Overview
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 (MST).
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.
Preliminary Agreement
Download agreement (.pdf will open in new window)
Fee Schedule
Initial Fee (Bond Issues)
The initial fee is used to pay the costs of COHFA’s financial advisor and general counsel.
Minimum initial fee is $20,000
50/100ths of 1% (50 basis points) of first $5,000,000: $25,000
30/100ths of 1% (30 basis points) of next $5,000,000: $15,000
5/100ths of 1% (5 basis points) of next $90,000,000: $45,000
3/100ths of 1% (3 basis points) of all amounts over $100,000,000
Initial fee capped at $250,000.
Initial Fee (Bank Private Placements)
For bank private placements of $10,000,000 or less, a fee of $10,000 shall be charged.
Placements over $10,000,000 will be calculated from COHFA's regular fee schedule.
Initial Fee (Leases)
$5,000 if COHFA is borrower’s bond issuer
$10,000 otherwise
Annual Fee
6/100ths of 1% (6 basis points) for the first $100,000,000 of principal outstanding (on an aggregate basis), and 1/100ths of 1% (1 basis point) for all principal outstanding in excess of $100,000,000, payable quarterly in arrears.
Holly Creek Assisted Living