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§ 10205. Fees.

4 CA ADC § 10205Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 4. Business Regulations
Division 16. California Passenger Rail Financing Commission
Article 3. Receipt and Review of Requests for Financing
4 CCR § 10205
§ 10205. Fees.
Currentness
The Commission shall require Applicants to pay Fees commensurate with the Commission's direct expenses and those of the Treasurer for the receipt and review of the Letters of Intent, Application and Application for Financing, and for the issuance of bonds.
(a) The Fee to be submitted with the Letter of Intent shall be $15,000, which Fee is not refundable upon notification to the Applicant of the Commission's acceptance of the Letter of Intent and its willingness to proceed. In the event that the Commission does not accept the Letter of Intent and is not willing to proceed, the Fee submitted with the Letter of Intent shall be refunded except that the Commission may deduct from such Fee an amount equivalent to the direct expenses of the Commission and the Treasurer in reviewing the Letter of Intent and its accompanying submissions.
(b) Upon Commission acceptance of the Letter of Intent the Commission shall charge the Applicant such additional Fees as are necessary for the Start-up and operating costs of the Commission.
(1) Such additional Fees shall be agreed upon and stated in the Letter of Intent or a contract between the Commission and the Applicant, and shall not be refundable, except as provided in paragraph b(4) of this section.
(2) Such Fees shall be paid monthly, or on any other periodic basis as agreed to by the Commission and the Applicant.
(3) Such Fees shall be paid by the Applicant in advance of the incurring of expenses by the Commission.
(4) The Start-up costs of the Commission shall be prorated among all Applicants applying within three years of the initial meeting of the Commission. The Commission shall refund to earlier Applicants a prorated share of the Applicant's Fees attributed to Start-up costs upon payment of such Fees by later Applicants within the prescribed period.
(c) Upon Commission approval of an Initial Resolution, the Applicant shall continue to pay the additional Fees agreed upon in the Letter of Intent or contract.
(d) The final Application Fee shall be computed in accordance with the following schedule:
(1) If the public financing requested represents 20% or less of the total project costs, the Fee shall be $500,000.
(2) If the public financing requested represents 21 to 40% of the total project costs, the Fee shall be $750,000.
(3) If the public financing requested represents 41 to 60% of the total project costs, the Fee shall be $1,000,000.
(4) If the public financing requested represents 61 to 80% of the total project costs, the Fee shall be $1,250,000.
(5) If the public financing requested represents 81 to 100% of the total project costs, the Fee shall be $1,500,000.
Total project costs shall include, but not necessarily be limited to, all costs of the construction of the project, including purchase of right-of-ways and equipment, finance charges, interest costs, and Fees.
(e) The final Application Fee shall be paid no later than the day of the delivery of the bonds.
(f) In addition to the Fees required above, the Applicant shall be required to pay all costs incurred by the Commission for the following:
(1) All costs in connection with the issuance of the bonds, including but not limited to, Bond Counsel's fees and disbursements, bond (and other) printing costs, and Trustee's fees from the proceeds of the bonds.
(2) The costs of preparation of any studies, reports, or other documents required to be prepared by or for the Commission in order to comply with any requirements of law and/or needed to evaluate the Application.
(3) Any and all costs incurred by the Commission in any legal action challenging the validity or issuance of the bonds.
(4) These categories of costs described in this section are illustrative rather than exhaustive.
(g) In the event that an Application, during any phase, is not approved, or in the event that bonds are not issued for any reason, the Applicant is responsible for any costs incurred, and any Fees paid are not refundable, except as the Commission determines that Fees advanced to the Commission by the Applicant have not been expended in the review of the Application.

Credits

Note: Authority cited: Section 92107, Government Code, Reference: Sections 92150, 92153, 92200, 92304 and 92306, Government Code.
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 4, § 10205, 4 CA ADC § 10205
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