Board Approval Process

After you submit an application for financing, it will be reviewed by the Board of Directors. Typically, the Board acts on a bond transaction twice, adopting an Inducement Resolution and a Financing Resolution at two separate Board meetings. Financings under the Small Borrower Program are reviewed by the Board only once.

1. Initial Board Review: CECFA produces a Project Summary that includes general information about the borrower and informs the Board of Directors of the nature of the proposed financing.

The Inducement Resolution declares the preliminary intent of the CECFA Board to issue bonds to finance the project, subject to completion of all legal documents.

A representative of the borrower is required to attend and make a presentation at this Board meeting. The presentation should include:

• 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. A representative of the investment banking firm involved in the financing, as well as bond counsel, should also attend the meeting, but may participate by telephone if travel from out-of-state would be required.

If the proposed financing is part of a financing program with a term sheet, type of credit enhancement and form bond documents previously approved by the Board of Directors, the borrower’s representative may participate by telephone if travel from out-of-state would be required.

2. Preliminary Agreement: After approval of the Inducement Resolution, the borrower and CECFA execute a Preliminary Agreement.  The Preliminary Agreement describes the responsibilities and fees of CECFA. A typical form of that agreement can be found here. The agreement must be signed and returned in order for CECFA to continue working on the transaction.

3. TEFRA Hearing: A TEFRA hearing should be completed and the State Treasurer’s TEFRA approval be signed prior to the Board’s final review and approval.

TEFRA hearings are held at the CECFA office. 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.

4. Final Review & Approval: The Board will entertain a final Financing Resolution only after all documents relating to the transaction are substantially complete.

In order to be included in the agenda, draft resolutions for Board action prepared by bond counsel must be received by the Monday following the deadline for application submittal. E-mail transmittal is preferred. See the board calendar for deadline information.

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

6. “One-Step” Borrowings. In unusual circumstances, the Board may allow financing with only one approval. Please check with staff if you seek approval on this basis. As noted above, Small Borrowers are only required to obtain one approval of the Board.

Board Meeting Dates - 2012

Friday, January 27, 2012 (The Armstrong Hotel, Fort Collins - 259 S. College Avenue.  call in number 1 866 704 7500, 612390)

Wednesday, February 22, 2012

Wednesday, March 28, 2012

Wednesday, April 25, 2012

Wednesday, May 23, 2012

Wednesday, June 27, 2012

Wednesday, July 25, 2012

Wednesday, August 22, 2012

Wednesday, September 26, 2012

Wednesday, October 24, 2012

Wednesday, December 5, 2012

Application Deadlines - 2012

Thursday, January 12, 2012

Thursday, February 9, 2012

Thursday, March 8, 2012

Thursday, April 12, 2012

Thursday, May 10, 2012

Thursday, June 7, 2012

Thursday, July 12, 2012

Thursday, August 9, 2012

Thursday, September 13, 2012

Thursday, October 11, 2012

Wednesday, November 21, 2012

Recent Agendas

December 2011

October 2011

July 2011

June 2011

May 2011

March 2011

February 2011

January 2011