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(a) An application for financing of a project must:

(1) Provide the amount of financing (in excess of one million dollars ($1,000,000.00)) requested;

(2) Provide a general description of the proposed project;

(3) Provide a complete description of the purposes of the issue of any bonds and of how the proceeds of any bond issue will be used;

(4) Provide financial statements, including balance sheets and profit-and-loss statements, certified by an independent certified public accountant for the last three fiscal years of the applicant’s business or all fiscal years of applicant’s operation if less than three years, unless waived by the City Council by resolution; these financial statements must be provided for both the applicant’s business and any party or parties acting as guarantors for the financing contemplated;

(5) Provide a business history of persons owning ten percent (10%) or more of the applicant’s business; and

(6) Provide any additional information or documentation requested by the City Manager.

(b) Applications must be submitted to the City Manager, Kenai City Hall, 210 Fidalgo Avenue, Suite 200, Kenai, Alaska 99611-7794.

(Ord. 505)

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