Laserfiche WebLink
COLLEGE FOOTBALL HALL OF FAME <br />NOTES <br />REVISED EXPENSE BUDGET 1996 <br />at 4.5% for 1996. The interest rate should be evaluated every year for changes <br />in the bond market. A rate cap of 7% has been purchased on the bonds. <br />CONSTRUCTION EXPENSES <br />This line item represents all construction activity on the Hall of Fame that was <br />funded by the bond issue proceeds. Funds remaining in the construction <br />account at 8131/96 was $9,001. <br />LETTER OF CREDIT FEES <br />This line item represents annual fees related to the letter of credit and <br />reimbursement agreement between the Redevelopment Authority and Fuji Bank. <br />The letter of credit terms include an annual fee of .45% of the outstanding bonds <br />of $17,950,000 which is $80,775. The budget for letter of credit fees should be <br />evaluated annually for revisions in terms or new letter of credit providers. <br />LETTER OF CREDIT TRANSACTION FEES <br />This line item represents fees that are charged for administrating the letter of <br />credit which include transfer fees, negotiation fees and amendment fees per the <br />letter of credit and reimbursement agreement. <br />REMARKETING FEES <br />This line item represents annual fees related to the remarketing agreement <br />between the Redevelopment Authority and First Capital Markets, Inc. in <br />connection with the bond issue. The remarketing agreement terms include an <br />annual fee of .125% of the outstanding bonds of $17,950,000 which is $22,438. <br />The budget for remarketing fees should be evaluated annually for revisions in <br />terms or new providers. <br />TRUST FEES <br />This line item represents estimated annual trustee fees for administrating the <br />trust accounts per the trust agreement with Norwest Bank. <br />OTHER FINANCING FEES <br />This line item includes other bond related fees such as bond rating updates and <br />other miscellaneous expenses. <br />Page 18 <br />