(A) The final legal step prior to the issuance of industrial revenue bonds is the passage of a bond ordinance by the city, which, if passed, shall include the loan agreement between the city and the applicant and all related financial documents regarding the bonds.
(B) The process for bond ordinance approval shall follow the steps and requirements for the inducement ordinance set out in
§ 37.090 above. The applicant's bond counsel shall prepare a draft of the bond ordinance and submit it to the City Manager or his designee five (5) working days prior to the Commission meeting at which the ordinance is to be considered for first reading. The bond ordinance submitted by the applicant should include, but not be limited to the memorandum of agreement and all other related documents.
(C) Two readings at separate Commission meetings are required for the passage of the bond ordinance.
(Ord. 161-1997, passed 11-20-97)