Who markets CECFA bonds?
Investment banking firms market and sell the bonds of CECFA. These firms have substantial expertise and experience in marketing tax-exempt and taxable revenue bonds issued by state authorities.
Who will buy bonds issued by CECFA?
The credit ratings assigned to the bonds, the maturity schedule, and the interest rates will determine the buyers of the bonds in addition to financing guidelines adopted by the Board of Directors. Banks, insurance companies, pension funds, other institutions, investors and individuals all buy tax-exempt bonds.
How many bonds have been issued?
As of December, 2005, CECFA
has completed bonds issued 187 at a total par amount of $2,279,175,329
How are the bonds repaid?
Bonds and notes issued by CECFA are not a liability of the state, but must be repaid solely out of the revenues and receipts derived from the entity whose project is being financed. Thus, each individual cultural institution, college, university, or charter school remains obligated for the debt incurred. All legal documents used in connection with the offering of the bonds make it clear that the State of Colorado has no obligation of any kind to repay the bonds.
