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Equipment Loan Program (EasyLoan)

CHEFA provides a tax-exempt financing alternative for the purchase of capital equipment and associated improvements. The program features an abridged application process, standardized loan documentation, and reduced financing fees compared to a traditional bond financing.

The EasyLoan Program utilizes a secured equipment loan structure where the commercial lender will loan the money, through the Authority, to the institution, and take a lien on the equipment and other financed improvements as collateral.

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TEFRA – Hearings Description

TEFRA Hearings

Two weeks after the TEFRA notice is published, a hearing is conducted at the office of the Authority to offer a venue for interested members of the public to express their views regarding the issuance of the transaction and the nature of the improvements and projects for which the financing funds will be allocated.

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TEFRA Process – Overview

TEFRA (Tax Equity and Fiscal Responsibility Act of 1982)

A TEFRA hearing is mandated by the IRS to provide a reasonable opportunity for interested individuals to express their views, either orally or in writing, on the issuance of bonds and the nature of the improvements and projects for which the bond funds will be allocated. The TEFRA hearing is held at the offices of the Authority.

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Approval Process

CHEFA Board Approval

For a public offering, CHEFA's Board approval is typically a two-step process. Refundng issues may require only one CHEFA Board meeting for approval. For a private placement/direct bank purchase transaction, there is only one meeting for CHEFA approval.

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Healthcare Capital Asset Pool B1 Tefra Hearing

Event Date: 
11/05/2007 - 10:00am to 10:30am

Healthcare Capital Asset Pool B1 Tefra Hearing

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Westminster E Tefra Hearing

Event Date: 
10/17/2007 - 10:00am to 10:30am

Westminster E Tefra Hearing

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Quinnipiac I Tefra Hearing

Event Date: 
10/11/2007 - 10:00am to 10:30am

Quinnipiac I Tefra Hearing

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SummerWood Tefra Hearing

Event Date: 
08/16/2007 - 10:00am to 10:30am

SummerWood Tefra Hearing Notice

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Pooled Recycling Loan Program

CHEFA offers a pooled recycling loan program which allows the participating institutions to "recycle" bond proceeds. The bond issue is structured as a variable rate transaction, with credit enhancement provided by a letter of credit. Each loan has an amortization schedule based on the initial project while the bonds are given a longer amortization schedule (typically a bullet of 25 or 30 years). As the initial loan is amortized, payments are made into a loan repayment fund held by the trustee.

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Types of Bond Financing

TAX-EXEMPT BOND FINANCING
Bond financing should be explored as an option by a not-for-profit institution, taking into account the timing need for project funds, the size of the anticipated borrowing, and the credit quality of the borrower. Typically, a bond issue with a par amount above $5 million would be cost effective for a bond issue, and the larger the transaction, the lower overall costs of borrowing. CHEFA staff is ready to assist you with the components and timing of a bond transaction, the associated costs, and alternative financing options.

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