Closing the bond transaction is a two-day process. After a successful marketing of the bonds, a preclosing is scheduled to be held at the offices of the Authority. At the preclosing, representatives of the financing team will be present to review and execute all legal documents.
On the day of the closing, once all parties are satisfied that all the legal documents are properly executed, the underwriter wire transfers the bond proceeds to the bond trustee. Once confirmation has been received for the wire transfers, the bonds are released and the transaction is recorded. At this point, CHEFA can begin disbursing funds to pay for project related costs and costs of issuance.
