Current through Register Vol. XLI, No. 50, December 13, 2024
The Board shall be entitled to receive Fees for originating loans to governmental agencies for the purpose of providing funds for the acquisition, construction and equipping of solid waste disposal projects as set forth below.
3.1. Origination Fee. -- Each governmental agency or any combination thereof obtaining a loan from the Board for the purpose of constructing, acquiring and/or equipping a solid waste disposal facility shall pay to the Board an origination fee equal to one-quarter (1/4) of one percent (1%) of the original principal amount of the loan, such fee to be deducted from gross loan proceeds and retained by the Board at the time of closing of the loan.3.1.1. Waiver or reduction of origination fee. -- The origination fee may be waived or reduced by the Board if the Board decides that the origination fee is not needed for the payment of operating expenses of the Board.3.2. Annual Fee. -- Each governmental agency or combination thereof which has obtained a loan from the Board as described in Section 3.1 of these rules shall also pay to the Board an annual fee equal to one-eighth (1/8) of one percent (1%) of the outstanding principal balance of the loan.3.2.1. Payment of annual fee. -- The initial annual fee shall be payable at the time of closing of the loan and all subsequent annual fees shall be paid on the anniversary date of such loan, calculated as of the date thirty (30) days immediately preceding said anniversary date.3.2.2. Waiver or reduction of annual fee. -- The annual fee may be waived or reduced by the Board if the Board determines that the annual fee is not needed for the payment of the operating expenses of the Board.