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. . whether or not the City agrees to finance the project or whether or not the project Is constructed. . e) Equity: The City may require the applicant to establish and maIntaIn a sIgnificant equity In the structure and to maIntain a reserve balance or deposit of securIties with or for the benefit of the City, or lease Insurance to protect against a lease payment default. or satisfactory evidence of mortgage Insur- ance, or a wrItten confirmation by a netlonally known credit rating service that the bonds or other Invest- ment instruments carry a ratIng satisfactory to the City. f) Guarantee: The applicant may be required to guarantee payment of the principal and Interest and premium. If any, of the bonds Issued, and the City may require an addItional guaranty by any related entity to the applicant and the tenants. g) Completion: The applicant shall be required to complete the project as described from Its own funds should the bond or note proceeds prove to be Inadequate for such purpose. The applicant Shall require payment and performance bonds of the building, electrical, mechanical and other contractors for the full llmount of their contracts. h) Hold Harmless: The applicant, the purchaser of notes, and. If underwriters are Involved In the Issuance and sale of bonds, shal I hold harmless the City, its officers, employees. consultants and agents for any alleged or actual violation of any securities laws, state or federal. in connection with the Issuance of bonds or notes for the project. The City may require a bond or appropriate Insurance to assure this "hold harmless" provlslo~. I) Administrative Fee: In consideration of the City's making such tax exempt financing available and to assist the City further In defraying Its present and future administrative expenses, the applicant shall, subject to applicable federal arbitrage regulations, pay to the City the sum of $10.000 or I~ of the amount financed, whichever Is greater, which shall be used by the City for any other expenses In connection with the project, or for any other City purpose. To the extent permitted by law, the City wi II allow the applicant to use this cost as a project cost for financing purposes. . j) Denial: The City reserves the right to deny an application for any reason and to revoke approval of an application at any time before actual Issuance of bonds or notes without any liability to the City. Its Council members, offIcers or agents to the applicant, the underwriter, attorneys or other counsel associated wIth the project.