Process Overview

We provide affordable capital financing for nonprofit educational and cultural facilities in Colorado and  beyond. Potential borrowers, bond underwriters and bond counsel may find it useful to contact CECFA in advance of filing an application if there are questions concerning the eligibility of a borrower, the structure of a particular transaction or other preliminary issues. We especially urge you to call us if your project is not in Colorado.

Application Process

We strive to make the application process as streamlined as possible. Feel free to contact us at any time with questions.

To get started, follow these steps:

  1. Consult with your Financial Advisor and/or Investment Banker and review our Financing Guidelines. Contact CECFA with any questions about your eligibility prior to applying, particularly if your project is outside of Colorado.
  2. Schedule the TEFRA hearing prior to the targeted CECFA meeting.
  3. Complete an Online Application. (Note: for charter school applicants, you will want to fill out the Charter School Application; for all other applicants, the General Application.)

Applications are due no later than the Tuesday 11 days before the board meeting. Click here to see our schedule of application deadlines.


All legal and financial documentation supporting the transaction must be in substantially final form and included with the application (to be uploaded via the online form).

Applications must be accompanied by a non-refundable $5,000 application fee check, made payable to CECFA. This amount is credited toward the Initial Fee charged by CECFA when the transaction closes. Small Borrower applications require a $7,500 application fee.  No additional Initial Fees will be charged, unlike regular transactions which are calculated on an increasing sliding scale based on the dollar value of the transaction.

CECFA requires Application, Initial, and Annual Fees for all transactions  except for charter schools financed through the Moral Obligation credit enhancement program.  Moral Obligation charter schools pay CECFA Application and Initial Fees, but not Annual Fees because such schools must pay Annual Fees to the state of Colorado.

Click here for our complete Schedule of Fees

CECFA has arranged a discounted subscription for its borrowers to engage with Digital Assurance Corporation for assistance with post issue compliance reporting. Click here for DAC information for new borrowers. Click here for DAC information for existing borrowers. To sign up please contact Lisa Olsen at 407-515-1100 or

Board Approval Process

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 click here for the application deadlines through the year.

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.

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 the 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.

Once the application is received, the Executive Director will send a Preliminary Agreement to the borrower. 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.

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

If you are interested in borrowing through CECFA, the legal requirements are set forth in our Financing Guidelines. More information is in our Procedural Guidelines.

CECFA’s Board of Directors meets the fourth Wednesday of the month, with the exception of November and December. These two meetings are combined into one, held in early December.