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a letter that establishes the financial feasibility of the project. Applications may, in <br /> the alternative, include a signed letter from a responsible financial institution or <br /> underwriter indicating that the project is economically feasible and viable and <br /> stating that bonds can be successfully sold for the project or that an individual or <br /> institution intends to purchase all of the bonds. <br /> All documents shall be subject to the review and comment of the City's own <br /> bond or issuer's counsel <br /> The applicant must receive approval from the appropriate state agencies, <br /> secure financing and commence construction within one year of the date of the <br /> resolution giving preliminary approval to the project or the housing program. <br /> The Council may approve an extension of the preliminary approval. <br /> D. Miscellaneous Matters <br /> 1. Refunding- The Council may approve the refunding of an obligation upon a <br /> showing by the applicant of substantial debt service savings and/or the removal <br /> of bond covenants significantly impairing the financial feasibility of the project. A <br /> fee of$5000 will be charged. <br /> 2. Subsequent Proceedings -Where changes to the underlying documents or <br /> credit facilities of outstanding bond issues are to be made and require Council <br /> action, a fee of$5000 will be charged. No formal application form is required. <br /> 3. Deadlines - The Council conducts all conduit bonding matters at <br /> regularly scheduled Council meetings held on the second, third, and fourth <br /> Monday of each month. Documents for Council consideration must be at the <br /> City office sufficiently in advance for comments, corrections, and placement on <br /> the agenda. In the case of a publicly offered bond issue, the documents,when <br /> submitted, may specify a maximum price and maximum effective interest rate if <br /> prices and rates have not yet been established. <br /> 4. Public Hearings -Published and mailed notice of any required public <br /> hearing may be set and arranged administratively by city staff. <br /> E. Modification of Policy <br /> This policy is intended as a general guide to be followed by the City Council in <br /> considering applications for conduit bond financing. It is not binding on the Council and <br /> may be modified by the Council in the case of any projects for which, at the sole <br /> discretion of the Council, such modification is deemed necessary or appropriate in the <br /> interest of the City. <br /> Amended: April 2010 <br /> Adopted: August 20, 2001 <br /> 4 April 2010 <br />