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-2- f) Whether the fair market rental value for general purposes (note solely for the applicant's purpose) is equal to the annual principal and interest as they will become due during the life of the issue and whether the appraised value is equal to the principal amount of the note or bonds to be issued. g) Whether total aggregate amount of industrial development bonds and/or exempt mortgages outstanding at anyone time shall not exceed 5% of the total assessed (taxable) valuation of the City. Section 5. Application Reguirements: At least 20 days prior to the Council adopting a resolution settlng the public hearing date on the proposed project and any Council action adopting a preliminary resolution, the applicant shall supply to the City and its authorized agents, together with an executed copy of the City's application form the following: a) Before any City consideration can be given, proposals investigated, or staff and advisor's time expended, a non-refundable cash payment in the amount of $5,000 shall be paid to the City. In addition, a $10,000 cash deposit shall be deposited with the City to be used for administrative and consulting costs, any balance of such deposit will be refunded after all costs are paid. Both sums shall be paid to the City at the time the application and supporting data is filed. b) A statement defining the projects showing its compliance with MS 474 in detail, and indicating the number of jobs created, yearly anticipated payroll, and tax base being created. c) A detailed breakdown of all elements of anticipated costs, not just a general statement of total costs anticipated. d) The applicant shall be required to furnish certified annual audits for the last three fiscal years, the most current rating report of Dun & Bradstreet, if any, and the applicant's reasonably anticipated financial forecasts for a period of not less than three years. e) A list of all officers and directors, together with their biographies and personal financial statements if the bonds will be guaranteed by them. f) An underwriter1s or investment banker's letter as to proposed interest rates and possibility of placement. g) An attorney's opinion regarding the legal entity involved and status of title of the land involved. h) A complete legal description and surveyor certification thereof and survey. i) A schedule and timetable of the planned construction. j) A statement as to the environmental impact, effect on surrounding properties, and any other similar or pertinent comments. k) A statement that the applicant agrees to pay all costs incurred by the City and its agents in processing the application if not covered by the sum previously deposited with the City.