Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Albemarle County EDA adopts new fee schedule for taxable conduit bonds
Summary
The Economic Development Authority of Albemarle County voted to amend its rules to add a separate fee schedule for taxable conduit bond issuances, setting a $45,000 closing fee and an annual administrative fee of not less than 2.75 basis points on the declining balance.
The Economic Development Authority of Albemarle County on Tuesday adopted an amendment to its rules of procedure creating a separate fee schedule for taxable conduit bond issuances, establishing a $45,000 closing fee and an annual administrative fee of no less than 2.75 basis points on the declining outstanding principal.
The change is intended to make the EDA’s conduit issuance service competitive with national alternatives while generating upfront revenue for the authority. Staff and board members said the separate taxable-bond fee is likely to attract borrowers who would otherwise use out-of-state conduit issuers and to modestly increase the EDA’s revenue stream.
EDA staff presented background on the proposal and comparisons to the Wisconsin-based Public Finance Authority, a national conduit issuer sponsor by the National Association of Counties and the National League of Cities. The PFA structure…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
