As stated in Section 3377.04(F) of the Ohio Revised Code, the Commission may charge fees to meet the expenses of employing persons to carry out Chapter 3377 of the Ohio Revised Code. Resolution 2007-08 – adopted by the Commission on June 20, 2007 – established (1) an application fee of $500 and (2) a fee to be paid to the Commission in connection with the issuance of the bonds, known as the issuance fee.
The application fee of $500 is to be paid by the eligible institution at the time the application is submitted to the Commission. The issuance fee is equal to the principal amount of the bond issue multiplied by 0.0001, but that amount cannot be less than $3,000 or more than $25,000. The issuance fee is due at the time the Commission issues the bonds. When the bond issue is closed and the bond proceeds are delivered to the Trustee bank, it is the responsibility of the Trustee to send a check in the amount of the issuance fee to the Commission. The application and issuance fee established by Resolution 2007-8 also applies to Commission financings of hospital facilities pursuant to Chapter 140 of the Ohio Revised Code. The provision for payment of the issuance fee is included in the Trust Agreement for the bonds. An excerpt from the form of a Trust Agreement (section 5.02) is set forth below:
"On the date of delivery of the Bonds and deposit of the proceeds into the Issuance Expense Fund, the Trustee shall withdraw an amount from that Fund and pay the Commission Issuance Fee. Payment shall be by check mailed to Ohio Higher Educational Facility Commission, 25 South Front Street, 2nd Floor, Columbus, Ohio 43215, Attention: Vice Chancellor of Finance. The Commission Issuance Fee shall be an amount equal to 0.0001 times the principal amount of the Bonds, but shall not be less than $3,000 or more than $25,000, in accordance with Resolution 2007-8, adopted by the Commission on June 20, 2007. No disbursement request form under Section 4.3 of the Lease shall be necessary for this payment."