CECFAColorado Educational and Cultural Facilities Authority
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With final approval expected later this year, IdleAire said it is anticipated that CECFA, a multi-state issuer of tax-exempt bonds for educational and cultural activities, will issue approximately $146 million of bonds and loan the proceeds to DEIRF for the project.
The state's MO program for eligible charter schools provides that in the event of a draw on any eligible charter's debt service reserve fund (DSRF) the Colorado Educational and Cultural Facilities Authority (CECFA), the issuer of the charter's bonds, shall request the governor to replenish the DSRF and the governor pledges to seek a state legislative appropriation for DSRF replenishment.
STATE RESERVE FUND REPLENISHMENT MORAL OBLIGATION: CECFA shall request the governor to seek a state appropriation to replenish participating charter schools' bond reserves if the reserves fall below maximum annual debt service requirements, and the governor shall request a legislative appropriation to replenish the reserve.