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Upon receipt of an application containing all required information, agreements and undertakings, the council shall at such time as it deems convenient review such application and any staff recommendations with respect thereto. If the council chooses to approve any application for financing under this chapter, it shall adopt a resolution authorizing the issuance of bonds and/or accepting and approving 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. The provisions of this section shall not apply to any financing approved by resolution of the council adopted prior to the date of adoption of the ordinance codified in this chapter. (Ord. 1047 (part), 1985)