W. Va. Code R. § 53-1-5 - Fees for the Issuance of Bonds

5.1. The Authority shall be entitled to receive fees for the issuance of bonds by the Authority to applicants to provide funds for financing the costs of qualified projects.

5.2. Initial fee -- Each applicant receiving funds from the Authority through issuance of bonds by the Authority shall pay to the Authority an initial fee.

5.2.1. The initial fee shall be calculated based on the total amount of the bonds issued in an amount equal to the following, including any fraction of a million dollars issued:

5.2.1.a. Six hundred dollars ($600) per million dollars ($1,000,000) issued for the first ten million dollars ($10,000,000) of an issue.

5.2.1.b. Three hundred seventy-five dollars ($375) issued in excess of the first ten million dollars ($10,000,000) of an issue.

5.2.2. The minimum initial fee shall be five thousand dollars ($5,000).

5.2.3. The initial fees shall be payable at the closing out of the proceeds of the bond issue.

5.3. Annual fees -- Each applicant receiving funds from the issuance of bonds by the Authority shall pay to the Authority an annual fee.

5.3.1. By the affirmative vote of a majority of the Board members, the Board shall set the amount of the annual fee.

5.3.2. In no event may the annual fee exceed an amount of 1/20th of 1% (1/20%) of the bonds outstanding for a particular issue.

5.3.3. The initial annual fee shall be payable at the time of the closing out of the proceeds of the bond issue.

5.3.4. Each subsequent annual fee shall be paid on the anniversary date of the respective bond issue, as calculated as of the date thirty (30) days immediately preceding said anniversary date.

5.3.5. The Authority may waive or reduce the annual fee upon written request by the recipient of the bond funds for good cause shown. Such waiver or reduction must be requested ninety (90) days prior to the due date of the payment of the fee.

Notes

W. Va. Code R. § 53-1-5