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ORDINANCE NO. NS- 1609 PAGE SIX Sec. 28-6. Acceptance of Applications. 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 (1) finds and determines that the proposed Project described in the Application (a) promotes the long-term employment of residents of the City, (b) will not adversely affect areas outside the boundaries of the City or transient residents of the State, and (c) is in the public interests of the City and constitutes a municipal affair of the City, a valid exercise of the police powers of the City, and a public purpose in which the City has a peculiar and unique interest, and (2) accepts and approves such Application and the participation of the City in the financing of such Project, subject to the provisions of this Chapter and the conclusion of all proceedings undertaken to consummate such financing to the satisfaction of the City. Sec. 28-7. Rules and Regulations. Ail proceedings taken in connection with the processing of Applications and the financing of Projects shall be in accordance with this Chapter and with such rules and regulations as promulgated, and as shall be amended or supplemented from time to time, by the City Manager of the City of Santa Ana in furtherance of this Chapter. ARTICLE III. BONDS Sec. 28-8. Authorization. The City is hereby authorized to issue Bonds in an aggregate principal amount of not to exceed $500,000,000 for the purpose of financing or otherwise assisting the acquisition of Projects authorized by this Chapter. Every issue of Bonds shall be a special obligation of the City, payable solely from all or any part of the Revenues of Projects. Sec. 28-9. Issuance of Bonds. The Bonds may be issued as serial Bonds or as term Bonds, or the City Council, in its discretion, may issue Bonds of both types. The Bonds shall be issued pursuant to resolution of the City Council and shall bear such date or dates, mature at such time or times, bear interest at such fixed or variable rate or rates, be payable at such time or times, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in lawful money of the United States of America, at such place or places, and be subject to such terms of redemption as the resolution or resolutions of the City Council may provide. The Bonds may be sold at either a public or private sale and for such prices as the City Council shall determine. Pending preparation of the definitive Bonds, the City may issue interim receipts, certificates, or temporary Bonds, which shall be exchanged for such definitive Bonds.