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. 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 - 2017

Wednesday, January 25, 2017

Denver Museum of Nature and Science

Wednesday, February 22, 2017


Wednesday, March 22, 2017


Wednesday, April 26, 2017

Wednesday, May 24, 2017


Wednesday, June 28, 2017

Wednesday, July 26, 2017


Wednesday, August 23, 2017


Wednesday, September 27, 2017

location TBD

866 704 7500 612390 passcode

Wednesday, October 25, 2017

Wednesday, December 6, 2017


Application Deadlines - 2017

Tuesday, January 10, 2017

Tuesday, February 7, 2017

Tuesday, March 7, 2017

Tuesday, April 11, 2017

Tuesday, May 9, 2017

Tuesday, June 6, 2017

Tuesday, July 11, 2017

Tuesday, August 8, 2017

Tuesday, September 5, 2017

Tuesday, October 10, 2017

Tuesday, November 21, 2017


Recent Agendas

December 2016

October 2016

September 2016

August 2016

July 2016

June 2016

May 2016

April 2016

March 2016

February 2016

January 2016









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.

Click here for a calendar of annual Board meetings and application deadlines.

Click here for agendas from recent Board meetings.

















































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