Limitations

(1) Net worth of the prospective industrial lessee, as demonstrated by the most recent certified audit, must be at least 1 1/2 times the amount of the proposed bond issue, or in lieu thereof adequate additional security may be accepted, subject to approval of the municipality or county and the Building Finance Committee. (2) 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. (3) Applications for Certificates will be refused on proposed projects for which building contractor and/or securities dealers have been granted commitments in advance by either the municipality or industry involved. The municipality or county, as the agency authorized to issue bonds and as owner of the proposed building, shall have exclusive control of the project, subject to these rules and regulations. (4) A Certificate will not be granted authorizing a municipality or county to issue bonds for the purchase of an industrial facility to be constructed by a private or semiprivate 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.