Board Approval Process

1. Application: To be considered for CECFA’s monthly meeting, CECFA must receive an application along with substantially complete financing documentation and the application fee by the application deadline.

Please scroll down for the application deadlines through the year.

Please click here for the application and fee schedule.

2. TEFRA Hearing: A TEFRA hearing should be completed and the State Treasurer’s TEFRA approval be signed prior to the Board’s review and approval. To schedule a hearing, Bond Counsel should e-mail the Executive Director with a suggested date and time. On the day of the hearing, Bond Counsel should e-mail the Executive Director the report of hearing with instructions as to the number of copies they would like. At the present time, the Colorado State Treasurer signs the TEFRA approval on behalf of the Governor. You should anticipate at least a two-week turnaround time for that signature.

3. Board Review and Approval: CECFA staff produce a Project Summary for the CECFA Board from the application documents. The Project Summary includes general information about the borrower and the transaction. The Project Summary is shared with the Borrower in advance of the CECFA meeting.

The borrower is highly encouraged to attend the meeting. A representative of the investment banking firm involved in the financing, bond counsel, and the borrower’s financial advisor, should also attend the meeting, but may participate by telephone if travel from out-of-state would be required.

The borrower and/or its representatives will be asked to make a 5-10 minute presentation that will touch on: 

• A brief history of the borrower and its operations
• A description of the facilities which would be financed through the proposed borrowing
• A brief discussion of the need for those facilities

It is not necessary to bring handouts or media presentations unless they would clarify the presentation.

After the Borrower’s presentation, the CECFA Board and staff may have a few questions before discussing and voting on a Financing Resolution. The Financing Resolution sets out the parameters and terms of the transaction and authorizes CECFA to issue bonds.

This process takes approximately 15 minutes, but does occur as part of the monthly meeting with other agenda items, so the deal team should expect to commit an hour or two.

For those attending the meeting, a catered lunch will be provided.

4. Preliminary Agreement: After approval of the Financing Resolution, the borrower and CECFA execute a Preliminary Agreement.  The Preliminary Agreement describes the responsibilities and fees of CECFA and the responsibilities of the borrower. The agreement must be signed and returned in order for CECFA to continue working on the transaction.

5. Document Execution: Once the Financing Resolution is approved, the closing documents can be executed. Closings should be coordinated through the Executive Director. 

Board Meeting Dates - 2018

Wednesday, January 24, 2018

Wednesday, February 28, 2018

Wednesday, March 28, 2018

Wednesday, April 25, 2018

Wednesday, May 23, 2018

Wednesday, June 27, 2018

Wednesday, July 25, 2018

Wednesday, August 22, 2018

Wednesday, September 26, 2018

Wednesday, October 24, 2018

Wednesday, December 5, 2018

Application Deadlines - 2018

Tuesday, January 9, 2018

Tuesday, February 6, 2018

Tuesday, March 6, 2018

Tuesday, April 10, 2018

Tuesday, May 8, 2018

Tuesday, June 5, 2018

Tuesday, July 10, 2018

Tuesday, August 7, 2018

Tuesday, September 4, 2018

Tuesday, October 9, 2018

Tuesday, November 20, 2018

Recent Agendas