The Authority’s Board members are drawn from many of the industries or professions we work with including healthcare, educational institutions, banking, insurance, and two ex-officio members, the State Treasurer and the Secretary of the Office of Policy and Management.
CHEFA's Board approval is a two-step process.
Initial Meeting – A detailed memo and credit analysis is reviewed by the Authority's Board Members. There is no formal action taken at this first meeting. The presentation to the Board at this initial meeting is for informational purposes and provides the Board with an opportunity to ask CHEFA staff any questions about the borrower, the financing structure and the project to be financed.
Final Approval – At a subsequent meeting, CHEFA staff provides recommendation to the Board for approval and includes responses to any issues raised by the Board at the initial meeting. Information prepared by the borrower for its disclosure in the public offering document is also provided to the Board.
Conditions that must be met prior to final approval by the CHEFA Board include: substantially final form of legal documents; results of the public hearing on the issuance of tax-exempt bonds (the TEFRA hearing); completion of the due diligence process by CHEFA Staff and its Bond and Special Counsel; and the finalization of the financing structure.
Once there are no further questions by the Board, and upon a majority affirmative vote, the resolution which authorizes the issuance of bonds is approved.
