(a) Commitment Fee. The Authority shall require a non-refundable commitment fee of .0005 (one-twentieth of one percent) of the principal amount of financing requested (but not less than $250.00 or more than $5,000.00). This commitment fee shall be paid at the time the formal request is submitted.

(b) General Fees. The Authority shall charge an administrative fee equal to one-half of one percent ( ½ of 1%) of the amount of financing authorized. Such administrative fee shall be payable at the closing of the financing. The commitment fee shall be credited against the administrative fee. In addition, the Authority shall charge any reasonable and necessary out-of-pocket expenses which the Authority may incur and all other direct or indirect expenses of the Authority properly allocable to the proposed financing. All such fees shall be paid by the applicant unless paid out of the proceeds of the bond issue. Such fees shall be deposited in the Authority Fund.