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(A) These guidelines and procedures shall apply to any application to the city for projects in which industrial revenue bond financing is authorized by KRS Ch. 103.
(B) It is the policy of the city to approve the issuance of industrial revenue bonds to assist projects which will benefit the entire community, and for which other forms of financing are not feasible or desirable.
(C) Although industrial revenue bonds do not constitute an indebtedness of the city, and are paid solely from the revenues derived from the specific project, since the success or failure of each bond issue may affect future bond issue ratings of the city, the merits of each application will be carefully examined.
(D) Eligibility of projects for industrial revenue bond financing shall be governed by applicable state and federal law, regulations and procedures concerning the issuance of industrial revenue bonds. It is the applicant's responsibility to establish the necessary contacts with the Kentucky Bond Oversight Committee, Kentucky Development Finance Authority, 24th Floor, Capitol Plaza Tower, (502) 564-4554, Frankfort, Kentucky, 40601.
(E) The city encourages the use of local architects, engineers, attorneys and contractors in the development of a project financed with industrial revenue bonds.
(F) The applicant's bond counsel is required to be registered with the Municipal Bond Buyers Index of Municipal Attorneys of the United States and is subject to the approval of the city.
(G) The city requires a knowledgeable representative of the applicant to be present at all hearings and at times reasonably requested, including all phases of the Board of City Commissioner's meetings for discussion, consideration and possible approval.
(H) The city reserves the right to select a bond counsel and/or fiscal agent to act on behalf of the city to review a project for the city, such costs to be borne by the applicant.
(I) The city considers approval of a request for industrial revenue bond financing a discretionary and not a mandatory action on its part. Additionally, the city reserves the right to reject any or all applications for industrial revenue bond financing.
(J) Regardless of the financing mechanism utilized in the bond structure, the city shall require full taxes or an equal amount in the form of a payment in lieu of taxes.
(K) All timing requirements of the city's procedural guidelines shall be followed by each applicant for industrial revenue bonds unless waived by the City Manager due to the existence of extenuating circumstances.
(L) The applicant shall note that the application process does not assure adoption within any specified time frame other than the city shall deal with the application in a reasonably prudent manner.
(M) The city reserves the right to impose additional requirements to the terms of any bond issue, whenever deemed in the city's discretion such terms are necessary for interest of the community.
(Ord. 161-1997, passed 11-20-97)