The CECFA Story
Since 1981, 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.
What We Do
Since 1981 CECFA has issued over $7.5 billion in bonds, and its project list has grown to include museums, sports facilities, charter schools, alternative high schools and performance spaces.
Who We Serve
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.
How We Do It
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.
CECFA has a streamlined and supportive system which includes an easy application process and low fees. Whether you are a public or private, sectarian or secular, small or large borrower, we provide experience and broad technical assistance in all aspects of tax-exempt bond financing for educational, cultural, and athletic facilities.
Some of the exclusive benefits of financing through CECFA include:
CECFA was created by state law to provide this service, with a direct accountability and responsibility to Colorado in the way we conduct our business. Our Board is appointed by the Governor to ensure a strong connection to the state.
We can provide investors with the Colorado tax exemption on the interest charged.
We have negotiated a special rate with DAC that could save a school thousands of dollars over a market rate DAC subscription for post issue compliance.
We have a continuing interest in our projects and regularly tour the projects we help finance.
Our process is fast and flexible.
CECFA has a long history of collaboration with educational, artistic, and cultural organizations in Colorado.