§ 104.305. Application for issuance of bonds; fee.

Application for the issuance of bonds pursuant to this Part shall be made in writing by the applicant to the Economic Development Officer and shall include the following information:

(a)

The applicant's name, its parent company's name, the names of the principal operating officers, business address and telephone number.

(b)

A description of the applicant, its history and operations, including the state(s) of incorporation.

(c)

A description of the proposed project, including its function.

(d)

A specific amount (in U.S. dollars) of the proposed industrial development revenue bonds and a statement by the applicant as to the allocation pool (state or County) from which the bonds are requested to be allocated.

(e)

A detailed schedule of the intended use of the bond proceeds with regard to land acquisition, renovation, construction, engineering and architectural fees, machinery and equipment and legal and financial fees.

(f)

A statement indicating the applicant's estimate of company performance as a result of new investment made possible by industrial development revenue bonds, including the number of new employment positions to be created. This statement shall include a listing of the types of new jobs to be created, including job title of the personnel to be hired, if known.

(g)

A statement indicating the proposed security for the bonds.

(h)

A statement as to the project's compliance with applicable federal, state and local laws, to the effect that interest on the bonds will be exempt from federal income taxation, together with an opinion of the applicant's legal counsel as to the project's compliance with all other applicable laws and regulations. This opinion shall also note under which definition of project in the Florida Industrial Development Financing Act the proposed project intends to qualify and shall contain statements as to whether the project is subject to the state allocation cap, whether the project qualifies as a priority project, and whether the project requires or would be eligible for carryforward consideration.

(i)

The economic and environmental impact of the project upon Duval County and the municipality, if any, in which the project is to be located, together with letters from the appropriate authorities giving evidence of the availability of all necessary utilities and other required public services.

(j)

Independently audited or reviewed financial statements for the applicant for the preceding three years or for such other period as may be required and a schedule of principal repayments of long-term liabilities for such period. In the event of a new company, a letter of commitment from a recognized bank and/or underwriter may be accepted in lieu of the financial statements or in the event the applicant is a wholly-owned subsidiary of a parent company, and no separate financial data is available for such subsidiary, the consolidated financial statements of the parent company may be accepted. All applications submitted shall include that financial information required by and in the detail specified in F.S. § 159.29(2).

(k)

The names and addresses of the attorney and certified public accountant who presently represent the applicant.

(l)

A statement as to the applicant's intent to go, or not to go, through validation proceedings as permitted by the Council, which statement shall also be included in all legal documents pertaining to the issue.

(m)

Copies of all proposed documents which will be utilized in connection with the sale of the bonds, which may be submitted after preliminary approval by the Issuer.

(n)

A draft of the resolution to be considered by the Issuer.

(o)

A draft of the resolution to be considered by the Council giving elected official approval of the bonds in a form approved by the Office of General Counsel.

(p)

Application fee. The amount of the fee is found in www.coj.net/fees .

The application shall be accompanied by payment to the Issuer of a nonrefundable application fee. Applicants shall pay to the Issuer at closing an issuance fee of 0.25 percent of the principal amount of the bond issue, provided that with respect to an applicant that is a not-for-profit organization described in Section 501(c)(3) of the United States Internal Revenue Code, (i) the issuance fee to be paid by such applicant shall not exceed $25,000 and (ii) to the extent that such applicant (including for this purpose affiliates of such applicant that are obligated to repay such bond issue) demonstrates that such applicant is a health care provider that provides indigent patient health care to residents of the City, an amount equal to one-sixth of the amount of such indigent patient health care provided during such applicant's most recent fiscal year for which audited financial statements are available shall be taken as a credit against the issuance fee. All applicants shall also pay at closing all fees charged by the Issuer's special review counsel for its review of the bond documents and representation of the Issuer. As provided in Section 490.108, Ordinance Code, the provisions of this Section 104.305, Ordinance Code, relating to the amount of the application fee, issuance fee and special review counsel fee, shall apply to all bonds issued pursuant to Chapter 490 (Jacksonville Health Facilities Authority), Ordinance Code, in the manner provided in Section 490.108, Ordinance Code. Should inordinate costs occur to the City in the review of the application, such as travel, express mailing or other such extended review costs, the applicant shall be responsible for reimbursement or payment of these costs. Both the application fee and the issuance fee shall be deposited into the City's Countywide Economic Development Fund. If it is intended that interest on the industrial development revenue bonds be excluded from gross income for federal income tax purposes, then the sum of the application fee and the issuance fee shall be reduced, if necessary, to the maximum fee permitted by applicable federal income tax laws and regulations, as advised by bond counsel for the issue.

(Res. 82-1110-382; Ord. 83-591-400, § 1; Ord. 83-1237-716, § 3; Ord. 85-133-3, § 1; Ord. 2006-1125-E, § 2; Ord. 2010-354-E, § 2; Ord. 2012-681-E, § 1; Ord. 2017-665-E , § 3)