CEFA Bond Financing Program

Portal ID:
1662
Status:
Active
Opportunity Type:
  • Loan
Last Updated:
 | 
Categories:

Details

Purpose:

This program will provide a borrower with access to low interest rate capital markets through the issuance of tax-exempt and taxable revenue bonds.

Description:

Eligibility

General Requirements

-Be regionally accredited by the Western Association of Schools and Colleges;

-Be a private, non-profit, post-secondary degree granting educational institution that does not factor race or ethnicity into their admissions process, and is located in California or that has educational facilities in California that are regionally accredited;

-Offer a broad curriculum in secular subjects, and the information and coursework used to teach secular subjects must be neutral with respect to religion;

-Have been operating for a minimum of three years prior to submitting an application for financing and provide three years of audited financial statements;

-Have revenue or collateral sufficient to cover debt service on the proposed financing.

Use of Funds

Funds may be used for:

-Construction

-Remodeling and renovation

-Land acquisition

-Purchase of or lease of equipment

-Refinancing or refunding of prior debt

-Costs of bond issuances and reimbursement of prior expenses

Loan Terms

-Market determined fixed or variable rate interest rate, depending on maturity

-No loan maximum

-Maximum loan maturity typically 40 years

-Loan security provisions and bond covenants that correspond with bond rating

Fees

-$1,000 non-refundable application fee

-Initial fee of 0.15% of the par amount up to $10 million, plus 0.05% of the par amount in excess of $10 million (up to a maximum fee of $75,000)

-Annual administrative fee of 0.015% of the par amount outstanding (up to a maximum of $12,000)

Required Documentation

-Three most recent fiscal years of audited financial statements

 

 

Eligibility Requirements

Eligible Applicants:

  • Nonprofit

Be accredited by the Western Association of Schools and Colleges (WASC); be a private, non-profit, post-secondary degree-granting institution located in or with accredited facilities in California; offer a broad range of secular subjects; have been operating and can provide audited financial for three years; and have sufficient revenue or collateral to cover debt service.

Eligible Geographies:

None.

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantor.
Ongoing
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
Ongoing
Period of performance The length of time during which the grant money must be utilized.
Ongoing

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$5,000,000,000
Expected number of awards A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Estimated amount per award Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
$5,000,000 – $5,000,000,000
Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.
No
Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
Funding Source: The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • Other

Funding Source Notes:

Revenue bond debt issuance

Funding Method: The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Advances & Reimbursement(s)

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.

Resources

For questions about this grant, contact:
1-916-653-2872, cefa@treasurer.ca.gov