Salinas Municipal Code § 10-94 Applications for financing

Any prospective participant may apply to the city for financing pursuant to this division by filing an application with the city in such form and setting forth such information as the city may require in order to enable the city to evaluate the applicant, the project, its proposed costs and public benefits. All applications shall contain the agreement of the participant to pay expenses, legal or otherwise, which may be incurred by the city in connection with the processing of the application and the financing of the project.

(Ord. No. 1883 (NCS), § 1.)

Upon receipt of an application containing all required information, agreements and undertakings, the city council shall, at such time as is deemed convenient by it, review such application and any staff recommendations with respect thereto. If the city council chooses to approve any application, it shall adopt a resolution in which it accepts and approves such application and the participation of the city in the financing of the project described therein, subject to the provisions of this division, the rules and regulations, if any, and the conclusion of all proceedings undertaken to consummate such financing to the satisfaction of the city.

(Ord. No. 1883 (NCS), § 1.)

Notwithstanding Section 10-95, at any time following receipt of an application, the city council may adopt a resolution stating the city council's intention to issue bonds to finance a project. Such resolution shall state the approximate location of the project, the approximate principal amount of the proposed financing, and the nature of the project, and shall further generally describe the terms of bonds which may be issued to finance the same. In no event shall adoption of such resolution obligate the city to go forward with such financing.

(Ord. No. 1883 (NCS), § 1.)