The president and the board of trustees shall consider each application for revenue bonds presented to them. Compliance with the procedure herein shall not be construed as obligating the president and the board of trustees to favorably act upon any application. The issuance of any bond pursuant to this article is wholly at the discretion of the president and the board of trustees, such discretion being limited only as otherwise required by law. The president and the board of trustees reserve the right to have the applicant appear before them to explain the proposal and answer any questions. (Ord. 0-06-21, 5-1-2006)