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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 fox 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 significanfly 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 fox 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 ox appropriate in the <br />interest of the City. <br />Anie,~cied: 1 ri12010 <br />Adopted: August 20. 2001 <br />. -) Deleted: Augusx 2001 <br />4 ~.: _ <br />