Section 3.101.140. Other fees and charges.

	(a)  Upon the issuance of written notification by the authority to the applicant that the application is complete, an application fee in the amount described in (b) of this section is due. No application will be given further consideration without payment of this fee. The application fee shall be non-refundable but may be credited against the commitment fee if the requested financing is approved.  
	(b)  The application fee shall be  
		(1) for a loan or guarantee of less than $10,000,000 - $5,000 fee;  
		(2) for a loan or guarantee of between $10,000,000 and $20,000,000 - $10,000 fee;  
		(3) for a loan or a guarantee in excess of $20,000,000 - $20,000 fee.  
	(c)  A commitment fee is due upon the applicant accepting a commitment letter the authority has provided. The commitment fee is one percent of the principal amount of the financing the authority is providing. The commitment fee is non-refundable. Upon the applicant's acceptance of the authority's commitment letter in writing, the authority will credit the non-refundable application fee against the commitment fee.  
	(d)  At the closing of any type of financing, the applicant must pay for all transaction costs of the closing and must reimburse the authority for its costs of underwriting and closing the financing. These costs may include the following:  
		(1) third-party legal costs, including bond counsel;  
		(2) costs for credit reports, title reports, title insurance and endorsements, appraisals and the authority's travel expenses incurred as part of the underwriting and closing process;  
		(3) financial advisor costs and professional and consultant fees;  
		(4) trustee fees, custodial fees, and other financial and administrative expenses;  
		(5) escrow agent fees, recording fees, and other expenses as may be incurred in the closing process.  
	(e)  The applicant may elect to pay the costs required by (d) of this section from the proceeds of the financing. The applicant may elect to be reimbursed for the commitment fee from the proceeds of the financing. The applicant may elect to pay any guarantee fees due at the time of closing from the proceeds of the financing.  
	(f)  After the commitment letter is issued and prior to the closing, the authority will provide the applicant with an estimate of the closing costs. The estimate will not be binding on the authority. Actual costs shall be charged to the applicant.  

Authorities

44.88.085;44.88.670;44.88.680

Notes

Reference

3 AAC 101.120
3 AAC 101.180
3 AAC 101.190

Authority

AS 44.88.085 AS 44.88.670 AS 44.88.680 Editor's note: Even though 3 AAC 101.140 was adopted and effective 4/25/2013, it was not published until Register 207, October 2013.

History

Eff. 4/25/2013, Register 207

References

3.101.140