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(a) At the time the authority issues bonds to provide financing for a project under 3 AAC 99.100 - 3 AAC 99.160, the applicant shall pay an issuance fee determined as follows:
(1) if the bonds are subject to the volume cap provisions of 26 U.S.C. 147, the issuance fee is equal to one percent of the first $1,000,000 of the principal amount of those bonds, one-half of one percent of the next $4,000,000 of the principal amount of those bonds, one-quarter of one percent of the next $10,000,000 of the principal amount of those bonds, and one-tenth of one percent of the principal amount of those bonds issued in excess of $15,000,000;
(2) if the bonds are not subject to the volume cap provision of 26 U.S.C. 147, the issuance fee is equal to three-quarters of the amount described in 3 AAC 99.140(a) (1);
(3) if a portion of the bonds is subject to the volume cap of 26 U.S.C. 147 and a portion is not, the issuance fee is equal to the sum of the issuance fee determined under (1) of this subsection for the portion of the bonds that is subject to the volume cap provisions of 26 U.S.C. 147 and the issuance fee determined under (2) of this subsection for the remaining portion of the bonds.
(b) A person may apply to the authority to modify the terms of its pending application with the authority or to take an action relating to a bond previously issued by the authority. If the request is to modify the terms of a pending application and if the modification, in the sole determination of the authority, requires action by the board, the applicant shall pay to the authority a fee of $200. If the request is for the authority to take an action relating to outstanding bonds and the authority, in its discretion, elects to take such action or, under the applicable documentation, is required to take such action, the applicant shall pay the reasonable costs of the authority, including costs for authority personnel, bond counsel costs, and other costs.
(c) An applicant shall pay other costs and fees prescribed by law or agreement that are not provided in (a) of this section. These costs or fees may include the issuance of bonds, financial advisor fees, bond counsel fees, and other expenses of the authority related to bond issuance.
History: In effect before 1988; am 1/11/88, Register 106; am 9/25/92, Register 124; am 11/1/99, Register 153
Authority: AS 44.88.080
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Last modified 7/05/2006