March 2013
Revised Fee Schedule March 2013 | PDF
RESOLUTION OF THE DORMITORY AUTHORITY OF THE STATE OF NEW YORK
ADOPTING A FEE STRUCTURE FOR
THE DORMITORY AUTHORITY OF THE STATE OF NEW YORK
WHEREAS, the Dormitory Authority of the State of New York (the “Authority”) establishes, from time to time, a fee structure pursuant to which it charges its clients for services the Authority renders in connection with financing transactions;
WHEREAS, pursuant to a resolution adopted by the Members of the Board on March 28, 2012, the fee structure set forth in that resolution (the “Fee Structure”) shall be approved at the Annual Budget process and at other times deemed appropriate and will be utilized until further amended by Resolution of the Board;
WHEREAS, the Board now desires to amend the previously adopted fee structure;
NOW, THEREFORE, BE IT RESOLVED, by the Members of the Dormitory Authority that:
- The Authority hereby adopts the following fee structure:
|
TYPE OF TRANSACTION |
AUTHORITY FEE |
ANNUAL ADMINISTRATIVE
FEE |
MAXIMUM ANNUAL
ADMINISTRATIVE FEE |
|
Not-for-Profit Corporations (other than healthcare)
New Money
Fixed Rate |
Standard $75,000
minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance |
6 basis points per series up through the first 3 full
bond years and 3 basis points per series for the remaining years.
All fees will be calculated based on the declining balance of par value for
the bonds
|
$100,000 /issue/year
$250,000/per client or obligated group |
|
Not-for-Profit Corporations (other than healthcare)
New Money
Variable Rate
|
Standard $75,000
minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance |
6 basis points per series up through the first 3 full
bond years and 5 basis points per series for the remaining years.
All fees will be calculated based on the declining balance of par
value for the bonds
|
$100,000 /issue/year
$250,000/per client or obligated group |
|
Not-for-Profit Corporations (other than healthcare)
Refunding
Fixed Rate
Not-for-Profit Corporations (other than healthcare)
Refunding
Variable Rate
Healthcare (non FHA)
New Money
Fixed Rate
Healthcare (non FHA)
New Money
Variable Rate
Healthcare (non FHA)
Refunding
Fixed Rate
Healthcare (non FHA)
Refunding
Variable Rate
Healthcare (FHA)
New Money
Healthcare (FHA)
Refunding
Public School Districts
|
Standard $75,000
minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance
Standard $75,000
minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance
Standard $100,000
minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance
Standard $100,000
Minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance
Standard $100,000
minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance
Standard $100,000
minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance
Standard $100,000
minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance
Standard $100,000
minimum per issuance
Complex/Program Start-up $150,000 minimum per issuance
$75,000
minimum per issuance |
3 basis points per series for the remaining years on
the declining balance of par value for the bonds
5 basis points per series for the remaining years on
the declining balance of par value for the bonds
10 basis points per series up through the first 3 full
bond years and 4 basis points per series for the remaining years.
All fees will be calculated based on the declining balance of par value for
the bonds
10 basis points per series up through the first 3 full
bond years and 6 basis points per series for the remaining years.
All fees will be calculated based on the declining balance of par value for
the bonds
4 basis points per series for the remaining years on
the declining balance of par value for the bonds
6 basis points per series for the remaining years on
the declining balance of par value for the bonds
10 basis points per series up through the first 3 full
bond years and 4 basis points per series for the remaining years.
All fees will be calculated based on the declining balance of par value for
the bonds
4 basis points per series for the remaining years on
the declining balance of par value for the bonds
3 basis points per series on the declining balance of
par value for the bonds
|
$100,000 /issue/year
$250,000/per client or obligated group
$100,000 /issue/year
$250,000per client or obligated group
$100,000 /issue/year
$250,000/per client or obligated group
$100,000 /issue/year
$250,000/per client or obligated group
$100,000 /issue/year
$250,000/per client or obligated group
$100,000 /issue/year
$250,000/per client or obligated group
$100,000 /issue/year
$600,000/per client or obligated group
$100,000 /issue/year
$600,000/per client or obligated group
|
- The Authority fee is charged on a per issuance basis and will be allocated among all participants in a pooled issuance.
- All transaction types in the foregoing fee schedule can be in the form of a private placement or public offering.
- Notwithstanding the foregoing fee schedule, staff of the Authority is hereby permitted to consider alternative fee structure proposals from clients based on the unique circumstances of the client or of the proposed transaction; provided, however, that no such alternative fee schedule shall be utilized in any transaction until the Board has approved the same.
- For those financing transactions determined by staff to be Complex/Start-up/Obligated Group transactions, the Staff Report requesting the adoption of documents shall state that staff has determined that the Authority fee for that transaction shall be subject to the $150,000 minimum.
- The Board hereby authorizes staff of the Authority to charge additional fees to clients for costs associated with unusual situations or extraordinary needs, including: inter-creditor agreements, mortgage releases, changes in security, debt defeasance, mergers and acquisitions, conversions, restructurings and letter of credit substitutions.
- For financing transactions that include multiple issuances using the same financing documents and substantially the same official statement and where staff effort on the subsequent issuances is limited to a routine closing, an additional Authority Fee of $15,000 (minimum) will be charged for each additional issuance.
- The aforementioned fee structure will be approved at the Annual Budget process and at other times deemed appropriate and will be utilized until further amended by Resolution of the Board.
- This Resolution shall take effect immediately.