(A) It is the policy of the City Council that in all instances where the city is requested to provide financing through an industrial building revenue bond issue for the expansion, equipping, or refinancing of a facility with respect to which there is an outstanding issue of city industrial building revenue bonds pursuant to which legal title to the facility is in the city and thereby exempt from real estate taxation, and in which the lessee of that facility has the option to renew the lease and thereby continue the real estate tax-exempt status of the facility for at least ten years beyond the final maturity of the outstanding industrial revenue bond issue, then the city shall charge an issuance fee as set out below for such new issue of bonds.
(B) The issuance fee shall be in the amount of $5,000 or .15% of the new bond issue, whichever is greater.
(Ord. O-6-82, passed 2-23-82)