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• 5. The following fees for the processing of applications are established: <br /> a. A fee of$5000 due upon the submission of the application, and <br /> b. One-half of one percent of the principal amount of the bond due <br /> upon issue of the bond. <br /> The City is to be reimbursed and held harmless for any out-of-pocket <br /> expenses related to the conduit bonding including, but not limited to the <br /> City's issuer council and other legal fees, financial analyst fees, bond counsel <br /> fees, and the City's administrative expenses in connection with the <br /> application. The applicant must execute a letter to the City undertaking to <br /> pay all such expenses even if they exceed the deposit. <br /> 6. The applicant must select a financial advisor or underwriter reasonably <br /> acceptable to the City to assist the applicant in preparing all necessary <br /> application documents and materials. The financial adviser will submit <br /> a letter that establishes the financial feasibility of the project. Applications <br /> may, in the alternative, include a signed letter from a responsible financial <br /> institution or underwriter indicating that the project is economically feasible <br /> and viable and stating that bonds can be successfully sold for the project or <br /> that an individual or institution intends to purchase all of the bonds. <br /> • <br /> All documents shall be subject to the review and comment of the City's own <br /> bond or issuer's council <br /> The applicant must receive approval from the appropriate state agencies, <br /> secure financing and commence construction within one year of the date of <br /> the resolution giving preliminary approval to the project or the housing <br /> program. The Council may approve an extension of the preliminary <br /> approval. <br /> D. Miscellaneous Matters <br /> 1. Refunding - The Council will approve the refunding of an obligation only <br /> upon a showing by the applicant of substantial debt service savings and/or <br /> the removal of bond covenants significantly impairing the financial <br /> feasibility of the project. A 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 <br /> • Council action, a fee of$5000 will be charged. No formal application form is <br /> required. <br /> 3. Deadlines - The Council conducts all conduit bonding matters at <br /> 4 July 19,2001 <br />