The president and board of trustees shall consider each application for industrial revenue bonds which is presented. Compliance with the procedures set forth herein shall not be construed as obligating the president and board of trustees to act upon the application favorably. The issuance of such bonds pursuant to this article is wholly at the discretion of the president and board of trustees. The president and board of trustees reserve the right to have the applicant appear before them to explain the proposed development and answer any questions. (Ord. 0-81-26, 4-6-1981)