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It is contemplated that the Bonds shall have a maturity of up to forty(40) years <br /> and will be priced to the market at the time of issuance. The Bonds may be issued in two <br /> series, one of which has;a claim on revenues senior to the other. <br /> The City will hire no additional staff for the administration of the Program. The <br /> City intends to select and contract with a financial institution or trustee experienced in <br /> trust matters to administer the Bonds. <br /> Insofar as the City will be contracting with underwriters, legal counsel, bond <br /> counsel, the trustee, and others, all of whom will be reimbursed from bond proceeds and <br /> revenues generated by the Program, no administrative costs will be paid from the City's <br /> budget with respect to this Program except as otherwise provided by resolution of the <br /> City. The Bonds will not be general obligation bonds of the City, but are to be paid only <br /> from properties pledged to the payment thereof, which may include additional security <br /> such as additional collateral, insurance or a letter of credit. <br /> Subsection C. Local Contributions To The Program. It is presently contemplated <br /> that there will be a local contribution of funds to the Project consisting of tax increment <br /> financing by the Authority or the City for Land acquisition and certain public costs, <br /> together with an appropriation of funds for a local contribution. <br /> Subsection D. Standards and Requirements Relating to the Financing of the <br /> Projects Pursuant to the Program. The following standards and requirements shall apply <br /> with respect to the operation of the Project by the Owner pursuant to this Program: <br /> (1) Substantially all of the proceeds of the sale of the Bonds will be <br /> used to provide funds for the acquisition and construction of the Project. The <br /> funds will be made available to the Owner pursuant to the terms of the Bond <br /> offering, which may include certain covenants to be entered into between the City <br /> and the Owner. <br /> (2) The Owner will not arbitrarily reject an application from a <br /> proposed tenant because of race, color, creed, religion, national origin, sex, <br /> marital status, or status with regard to public assistance or disability. <br /> (3) No Housing Unit may be in violation of applicable zoning <br /> ordinances or other applicable land use regulations, including any urban renewal <br /> plan or development district plan, and including the state building code as set <br /> forth under Minnesota Statutes, Section 16.83, et seq. <br /> Subsection E. Evidence of Compliance. The City may require from the Owner or <br /> such other person deemed necessary at or before the issuance of the Bonds, evidence <br /> satisfactory to the City of the ability and intention of the Owner to complete the Project, <br /> and evidence satisfactory to the City of compliance with the standards and requirements <br /> for the making of the financing established by the City, as set forth herein; and in <br /> connection therewith, the City or its representatives may inspect the relevant books and <br /> records of the Owner in order to confirm such ability, intention and compliance. In <br /> addition, the City may periodically require certification from either the Owner or such <br /> other person deemed necessary concerning compliance with various aspects of the <br /> Program. <br /> Subsection F. Issuance of Bonds. To finance the Program authorized by this <br /> Section, the City may by resolution authorize, issue and sell its Revenue Bonds in one or <br /> more series, and using any additional credit enhancement devices determined by the City <br />