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ME <br />Denial : The City reserves the right to deny an application for any reason <br />and to revoke approval of an application at any time before actual issu- <br />ance of bonds or notes without any liability to the City, its Council <br />members, officers or agents to the applicant, the underwriters attorneys <br />or other counsel associated with the project. <br />m) <br />No Assignment: The applicant shall have no right to assign any asserted <br />17ight <br />or privilege" under any a on by the City, its Council or admin- <br />istrative staff to any other person or firm. All applications shall name <br />the real parties in interest in the project including the principal <br />stockholders, if a corporation. <br />C4 W. fil�� I n) <br />Prime Interest Rate: Applications will not be further considered if the <br />prime rate (rate of interest <br />charged on short-term loans to their best <br />corporate customers) of the major financial lonstitution located in St <br />is below twelve percent (12%) at the time scheduled for consideration of <br />preliminary resolut*on* however, the City Council ma. elect to waive the <br />M 1 Y <br />prime rate nuideline if the application provides the maximum. value use on <br />p <br />property proposed to be redeveloped, or would further assist in the redevelop. <br />L6the <br />m <br />ment of a larger area. If the prime rate is below twelve percent <br />t <br />the time scheduled for consideration of the preliminary resolution, the <br />C <br />Council may continue such consideration for a period not to exceed six months <br />o) <br />Applicat-ion- Form: The applicant will be required to complete the application <br />as required Sy—The City, <br />