(A) Following completion of the review process described in § 37.03 above, an inducement resolution and memorandum of agreement, setting forth the general terms and conditions of the loan arrangement and other matters pertaining to the project shall be forwarded to the City Council for consideration. The City Council may request any additional information it deems necessary to adequately review the project.
(B) If the inducement resolution is passed, the passage would constitute an expression of the intent of the City Council to issue industrial building revenue bonds to finance the applicant's project. Passage of the inducement resolution must precede any expenditures by the applicant for the project in order for the expenditure to be eligible for reimbursement from the proceeds of the bonds issued to finance the project.
(C) The city, as consideration for the issuance of the bonds and the use of the proceeds to finance a qualified project, will enter into a loan agreement with a successful applicant. The applicant will acknowledge its obligations under the agreement by a note which will require payments of principal and interest corresponding in time and amount to the principal and interest payments becoming due on bonds issued to finance the project.
(Ord. 07-2002, passed 4-16-2002)