§ 104.307. Resolution of inducement; memorandum of agreement.
Latest version.
At the request of the applicant, the Issuer may, if it decides that the project is
sound, meets the selection criteria specified in Section 104.306 and applicable state
law, and will benefit the City and state and its residents, adopt a resolution of
inducement to authorize the Mayor, the Economic Development Officer, or Chairman of
the City's Industrial Development Bond Review committee, whichever is appropriate,
to sign a memorandum of agreement between the Issuer and the applicant specifying
the terms under which the Issuer will issue industrial development revenue bonds to
finance the project for the applicant. After elected official approval has been obtained
from the Council or the Mayor, this memorandum of agreement may be utilized for the
purpose of applying for a volume cap allocation from the state. Elected official approval
will generally expire one year after it has been granted, unless otherwise provided
in the approval document.
