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reserve to secure the overall financing, or to pay the costs of credit <br />enhancement, such as letters of credit or insurance for the primary issue. <br />Funding for the Council equity position would not come from Council tax <br />revenues. <br />REGIONAL IRB PROGRAM GUIDELINES <br />The following guidelines will govern the implementation of the IRB program. In <br />addition, the guidelines are provided to assist participating municipalities <br />and IRB applicants in developing projects consistent with Council economic <br />development objectives. In determining whether to approve or reject a request <br />for IRB financing, the Council will take into account the factors discussed <br />below. <br />Local Community Consent <br />Projects will only be considered that are approved by a resolution of the <br />governing body of the municipality in which the facility to be financed is <br />located. <br />Consistency With Laws and Ordinances <br />Eligible projects will be consistent with state and federal laws and the <br />charter, ordinances, and resolutions of the municipality within which the <br />project is located. <br />Compatibility With Local and Regional Plans <br />Eligible projects will be compatible with the Metropolitan Development Guide, <br />and with the overall development plans and objec ives o e municipality in <br />which the project is located. <br />Liability <br />Neither the Metropolitan Council, the state of Minnesota, nor the municipality <br />in which the project is located shall be liable for the payment of the bonds" <br />principal or interest. The principal and interest will be payable from <br />revenues produced by the project and such other pledges, guarantees and <br />security interests as shall be approved by the Council and acceptable to bond <br />purchasers. <br />Jobs Creation <br />Projects will be eligible only if it is shown that they will result in the <br />retention of local jobs or a net increase in jobs for the Region. <br />Tax Base Expansion <br />Projects will add to the municipal and regional tax base. <br />Recovery of Costs <br />The Ccuncil intends, to the extent feasible, to recover the costs of <br />administering the program through administrative and application fees and <br />charges. <br />23 <br />