DSRFSDisease-Specific, Relapse-Free Survival
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Proceeds from the bonds will be used to fund a campus expansion project, reimburse Fleet for prior capital expenditures, fund a debt service reserve fund (DSRF) and capitalized interest, and pay a portion of the cost of issuance.
The state's MO program for eligible charter schools provides that in the event of a draw on any eligible charter's DSRF, the Colorado Educational and Cultural Facilities Authority (CECFA), the issuer of the charter's bonds, shall request that the governor replenish the DSRF and that the governor pledges to seek a state legislative appropriation for DSRF replenishment.
In addition, certain bonds issued before 2007 are protected from losses by DSRFs, which were initially funded by a combination of federal capitalization grants, matching state contributions, and/or excess obligation repayments.
In addition to overcollateralization, the program's prior resolution bonds have approximately $49 million in DSRFs, which is equal to 6.4% of total bonds outstanding.
The DSRF for each applicable bond series is maintained at the least of maximum annual debt service, 125% of average annual debt service, or 10% of original bond proceeds.
Mixed Debt Profile: The rated debt benefits from its fully amortizing profile, senior lien, and cash-funded DSRF sized to the maximum allowed by the IRS.
Fitch's breakeven analysis demonstrates strong cash flow resiliency, as total revenues would have to fall 1.4% annually through final maturity in fiscal 2054 for DSCR to decline to 1.0x assuming complete draw-downs of the DSRF and unrestricted cash balances.
Section 22-30.5 407 provides for a state-level charter school DSRF (CSDRF) that can be tapped to make a eligible charter school debt service payment should the bond trustee not receive a timely payment from the school and should the school's own DSRF have been exhausted.
The program is limited to a total par value of $500 million of eligible charter school bonds and is available for bond issues that have met certain eligibility requirements, including receiving an initial investment-grade rating indication and being secured by the state-level DSRF under CRS 22-30.5 407.
The bonds are secured by loan repayments, investment earnings, and debt service reserve funds (DSRF).
Bondholders are protected from losses primarily by a DSRF established for each borrower.
The GRF is maintained at the difference between the actual balance in each DSRF and the current aggregate DSRF requirements.