Section 457-202-8 - Fees, Expenses and Interest RateA.(i)Due upon Application. On submission of the application, the applicant shall pay a non-refundable administrative fee of $5,000 for conduit bonds, and if the project seeks the credit enhancement of the Authority (other than solely from the Loan Insurance Reserve Fund or Mortgage Insurance Fund under Chapter 101, in which case the application fee under that Chapter shall apply in addition to the administrative fee applicable to conduit issues herein), an additional non-refundable administrative fee of 1% of the amount of the requested securities.(ii)Due upon Issuance of Commitment for Credit Enhancement. In the event the applicant seeks and the Authority issues a commitment to provide the credit enhancement of the Authority (other than solely from the Loan Insurance Reserve Fund or Mortgage Insurance Fund under Chapter 101, in which case the commitment fee under that Chapter shall apply in lieu of the commitment fee provided herein) the applicant shall pay a capital reserve commitment fee of 1% of the loan to benefit from the requested capital reserve fund. The additional administrative fee required with the application for credit enhanced bonds not subject to Chapter 101 may be credited against the commitment fee set forth in this subsection.(iii)Due upon Issuance. In the event the Authority issues its certificate of approval, and upon the issuance of the securities, whether issued as conduit or credit enhanced bonds, the applicant shall pay to the Authority an additional non-refundable administrative fee as follows: Fee (as percentage of securities issued)
State Bond Ceiling Allocation Required 0.30% (minimum of $10,000)
State Bond Ceiling Allocation Not Required 0.20% (minimum of $10,000)
(iv)Ongoing Fees. There shall be no ongoing fees for conduit bonds. For credit enhanced bonds (other than solely from the Loan Insurance Reserve Fund or Mortgage Insurance Fund under Chapter 101, in which case the annual insurance premium under that Chapter shall apply in lieu of the capital reserve fee provided herein), upon issuance and annually thereafter (in advance) for so long as the loan remains outstanding, the applicant must in pay a capital reserve fund fee of up to 2% of the amount of the loan benefiting from a capital reserve fund.B. The chief executive officer may require the user to reimburse the Authority for its out-of-pocket expenses in connection with issuance, servicing or monitoring of the securities, including without limitation charges of special counsel and costs of copying, mailing, phone calls, advertising and travel.C. The applicant may be required to pay interest on the loan up to the maximum rate allowed under Federal law, including any spread or interest rate override.94- 457 C.M.R. ch. 202, § 8