If an organization has not financed through COHFA before, it must submit an application and make a presentation to COHFA’s Board. As information about upcoming meetings goes out to the Board at least a week in advance, potential borrowers are advised to submit their applications two weeks in advance of a Board meeting in order to hold a place on the agenda. Regular meetings of the Board are held as needed on the first Tuesday of every month at COHFA’s offices, beginning at 4:00PM (Mountain Time).
COHFA’s policies permit the borrower to select the members of the financing team, such as bond counsel, investment banker or placement agent, and bond & master trustee, assuming the firms selected have experience with tax-exempt healthcare financing, and are otherwise acceptable to COHFA. There are no pre-selected lists of participants from which borrowers must choose. The same bank can serve as both bond and master trustee.
COHFA does not adopt inducement resolutions. After the presentation meeting, COHFA notifies the borrower of any additional information needed or any questions of Board, staff or advisors. When the health institution has submitted all of its information and has answered all questions, document work can proceed.
TEFRA hearings are held in accordance with federal law at COHFA’s offices. Such hearings do not need to take place in conjunction with regular Board meetings.
At such time as the documents are substantially complete, the COHFA Board will meet to consider the adoption of the financing resolution. This meeting can take place by conference call as well as at a regular meeting at anytime there is a quorum. The resolution can either approve the final terms of the bonds or can be a parameters resolution (approving the bond terms within financing parameters) at the choosing of the borrower.