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RESOLUTION NO. <br />Page Three <br />6:-The-city-wi14-44mit-Tax-fnereent-Pinaneing-for------- <br />-------prejeets-prepesed-bp-nen-prefitr-prepertp-tex-peying- <br />•-------ent4ties: <br />3: <br />6. The City will require that the applicant provide <br />acceptable security to guarantee principal interest <br />payments of any tax increment obligation and which <br />may be drawn upon by the City when revenues are not <br />sufficient to meet debt service requirements. <br />8: <br />7. The applicant shall be required to complete the <br />project as presented and approved from its own funds <br />should the proceeds prove to be inadequate for the <br />purpose. The applicant shall require a 100% <br />performance bond of the building, electrical, <br />mechanical, and other contractors guaranteeing <br />completion of the building according to <br />specifications and within agreed contract prices. <br />9- <br />8. The applicant, its agents, or underwriters shall hold <br />harmless the City, its officers, consultants, and <br />agents for any alleged or actual violation of any <br />securities laws, state or federal, in connection with <br />any indebtedness for the project. The City may <br />require a surety bond to assure this "hold harmless" <br />provision. <br />+o; <br />9. The City reserves the right to deny any application <br />for any reason and to revoke approval of an <br />application at any time without liability to the <br />City, its Councilmembers, officers, or agents, to the <br />applicant, the underwriter, attorneys, or other <br />counsel associated with the project. The City's <br />position is that no applicant has a right to have the <br />City approve or finance any such project and in <br />submitting such an application, the applicant <br />recognizes and accepts that policy decision whether <br />or not these guidelines are followed in other <br />respects. <br />0 <br />