(1) Upon receipt of a resolution approving and directing the further processing of an application, the director shall consider:
(a) The bond market for the types of bonds proposed for issuance;
(b) The terms and conditions of the bonds proposed for issuance;
(c) Whether the applicant is financially and otherwise responsible and fully capable and willing to fulfill its obligations under the project, ORS 280.410 to 280.485 and sections 2.1102 to 1.1135 of this code; and
(d) Such other relevant factors as the director considers necessary to protect the financial integrity of the city and the project.
(2) The director shall review the factors described in paragraph (1) of this section. If the director determines that the proposed bond issue is financially feasible and meets all applicable requirements, the director shall recommend to the council adoption of a resolution designating an underwriter, trustee and bond counsel and authorizing the execution of appropriate agreements with each to carry out the project and issue the bonds.