SECTION 225.7. Recovery of Costs

(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 no more frequently than semi-annually to cover the ongoing costs of the program. The exact amount assessed each client agency shall be separately disclosed on the debit memo to be submitted to each client agency at least one month in advance of collection. 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 the eligible project, if necessary.

Source Note: The provisions of this §225.7 adopted to be effective April 14, 1993, 18 TexReg 2143; amended to be effective January 31, 2005, 30 TexReg 405; amended to be effective February 28, 2013, 38 TexReg 1219