Title
Third-Party Bond Fees - For the purpose of setting the City of Annapolis fees regarding bonds issued by the City on behalf of a third party by the adoption of CA-1-23; and generally related to bond issuance.
Body
CITY COUNCIL OF THE
City of Annapolis
Resolution 13-23
Introduced by: Mayor Buckley
Co-sponsored by:
Referred to:
Finance Committee
A RESOLUTION concerning
Fees Schedule Updated for Charter Amendment 1-23
FOR the purpose of setting the City of Annapolis fees regarding bonds issued by the City on behalf of a third party by the adoption of CA-1-23; and generally related to bond issuance.
WHEREAS, since CA-1-23, "Finances - Third-Party Indebtedness and Bonds Ordinance", upon adoption, will establish the authority for several fees, the amount of these fees needs to be established by this resolution.
.
NOW THEREFORE BE IT RESOLVED BY THE ANNAPOLIS CITY COUNCIL that the Fees Schedule shall be amended as follows:
|
Section |
Type of Fee |
Amount of Fee FY 2023__ |
|
Article VII, Section 13 (C)(a)(i) |
An amount equal to 0.125% of the principal amount of bonds issued for new projects |
|
|
Article VII, Section 13 (C)(a)(ii) |
0.25% of the principal amount of bond proceeds approved for refunding |
|
|
Article VII, Section 13 (C)(a)(iii) |
A combination of the amounts determined under subsections (2)(a)(i) and (2)(a)(ii) that is based on the portion of the loan used for new projects and refunding when the loan is used in part for new projects and in part for refunding |
|
|
Article VII, Section 13 (C)(a)(iv) |
An amount equal to a yield of 0.125% per year on the principal amount of the loan at the times set forth in the loan documents |
|
|
Article VII, Section 13 (C)(1) |
Application fee to be paid by a third-party requesting the City to issue economic development revenue bonds, or other conduit debt on behalf of the third-party. |
$1,000 |
AND BE IT FURTHER RESOLVED BY THE ANNAPOLIS CITY COUNCIL that the effective date of this resolution shall be its date of adoption.