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:
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. 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.
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