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' ' 1 OLUTION 79-5 <br /> page 5 <br /> 3) A certificate is furnished which indicates that the building <br /> and the furnishings value shall be equal to at least 90% of <br /> ipthe total amount of the issue. <br /> 4) Net earnings statements for the last three years must show that <br /> net earnings exceed the total anticipated annual cost of debt <br /> service on the issue by two times. <br /> VII. All data required herein shall be furnished by the applicant to the <br /> City of Elk River at least thirty days prior to the meeting at which <br /> the City Council is to consider the resolution for the prelims <br /> approval of the project. <br /> VIII. The applicant shall select qualified financial consultants and/or <br /> underwriters to prepare all necessary documents and materials required <br /> a Municipal Industrial Development Bond sale, who will submit a <br /> for.. Munk I pm , <br /> pa <br /> letter of intent which establishes the favorable feasibility of the project. <br /> IX. The applicant must not commence any part of the construction of the <br /> project until there has been preliminary approval by the Council of the <br /> application for financing. <br /> X. The City Council reserves the right to deny any application for <br /> financing at any stage of the proceedings prior to adopting the final <br /> resolution authorizing issuance of industrial development bonds. <br /> XI. The City is to be reimbursed and held harmless for and from any out-of— <br /> pocket cost related to the actual or proposed issuance of the bonds, <br /> including, but not limited to, legal fees and financial analysts fees. <br /> In addition thereto, the applicant shall pay a filing fee of $100.00 upon <br /> submission of the application, and post a cash deposit, bond, or letter <br /> of credit in the amount of of 1% of the total amount of the proposed <br /> bond amount. <br /> XII. The City's goal will be to approve applications meeting all the above <br /> policy criteria and, further, that applicants be well established <br /> companies with good performance records and good future prospects and/or <br /> new companies whose performance indicates a sound future in, terms of <br /> earnings prospects and product acceptance. <br /> Adopted this 16th day of April, 1979 by the Elk River City Council. <br /> Fa <br /> ATTEST: Franklin Madsen, Mayor <br /> Robert C. Midd=ugh, City�•a nistrator <br />