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• <br />.~ <br />2 <br /> <br />ARTICLE II <br />Industrial Project <br />SECTION 2.01: In general the issuer should take the following steps <br />(although not necessarily in the following order) to complete an industrial bond <br />project: <br />(1) Locate a qualified industry to establish a project in the <br />community. <br />(2) Have available to it at the outset the assistance and advice <br />of: <br />(a) A financial advisor <br />(b) Bond counsel <br />(c) Its attorney <br />(3) Review the project proposal after all information is made <br />available to it and both determine its feasibility and make findings with reference <br />to whether it tends to further the purposes and policies of the Act for Development <br />of Employment and Industrial Resources of 1977 hereinafter called the Act. <br />(4) Enter into preliminary agreements, subject to obtaining the • <br />approval of the Commission, providing for the construction and financing of the <br />project which may include, among others, the following: <br />(a) Estimate and breakdown of project costs; <br />(b) Preliminary lease terms, mortgage terms, and rental <br />payments (including duties, obligations and responsibilities of the <br />issuer, lessee, and ultimate lessee); <br />(c) Preliminary bond amortization schedule. <br />`(5) Obtain a letter from financial advisor of issuer that project <br />is feasible from a financial standpoint. <br />(6) File application for tentative approval with the Commission. <br />(7) File application for approval with the Attorney General and <br />State Securities Board under provisions provided by law. <br />(8) Prepare and execute final agreements, leases and trust <br />indenture, obtain final approval from the Commission, and issue and sell bonds. <br />SECTION 2.02: In order for the Commission to give tentative approval <br />of a project an issuer shall submit a preliminary application which contains the <br />following: • <br />