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before expiration of the extended authorization deadline. Applications may be in the form of a <br />letter addressed to the City Manager; the application shall describe the proposed project, the <br />amount of recovery zone facility bond financing that is requested for the project, and the <br />proposed purchaser of the recovery zone facility bonds. <br /> <br />Section 3. Standards and Approval. <br /> The City Council may consider any relevant data <br />before approving a project for financing with economic development project revenue bonds that <br />qualify as recovery zone facility bonds. Before approving a project for that financing the City <br />Council shall consider the benefit to the community of the project, the availability of recovery <br />zone facility bond volume cap for the project, and the likelihood that applicant will be successful <br />in having the recovery zone facility bonds issued by December 31, 2010, or any later date <br />authorized by the federal government for issuance of recovery zone facility bonds. The issuance <br />of economic development project revenue bonds that qualify as recovery zone facility bonds may <br />be approved by resolution of the City Council. <br /> <br />Section 4. Effective Date. <br /> ARRA currently requires recovery zone facility bonds to be <br />issued by December 31, 2010. Therefore, this ordinance shall take effect immediately upon its <br />approval by the City Council. <br /> <br /> <br /> <br /> <br />Passed by the City Council this Approved by the Mayor this <br /> <br />____ day of December, 2010 ____ day of December, 2010 <br /> <br /> <br /> <br /> <br />City Recorder <br />Mayor <br /> <br /> <br />Ordinance - Page 2 of 2 <br />