Fees and Costs
As amended through April 13, 2010
The non-refundable fee for filing an application is $3,000, which must be paid at the time the application is filed.
At closing, an additional fee of 2 basis points (.0002) of the aggregate principal amount of bonds issued, with a minimum of $1,000, shall be paid to the Authority.
If the applicant requests an extension of preliminary or final approval pursuant to Section 5.4 (Procedural Pamphlet), an additional fee of $500 will become payable at the time such extension is requested. The additional fee is payable each time an extension is requested.
With respect to Carryforward Projects, a $500 filing fee will become payable each time the status report required by Section 5.6 (Procedural Pamphlet) is due.
By submitting an application the applicant also agrees to pay, on demand, all costs and expenses incurred by the Authority relative to the proposed financing, including the fees of its legal counsel (issuer counsel) relative to the preparation, filing and processing of the application, review of legal proceedings, and the issuance of the bonds. The obligation of the applicant to pay these costs and expenses remains, even if the bonds are not funded for any reason. Applicant should consult with legal counsel regarding their respective payment terms and retainer requirements.
In addition, the bond financing documents executed and delivered by the Authority must contain a covenant of the Applicant to pay an annual administrative fee to The Authority as follows:
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Non-Profits: |
In an amount equal to 7.5 basis points (.00075) of the outstanding aggregate principal amount of bonds on each January 1st, with a minimum of $3,000, without demand. The annual administrative fee is to be collected in advance by the trustee and paid to the issuer, initially on the closing date of the bonds in a prorated amount and thereafter on every January 15th. |
| For-Profits: |
In an amount equal to 9 basis points (.0009) of the outstanding aggregate principal amount of bonds on each January 1st, without demand. The annual administrative fee is to be collected in advance by the trustee and paid to the issuer, initially on the closing date of the bonds in a prorated amount and thereafter on every January 15th. |
The fee for requesting a Special Meeting of the Board of Directors is $5,000.