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PART III MISCELLANEOUS MATTERS 1. Ratings. Tile City will give its most. favorable. consideration to proposed tax exempt bond issues that. have the same -rating as the City's obligations by Moody., Investment Service or Sta .4Nd 4 Poor's Corporafion. Issues carrying lower ratings or .don rated issues may be sold only to institutional or other investors on a private placement basis. and must be in. denominations of at least W0,000. The City Council may depart from this guideline when in itt. judgment the project is nf:a level of merit and public Purpose to justify. the departure_ _ --- --- — --- anei-in case a such► aeparture the City Co-cil must state its reasons Therefor in. the resolidibn:awarding the sale of the bonds. 2. Refunding. The -City will .normally approve the refunding of a tax-exempt issue but -only upon a showing by the .applicant of (i) substantial. debt service savings, (ii) the removal -of* bond covenants. signifiea ntly impairing the financial feasibility of the project, or (W) both (i) and (ii). In the case of reiundings of bonds for which. the administrative fee listed in paragraph 9 of Part II have been paid in full, no new administrative fees are required; but: the non-refundable application fee must be. paid together with all City expenses in excess of that fee. In the case of refund' wigs. of bonds where no administrative fee has.. been paid, the administrative fees listed in paragraph.9 of Part Il must be paid. The application form -is to *be- appropriately modified, .Subsequent Pioceedings. Where changes tb the underlying documents or credit facilities of outstanding. bond.issues are to be.made and require Board. action. (including changes that are: a "deemed reissuance" under Internal Revenue Service regulations), no administrative fee is charged but. a. non-refundable :fee of $500 must be deposited with the City to cover administrative cpsts. No formal application form is required. 4. Issue *by Another `Political Subdivision. T`he City will* consider requests- fbt tax exempt financing of projects in the City by other political subdivisions. In. these cases the non- refundable application fee must be paid and all procedures through the. approval of the preliminary resolution followed. No..administiative fee is charged, except actual cost incurred by the City must be reimbursed. The.-Ciiy _reserves. the:right. to reject.such requests for any rew.n; including without limitation a determination by the City that. such issuance by another political subdivision would -impair the City.'s abilaty to issue governmental bonds as "bank qualified bonds" (as deffned in Part II, paragraph 9) in -that calendar year. 5. City Contact: Initial. contacts about tax-ekempt.firiancing are.made by contacting. - City Clerk White Bear Township 1281 Hammond. Road White Bear Tbwnsbip, MN 55I I.0 5