Sponsor
Alderman Spangenberg
Title
Processing fees for Industrial Revenue Bonds
RESOLVED, that the following Processing Fees for Industrial Revenue Bonds, Revelopment Revenue Bonds and Multi-Family Revenue Bonds be approved:
Size of Bond Issue Fee
$500,000 or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,000
$500,001 thru $1,000,000 . . . . . . . . . . . . . . . . . . . . . . . . $4,000
$1,000,001 thru $1,500,00 . . . . . . . . . . . . . . . . . . . . . . . . $5,000
$1,500,001 thru $2,000,000 . . . . . . . . . . . . . . . . . . . . . . . $6,000
$2,000,001 thru $3,500,000 . . . . . . . . . . . . . . . . . . . . . . . $8,000
Over $3,500,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,000
Further resolved, that this fee structure is inclusive of all costs, including the City Attorney's review of the bond documents and all publication fees.
Further resolved, that the terms of payment are 50% prior to the Common Council's adoption of the initial resolution (if the initial resolution is adopted by the Common Council, this 50% installment payment is non-refundable). The remaining 50% is due at the time of closing (or pre-closing) on the bond sale.
Fiscal Note: N/A