The action of the Issuer in entering into a memorandum of agreement with the applicant
for the issuance of industrial development revenue bonds shall not be construed as
indicating the marketability of the bonds, but shall only be an expression of general
intent that the Issuer will issue the bonds if a willing purchaser can be found and
upon the execution of bond sale documents mutually agreeable to all parties. The obligation
for repayment of industrial development revenue bonds rests solely with the applicant
and neither the Issuer, the City (if not the Issuer), the state nor any municipality
therein is responsible for their repayment or any associated expense. Accordingly,
it is the legislative policy that, subject to the conditions contained herein or as
may be adopted from time to time, the manner in which the bonds are sold shall be
the prerogative of the applicant, so long as the sale complies with applicable federal
and state laws and the express policies in this Part. The Issuer shall not require
a particular investor, financial institution or investment banker to be used in the
sale of the industrial development revenue bonds, if the applicant's selection is
deemed responsible by the Issuer and is duly authorized to perform these services
in accordance with the requirements of Florida law. The Issuer may, in its discretion,
(i) require that its governing body approve by resolution all final terms of sale
of the bonds, or (ii) specify guidelines and parameters for such final terms of sale
of the bonds without further approval by its governing body. In such later case, the
Issuer shall require notification after the sale of the bonds as to the total amount
actually sold, the term of the bonds, the date of sale, interest rate and the purchaser
and its compensation, all in addition to disclosures required by state law. This information
shall be received in writing by the Issuer not later than 24 hours after the sale
of the bonds. In addition, the applicant shall forward a bound copy of all executed
closing documents, or a CD containing all such documents, to the Issuer within 60
days after the closing on the bond issue.
