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(c) The Municipality hereby elects not to <br /> issue Qualified Mortgage Bonds as specified in the <br /> Election and Section 9 hereof. <br />' d The Pro ram Adm' <br /> ( ) g inistrator is hereby <br /> authorized and directed, on behalf of the Munici- <br /> pality, to timely file all reports, annual and <br /> otherwise, as are or may be required by Section 25 <br /> of the Code and the regulations thereunder. <br /> (e) The Certificates authorized herein shall <br /> be provided in the manner and in the amounts and in <br /> the time frames as are required by IRS Regulations , <br /> Section 1. 25-4T(g) in connection with owner- II <br /> financed Target Area residences, if any, within the <br /> Program Area. <br /> ( f) There is hereby authorized and directed <br /> to �e an imposition of fees to fund costs of the <br /> Program as provided in the Administration Agree- <br /> ment. Such fees shall be charged to each Borrower <br /> and shall not exceed 2% of the Borrower ' s Indebted- <br /> ness Amount. The amount and type of such fees <br /> shall not be unreasonable and shall include only <br /> those which are permissible under IRS Regulations <br /> Section 1. 25-4T(h) ( 2) . <br /> Section 5. Aggregate Limit of Certificates The Total <br /> Proceeds of the Certificates shall not exceed 25 percent of the <br /> -5- <br />