8.97.1706 APPLICATION AND FINANCING FEES, COSTS AND OTHER CHARGES
(1) Applicants for participation in either
the MOBP or the SABP program shall submit a non-refundable application fee of
$500 at the time the application is submitted.
(2) An application for consideration under
the MOBP or the SABP program shall require the submission of:
(a) the names, addresses and titles of the
(b) a history of the project and
(c) a resume of the applicant's principals;
(d) financial statement of the applicant;
(e) other information including, but not
limited to, feasibility studies, appraisals, market studies, personal financial
statements, and tax returns deemed necessary by the board to evaluate the
(3) An applicant for consideration under
the MOBP program shall also submit a written acknowledgment from a financial
institution of its intention to commit to the financing of the project as fully
described in ARM 8.97.1802.
(4) At the time revenue bonds are issued by
the board under the MOBP or the SABP program to provide financing for a
project, the borrower shall pay a financing fee to the board based on the
principal amount of the revenue bonds issued on behalf of that borrower. The
financing fee is to reimburse the board for a proportionate share of its
administrative costs associated with the making and servicing of its financial
undertakings and its general operative and administrative expenses.
(a) The financing fee for the MOBP program
will be as follows:
(i) one percent (1%) of the first
(ii) one-half percent (.5%) of the next
(iii) one-quarter percent (.25%) of any
amount over $5,000,000.
(iv) borrowers under the MOBP program shall
remit to the board or its designee a monthly administrative and
fee equal to one-half percent per annum of the outstanding loan balance.
(b) The financing fee for the SABP program
will be as follows:
(i) one percent (1%) of the first $500,000,
(ii) one-half percent (.5%) of the
next $500,000, plus
(iii) one-tenth percent (.1%) of any
amount over $1,000,000.
(5) Borrowers under either the MOBP or SABP
program shall pay the costs of issuance of the bonds. The costs of the bond
issue may include, but are not limited to, fees of the underwriter, financial
advisor, and bond counsel; and the costs of printing, advertising, executing
and delivering the bonds.
(6) Financial institutions participating in
the board's bond programs shall be entitled to charge borrowers a fee for
services provided to borrowers as set forth herein. Allowable fees may include,
but are not limited to: loan origination fee, loan servicing fee, inspection
fee, disbursement fee, and letter of credit fee.
History: Sec. 17-5-1504, 17-5-1521, MCA; IMP, Sec. 17-5-1504, 17-5-1521, MCA; NEW, 1989 MAR p. 659, Eff. 5/26/89.