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Quinnipiac University, York Hill Campus
CCMC Ambulatory Surgery Center
Danbury Hospital

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.

Initial 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. There is no formal action taken at this first meeting.

Final Approval – CHEFA staff provides recommendation to the Board for approval and includes responses to any issues raised by the Board at the initial meeting. 

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.

Financing Team

The institution is responsible for selection of its counsel and an investment banker (for a public offering) or a placement agent (for a private placement). CHEFA also recommends engaging a Financial Advisor to assist the institution in evaluating its financing options. 

CHEFA will be responsible for selecting bond counsel, special counsel and a financial advisor. These firms are listed below.



Day Pitney, LLP               Harris Beach, PLLC               Hawkins, Delafield & Wood LLP

Hinckley Allen & Snyder LLC              Pullman & Comley, LLC              Robinson + Cole LLP


Carmody & Torrance, LLP               McCarter & English, LLP

               Shipman & Goodwin LLP



Acacia Financial Group, Inc.             Fairmount Capital Advisors, Inc.

            Public Financial Management