Section 15.118.060. Fees.

	(a)  Upon issuance of the authority's bonds, and prior to the disbursement of proceeds for any other purpose, the authority shall receive as a financing fee an amount equal to one percent of the first $1,000,000, plus 1/2 of one percent of the next $9,000,000, plus one-tenth of one percent of the face amount of the issue in excess of $10,000,000, less the authority's previously reimbursed direct costs of evaluating the application as set out in 5 AAC 118.020(b).  
	(b)  As a condition to receiving bond proceeds, the applicant must agree to pay on an annual basis an amount no less than one-fortieth of one percent of the outstanding balance of the bond issue. If applicant fails to timely pay the authority this annual fee, the authority may, in addition to other remedies, withdraw, or cause to be withdrawn, the amount due and owing from any special funds under the control of the authority or the control of the trustee, if the authority has entered into a trust agreement.  
	(c)  Enumeration of costs and fees in this section is not a limitation upon any other costs and fees as may be permitted by law or contract.  

Authorities

18.26.050;18.26.100

Notes

Reference

15 AAC 118.020

Authority

AS 18.26.050(4) AS 18.26.100

History

Eff. 9/28/79, Register 71