§ 104.306. Application review.

(a)

Application submission . The application must be submitted to the Issuer at least two weeks prior to the meeting of the appropriate Issuer committee which will consider the application. Bond counsel should be engaged and directed to contact the Issuer for presentation of the initial resolution of inducement authorizing the proposed industrial development revenue bond issue for the project. The Issuer will not require a particular bond counsel or law firm to be used for preparation of legal documents or bond validation for the industrial development revenue bonds, if the applicant's selection is nationally recognized bond counsel capable of performing these services in accordance with the requirements of Florida law.

(b)

Application review criteria . Unless waived by the Issuer for good cause shown, the Issuer shall adhere to the following selection criteria, policies and procedures in considering bond project approval pursuant to this Part:

(1)

No project shall create a materially adverse effect on the environment.

(2)

No conduit bond issue will be sold in the public bond market without a minimum rating from at least one of the three major bond rating agencies of "A" or better without regard to modifiers. If the rating is achieved based upon third party credit enhancement, the bond documents must prohibit any remarketing of the Issuer's bonds by a remarketing agent, following an optional or mandatory tender for purchase and remarketing, without such minimum rating, unless the Issuer has given its prior written approval to remarket such bonds without the minimum rating.

(3)

A conduit bond issue which does not meet the requirements of (2) above must meet the requirements of (i) or (ii) below:

(i)

A company which is required to file annual or more frequent financial information under a governmental regulatory scheme such as, but not limited to, the Securities Exchange Act of 1934, must meet the following requirements to market its bonds:

(A)

The bonds must be offered only to "qualified institutional buyers" as defined in Rule 144A of the Securities and Exchange Commission ("SEC") in a transaction which qualifies for exemption under Rule 15c2-12(d)(1) of the SEC; and

(B)

An offering document shall be prepared for use in marketing the bonds which must have a legend prominently displayed in bond type that the offering is made only to qualified institutional buyers; and

(C)

The company for whose benefit the bonds are issued must enter into a continuing disclosure agreement to provide the information required under Rule 15c2-12 of the SEC, whether or not the transaction would be exempt from such requirements under such Rule.

(ii)

A company not described in (i) above must meet the following additional requirements to market its bonds:

(A)

The bonds shall be issued in fully registered, certificated form only (not book entry) and shall be marketed only in minimum denominations of $250,000 to investors who deliver an investment letter to the Issuer or its issuing trustee in form satisfactory to the Issuer and its counsel and who agree to resell the bonds only to a purchaser who delivers a similar letter to the Issuer and its counsel as a condition to transfer of ownership on the books of the bond registrar.

(4)

Upon request, and upon demonstration of good cause shown, the Issuer may approve marketing the bonds to "accredited investors" as defined in Regulation D of the Securities and Exchange Commission in addition to, or in lieu of, marketing to "qualified institutional buyers;" and may waive any of the above requirements in its sole and absolute discretion, or may impose additional requirements if in its sole and absolute discretion the credit risk of the company's bonds requires such additional safeguards."

(Res. 82-1110-382; Ord. 83-591-400, § 1; Ord. 85-133-3, § 1; Ord. 2006-1125-E, § 2)