- (a) The authority may recover its administrative costs by assessing each client agency on a pro rata basis for reimbursement of administrative costs. This pro rata reimbursement shall be calculated on a semiannual basis to cover the ongoing costs of the program. The exact amount assessed each client agency shall be separately disclosed on the debit memo. In no event shall administrative costs assessed each client agency exceed 1 1/2% per annum of their pro rata participation in the program.
- (b) The costs of issuance shall be calculated on a pro rata basis for each client agency and included as an addition to principal along with the purchase price of eligible project.
Source Note:The provisions of this §225.7 adopted to be effective April 14, 1993, 18 TexReg 2143.