§ 26.302. Establishment and amount of issuer fee; application fee.

(a)

Issuer Fee Established. There is an issuer fee imposed by the County for issuing or refinancing revenue bonds pursuant to the Maryland Economic Development Revenue Bond Act.

(b)

Application Fee; Amount of Issuer Fee:

(1)

Application fee:

(i)

The fee established by resolution of the County Council pursuant to section 22.600 of the County Code shall be paid upon application for the issuance or refinancing of revenue bonds pursuant to the Maryland Economic Development Revenue Bond Act.

(ii)

The application fee under this paragraph is nonrefundable.

(2)

Issuer fee. Subject to paragraph (3) of this subsection, the issuer fee under this subsection is:

(i)

For revenue bonds providing initial financing, an amount equal to one-eighth of one percent per annum of the outstanding principal balance of the bonds (not to exceed $10,000,000.00), discounted at the bond yield to the date of issue of the bonds, minus the application fee paid; or

(ii)

For revenue bonds used to refund existing revenue bonds, one-fourth of one percent of the principal amount of the bonds, minus the application fee paid.

(3)

Limit on issuer fee. If the issuer fee established under this subsection exceeds the amount allowed under subsection 26.300(c)(2) of this subtitle, the issuer fee shall be the greatest amount that does not exceed the amount allowed under that section.

(c)

Payment of Fee. The issuer fee applies to all bonds for which the closing is held after September 1, 1996. The issuer fee shall be paid at the time of closing, unless the County agrees to accept the fee in installments.

(C.B. 55, 1996)