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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 />Section 3 . Standards and Approval. 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 gove 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 />Section 4 . Effective Date. 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 />Passed by the City Council this <br />13th day of December, 2010 <br />Deputy C Recorder <br />Approved by the Mayor this <br />/7 da y of December, 2010 <br />Ma Y29 <br />Ordinance - Page 2 of 2 <br />