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' viable and stating. than bonds can be successfully sold for the project or that ail individual or. institution intends. to purchase all of the bonds. The:'applicant must receive and approval from the appropriate state agencies, secure financing commence construction within one year of the date of the resolution giving preliminary .approval to the project or the housing program. Upon application, the City Council. may approve ah-,extensioii O f the preliminary approval.. The City will OP.oirit bond counsel for the band issue, which will normally be the City's regularly. -retained bona co el. iirsuant to t}ie Industrial Development Act and the Housing Act, consideration of do application for tax exempt financing. must be done at a public hearing. held by the City. Modifications to the project after the .public hearing. and preliminary .approval must be consistent with the scope of the project -as proposed at the time ofpreliminary approval. &• The: City is to be reimbursed and held harmless for and from any out-0 f-pocket expenses related to the tax exempt financing including, but not limited to, legal fees, financial analyst. fees, bond counsel fees, the City staffs expenses in connection Wit-li-the applicatiok deposits -or application. fees required under state law in order to: secure allocation of bonding authority: The. applicant must. execute a .letter to the City undertaking to pay all such expenses. A form of the required letter. is set -forth as Part. VII of these Guidelines: A .non refundable application fee. in the. amount of $500 must. be included with the the appUcatian. submission of 9• Prior to closing and delivery of -the bonds for the prof eet, the' applicant must pay, or commit to pay an administrative fee in the of fount of .5% (,( ct, the* a tlie original principal of the bonds. The administrative fee will be paid iii al ump suin at closing on the bonds: The administrative. fees required by this. paragraph will be adjusted if -nec ry to ensure compliance with the lntemal Revenue Code and.regulations. If the City determines that issuance of the bonds requested by the applicant is reasonably expected to cause goyerxnnental bonds issued by the City in that calendar year to be. ineligible for designation as "qualified tax exempt Obligations" under Section 2 5 3.; : of the Internal: Revenue Code of 1986,.as amended (also known as °`bank �� applicant will be required to reimburse the City,uancequalified', the for any interest rate differential between.bank qualified and n 07bank qualified bo thotids.��s� IQ. Applications for financing must. be made ozr the. forms attached to. these -guidelines. In addition, the applicantt must famish a. desez•fption of the project; a plot plan, elevation of Proposed buildings, landscape, lighting; and site preparation,. together �t�vitlt a brief application. description of applicant .and . the proposed financing in such form as.required.at the time of 1I. The City Council may, .in its sole discretion, impose. conditions exceeding those required under the City building code in respect to. exterior building. materials landsoap"ing; signage 3