The Authority covers its administrative costs through collection of fees both at the time of financing and annually for the term of the debt. The costs of issuance for each financing, including applicable fees of the Authority’s financing team (bond counsel, disclosure counsel, financial advisor, etc.), are paid by the borrower but may be financed. Listed below is the current fee schedule of the Authority for both the initial and annual fees. Authority fees are subject to change.
Maximum initial fee is $150,000 per issuance.
The Authority’s annual fees are billed in advance and due on each anniversary date of a financing, with the first year’s fee due at closing. Annual fees for each one-year billing period are based on the outstanding principal balance at the beginning of the period, and are calculated according to the following –
Financings that are paid in full or refinanced during a billing period are not eligible for prorated refunds. Defeased bonds do not incur annual fees. For borrowers with aggregate outstanding Authority-issued debt exceeding $100 million, fees will be based on the aggregate amount outstanding and allocated pro rata among the various outstanding issues based on par. Aggregation timing will be based on the Authority’s fiscal year (ending August 31).