1. When an application is made to the authority by any health institution or educational institution for financial assistance, the application shall be accompanied by an “initial planning service fee” in an amount determined by the authority, but in no event exceeding the lesser of ten thousand dollars or one-fourth of one percent of the principal amount of bonds contemplated to be issued pursuant to the application. The initial planning service fee shall be included in the cost of the facilities to be financed and shall not be refundable by the authority whether or not such application is approved. In addition to the foregoing, the authority may require each participating health institution and each participating educational institution to pay directly, or as part of the cost of the acquisition of any facility or facilities, an additional annual service fee in an amount which shall be fixed from time to time by the authority, but which shall not exceed one-tenth of one percent of the principal amount of any bonds issued by the authority and then outstanding on behalf of any such institution. The additional annual service fee shall be paid in such installments as shall be fixed by the authority. It is anticipated that the fees shall be used for necessary administrative expenses and for necessary expenses incurred in determining the need for facilities in the area concerned, and, to that end, the authority may utilize recognized voluntary and official health planning and educational planning organizations and agencies at local, regional, and state levels as well as the state statutory bodies having health or educational facilities planning responsibilities.

2. In the event bonds are issued by the authority for the concurrent benefit of two or more participating health institutions or two or more participating educational institutions, the fees to be paid to the authority under this section shall be prorated among the institutions involved in accordance with the amount of bond proceeds allocated to each participating institution.