Annual Administration Fee

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The IDA of the City of Sierra Vista annual administrative fee shall be 7 basis points per annum (paid annual or semiannually) on the outstanding amount of the bonds as of the date of payment (prior to any prepayment or redemption), with a minimum amount of $3,000.00 per year, in arrears and pro-rata for the time outstanding. Additionally, the President or any officer of The IDA of the City of Sierra Vista may approve a one-time payment to The IDA of the City of Sierra Vista at or after closing of the bonds in lieu of annual administrative fee payments to The IDA of the City of Sierra Vista, reflecting the present value of The IDA of the City of Sierra Vista's  annual administrative fees for less than the life of the bonds (provided such payment shall provide for at least the period from issuance to first redemption date).