COSTS OF ISSUANCE
At initial approval of the application and notification to the developer, the developer must agree, in writing, to pay all costs of issuing the bonds, including all County’s. Payments in excess of all costs will be reimbursed to the developer after the bond closing and after all costs have been paid. The County will not incur any non-reimbursable expenses for processing a bond issue.
Developers shall pay all costs of issuance at bond closing, including, but not limited to, fees of bond counsel, underwriter, trustee and financial advisor, as well as rating agency fees. The deposit less other expenses shall be credited to payment of the costs of issuance. Only 2% of the proceeds of a tax-exempt bond issue may be used to pay costs of issuance. Costs in excess of 2% must be paid from other sources secured by the developer including, potentially, the proceeds of taxable bonds.
The Community Development Commission helps to strengthen neighborhoods, empower families, support local economics, and promote individual achievement.
County Fees
The initial issuer fee is 12.5 basis points (0.125%) on the bond amount and is paid at the bond closing. Developers shall also pay an annual administrative fee to the County, payable in advance, of 12.5 basis points (0.125%) of the original bond amount. The fee must be paid for the qualified project period. This fee covers the County’s ongoing administration and monitoring costs for the project.
County Indemnity
Each applicant will be required, as a part of bond documentation, to provide an indemnity to the County, its members, officers, agents, and employees for all costs, expenses and attorney fees, as well as any judgment or settlement costs arising out of or involved in the financing, or in any of the documentation related thereto.
The County’s reserves the right to make exceptions, when in its sole discretion it deems the exception to be appropriate. The County’s guidelines may be subject to change in the future pending developments in state legislative requirements and/or County policy.
Multifamily Bond Financing
Types Of Bonds
Costs Of Issuance