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California Educational Facilities Authority

Application Submission - Required Documents

Borrower Documents Requested with Application

  • Latest Audited Financial Statements
  • Latest Unaudited Financial Information
  • Previous Official Statement (if any)
  • Evidence of California Environmental Quality Act (CEQA) compliance or exemption
  • Master Indenture or other document containing Borrower or Obligated Group existing covenants
  • Latest Rating Agency Reports of Borrower or Obligated Group

Bond Documents

  • Substantially Final Drafts due no later than 10th of the month in which approval is sought; further refinements of the documents may continue to be submitted to CEFA staff
  • Standard provisions of CEFA Loan Agreements and Indentures to be used: CEFA is working on establishing template documents and language and once approved, will post template language. In the meantime, please consult with CEFA to determine what provisions and language will be required for your specific transaction.
    • Recitals
    • Representations
    • Reporting Requirements
    • Indemnification
    • California Choice of Law
    • Venue in Sacramento County
    • CEFA named as "Additional Insured"
    • Signature block format
  • Tax Agreement provisions, including rebate reporting: CEFA is working on establishing template documents and language and once approved, will post template language. In the meantime, please consult with CEFA to determine what provisions and language will be required for your specific transaction.
  • CEFA Closing Certificate Forms: CEFA is working on establishing template documents and language and once approved, will post template language. In the meantime, please consult with CEFA to determine what provisions and language will be required for your specific transaction.

Underwriting Documents

  • Substantially final drafts due no later than 10th of the month in which approval is sought; further refinements of the documents may continue to be submitted to CEFA staff
  • Standard provisions of CEFA Bond Purchase Agreement and Official Statement: CEFA is working on establishing template documents and language and once approved, will post template language. In the meantime, please consult with CEFA to determine what provisions and language will be required for your specific transaction.
    • CEFA disclosure/disclaimers
    • Required legal opinions
      • Issuer Counsel
      • Bond Counsel (validity opinion and supplemental opinion including Securities and Exchange (SEC) Commission § 10b(5) opinion)
      • Underwriter's Counsel
      • Borrower Counsel (must cover SEC § 10 b(5) opinion on full Official Statement with very limited exclusions)
  • Authority 15c-2(12) Certificates: CEFA is working on establishing template documents and language and once approved, will post template language. In the meantime, please consult with CEFA to determine what provisions and language will be required for your specific transaction.