What We Do
For nearly 30 years the Colorado Educational and Cultural Facilities Authority (CECFA) has been enriching our communities by providing tax-exempt financing for cultural and educational institutions.
CECFA was originally established by the Colorado General Assembly to provide affordable capital financing for colleges and universities (CRS 23-15-101 et seq.). Over the years CECFA’s statutory mission has been expanded to serve all educational institutions and a wide variety of cultural entities. Since 1981 CECFA has issued almost $2.5 billion in bonds, and its project list has grown to include museums, sports facilities, charter schools, alternative high schools and performance spaces.
CECFA serves educational and cultural nonprofits in Colorado and throughout the United States. Private and public entities, including sectarian institutions, are eligible to borrow through CECFA. Financings range in size from under $1 million to several hundred million dollars. Transactions can be structured with fixed or variable rates of interest, and non-rated bonds are permitted with certain restrictions.
CECFA provides financing through the sale of low-interest tax-exempt bonds. CECFA loans the proceeds of those bonds to the borrower at the low interest rates. The borrower is solely responsible for repayment of the bonds; the bonds are not an obligation of the State of Colorado. CECFA is not a state agency and receives no state appropriations. Its operating expenses are paid from loan fees (initial and annual fees charged to a borrower), not from tax dollars.
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