COHFA was created by the Colorado Legislature in 1977 as a financing vehicle to enable public and nonprofit healthcare institutions to access the tax-exempt market when financing or refinancing healthcare related facilities. COHFA does not receive any State funds and is not a state agency. Its operations are funded through fees charged to borrowers.
As of September 30, 2008, COHFA had completed 275 financings, of which approximately $4 billion in aggregate principal amount remain outstanding. These financings have ranged in size from several hundred thousand to over seven hundred million.
COHFA’s statute does not provide that the moral authority of the State can be pledged. To the contrary, it explicitly provides that any obligations issued by COHFA are not an indebtedness, a debt or a liability of the State or any political subdivision of the State. All bond documents, bonds and offering circulars of COHFA distributed to potential or actual purchases state that the bonds are not the obligations of the State or COHFA but are the financial obligations of the borrowing healthcare institutions.
COHFA serves healthcare providers located both throughout the State and throughout the country and ranging in size and type from small residential treatment to facilities for the mentally ill and developmentally disabled to facilities for the elderly and acute-care hospitals.
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