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<br />-4- <br /> <br />h) <br /> <br />Guarantee: The applicant will be required to guarantee payment of <br />the principal and interest and premium, if any, of the bonds issued, <br />and the City may require an additional guaranty by any related entity <br />to the applicant and the tenant. <br /> <br />Completion: The applicant shall be required to complete the project as <br />described from its own funds should the bond or note proceeds prove to be <br />inadequate for such purpose. The applicant shall require payment and <br />performance bonds of the building, electrical, mechanical and other <br />contractors for the full amount of their contracts. <br /> <br />i) <br /> <br />j) <br /> <br />Hold Harmless: The applicant, the purchaser of notes, and, if under- <br />writers are involved in the issuance and sale of bonds, shall hold harmless <br />the City, its officers, employees, consultants and agents for any alleged <br />or actual violation of any securities laws, state or federal, in connect- <br />ion with the issuance of bonds or notes for the project. The City may <br />require a bond or appropriate insurance to assure this IIhold harmlessll <br />provision. <br /> <br />k) <br /> <br />Administrative Fee: In consideration of the City's making such tax <br />exempt financing available and to assist the City further in defraying <br />its present and future administrative expenses, the applicant shall, sub- <br />ject to applicable federal arbitrage regulations, pay to the City the sum <br />of $10,000 or 1% of the amount financed, whichever is greater, which shall <br />be used by the City for any other expenses in connection with the project, <br />or for any other City purpose. To the extent permitted by law, the City <br />will allow the applicant to use this cost as a project cost for financing <br />purposes. <br /> <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 underwriter, attorneys <br />or other counsel associated with the project. <br /> <br />No Assignment: The applicant shall have no right to assign any asserted <br />IIright or privilegell under any action 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 /> <br />1) <br /> <br />m) <br /> <br />n) <br /> <br />Prime Interest Rate: Applications will not be further considered if the <br />prime rate (rate of interest charged on short-term loans to their best <br />corporate customers) of the major financial institution located in St. Paul <br />is below twelve percent (12%) at the time scheduled for consideration of <br />the preliminary resolution; however, the City Council may elect to waive the <br />prime rate 0uideline if the application provides the maximu~ value use on <br />property proposed to be redeveloped, or would further assist in the redevelop- <br />ment of a larger area. If the prilT!e rate is below twelve percent (12%) at <br />the time scheduled for consideration of the preliminary resolution, the <br />Council may continue such consideration for a period not to exceed six months. <br /> <br />0) Application Form: The applicant will be required to complete the application <br />as required by the City. <br />