the building according to specifications and within agreed contract prices. 8. The applicant, its agents, or underwriters shall hold harmless the City, its officers , consultants , and agents for any alleged or actual violation of any 'securities laws , state or federal , in connection with any indebtedness for the project. The City may require a surety bond to assure this "hold harmless" provision. 9. The City reserves the right to deny any application for any reason and to revoke approval of an application at any time without liability to the City, its Councilmembers, officers, or agents, to the111 applicant, the underwriter, attorneys , or other counsel associated with the. project. The City' s position is that no applicant has a right to have the City approve or finance any such project and in submitting such an application , the applicant • recognizes and accepts that policy decision whether or not these guidelines are followed in other respects. 10 . The applicant shall have no right to assign any action by the City, its Council or adminitrative staff to any other person or firm. All applications will name the real parties in interest in the project. Adopted this 174-h day of December , 1984 • ATTEST: l 7(_)//.124- : 2' .1-<2" M a y 0F` 14 "/ ( SEAL) /" Clerdministratc} /