Governance

Approved June 13, 2013



    Payments not received in accordance with the loan agreement signed by the borrower, may be assessed a late payment penalty fee per section seven or section eight of the loan agreement.  Fees may be assessed at the following amounts:


            (1)    The late penalty fee for the first late payment:              $150

            (2)    The late penalty fee for the second late payment:          $250

            (3)    The late penalty fee for the third late payment:              $350

            (4)    The late penalty fee for the fourth late payment and beyond:      $500


Each late payment for multiple bond issues, due on the same date, will count as one occurrence.