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CHFFA Commercial Paper Program

Grantor:
State Treasurer's Office
Portal ID:
46016
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 commercial paper notes.

Description:

Eligibility

General Requirements

-Must be a health facility as defined in the Authority's Act (Section 15432(d) of the California Government Code)

-Must be a non-profit 501(c)(3) corporation or public health facility (e.g., district hospital) as defined in the Authority's Act (Section 15432(e) of the California Government Code)

-Must have been in existence for at least three years, providing the same types of services

-Must demonstrate evidence of fiscal soundness and the ability to meet the terms of the proposed loan

Use of Funds

Funds may be used for:

-Construction, remodeling, renovation, and/or improvements

-Land acquisition

-Acquisition of existing health facilities 

-Equipment and/or furnishings

-Refunding of prior debt

-Working capital for start-up facilities

-Costs of bond issuances, feasibility studies & reimbursement of prior expenditures 

Loan Terms

-Any commercial paper issued by Authority must receive short-term rating of at least A-1/P-1/F-1 by at least one nationally recognized rating agency

-Must be issued in denominations of $100,000

-Final maturity date cannot exceed 40 years

-Commercial paper application must include a detailed description of capital projects to be funded by proceeds

Fees

-No application fee

-Initial fee of 0.05% of the issue amount (maximum $100,000)

-Annual administrative fee; greater of $5,000 or 0.0175% of the maximum amount of notes outstanding during the billing year

Required Documentation

-Three most recent fiscal years of audited financial statements

 

 

 

Eligibility Requirements

Eligible Applicants:

  • Nonprofit
  • Public Agency

-Must be a health facility as defined in the Authority's Act (Section 15432(d) of the California Government Code)

-Must be a non-profit 501(c)(3) corporation or a public health facility (e.g., district hospital) as defined in the Authority's Act (Section 15432(e) of the California Government Code)

Important Dates

The date on which the grantor expects to announce the recipient(s) of the grant.
Ongoing
The length of time during which the grant money must be utilized.
Ongoing

Funding Details

The total projected dollar amount of the grant.
$5,000,000,000
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
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.
$1 – $5,000,000,000
Certain grants require that the recipient(s) provide a letter of intent.
No
Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
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:

commercial paper note debt issuance

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:
Summer Nishio, 1-916-657-4037, summer.nishio@treasurer.ca.gov

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