City Code Section
- A. The applicant agrees to pay all applicable City and Prosper Portland fees and expenses associated with the application whether or not the bonds are issued. A minimum application fee of $500 will be assessed to all projects at the time of filing the formal application with Prosper Portland. In addition, Prosper Portland must be reimbursed in full for all direct and indirect costs incurred in the project. The fees will be paid as follows:
- 1. $500 at the time of filing a formal application with Prosper Portland.
- 2. The balance at the time of closing of the bond issue. If the financing is not completed, costs incurred by Prosper Portland will be subject to immediate reimbursement.
- B. Upon issuance of the bond, the applicant must pay Prosper Portland a one‑time issuance fee equal to $7 per $1,000 of the face amount of the bonds for ongoing administration of the bonds.
- 1. For refunding bonds issued under ORS Chapter 280 for economic development projects, if the one-time issuance fee has been paid in accordance with Subsection B. for the bonds being refunded, and Prosper Portland determines the refunding will not generate additional ongoing administration costs, the fee or an equitable portion thereof may be waived. Nothing in this Subsection 1., however, should be construed to eliminate or limit the applicant’s responsibility to pay all fees and expenses of the City and Prosper Portland described in Subsection A. of this Section in connection with issuing the refunding bonds.