the Monday following the deadline for application submittal. E-mail transmittal is required. Process for Board Approval 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 and refundings of CECFA bonds for purposes of savings only are reviewed by the Board just once. Inducement Resolution. A representative of the borrower is generally required to attend and to make a brief presentation regarding the proposed financing at the Board meeting at which the inducement resolution is considered. 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, and 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 should also attend the meeting, but may participate by telephone if travel from out-of-state would be required to attend the meeting in person. Bond counsel should also be present. 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 representative may participate by telephone if travel from out-of-state borrower’s would be required to attend the meeting in person. Financing Resolution. The Board will entertain a financing resolution only after all documents relating to the transaction are substantially complete. In addition, the TEFRA hearing should be completed and the State TEFRA approval should Treasurer’s be signed prior to that meeting if possible. The borrower does not need to attend this meeting, but the bond counsel and underwriter should be available to respond to any questions that may arise during the meeting. CECFA will process a transaction in one meeting for “One-Step” Borrowings. the following kinds of transactions. Such meetings will combine the elements of the Inducement and Financing meetings described above: Small Borrower Applications, where the amount of bonds to be issued does not exceed $4,000,000; Refundings for savings, where the transaction is limited to refunding prior CECFA bonds; and In unusual circumstances, the Board may allow a financing to be approved with only one Board action. Please check with staff if you seek approval on this basis.
the Monday following the deadline for application submittal. E-mail transmittal is required. Process for Board Approval 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 and refundings of CECFA bonds for purposes of savings only are reviewed by the Board just once. Inducement Resolution. A representative of the borrower is generally required to attend and to make a brief presentation regarding the proposed financing at the Board meeting at which the inducement resolution is considered. 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, and 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 should also attend the meeting, but may participate by telephone if travel from out-of-state would be required to attend the meeting in person. Bond counsel should also be present. 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 to attend the meeting in person. Financing Resolution. The Board will entertain a financing resolution only after all documents relating to the transaction are substantially complete. In addition, the TEFRA hearing should be completed and the State Treasurer’s TEFRA approval should be signed prior to that meeting if possible. The borrower does not need to attend this meeting, but the bond counsel and underwriter should be available to respond to any questions that may arise during the meeting. “One-Step” Borrowings. CECFA will process a transaction in one meeting for the following kinds of transactions. Such meetings will combine the elements of the Inducement and Financing meetings described above: Small Borrower Applications, where the amount of bonds to be issued does not exceed $4,000,000; Refundings for savings, where the transaction is limited to refunding prior CECFA bonds; and In unusual circumstances, the Board may allow a financing to be approved with only one Board action. Please check with staff if you seek approval on this basis.
ProceduralGuidelines-DoingBusinesswithCECFAMarch2016.docx