Limitations

(1) The Committee will not approve applications for Certificates of Public Purpose and Necessity on any projects for which issues of both Revenue and General Obligation bonds are proposed. (2) Applications for Certificates will be refused on proposed projects for which (site) contractors and/or securities dealers have been granted commitments in advance by the municipality. The municipality, as the agency authorized to issue bonds and as owner of the property, shall have exclusive control of the project, subject to these rules. (3) A Certificate will not be granted authorizing a municipality to issue bonds for the purchase of industrial parks or sites, the improvements to which are to be constructed by a private or semi-private industrial group. After the facility is completed, however, a Certificate may be granted authorizing issuance of bonds for its purchase at a price based on appraisals by three (3) competent independent realty appraisers.