CHFFA Commercial Paper Program

This program will provide a borrower with access to low interest rate capital markets through the issuance of tax-exempt and taxable commercial paper notes.

Eligibility General Requirements -Must be a health facility as defined in the Authority's Act (Section 15432(d) of the California Government Code) -Must be a non-profit 501(c)(3) corporation or public health facility (e.g., district hospital) as defined in the Authority's Act (Section 15432(e) of the California Government Code) -Must have been in existence for at least three years, providing the same types of services -Must demonstrate evidence of fiscal soundness and the ability to meet the terms of the proposed loan Use of Funds Funds may be used for: -Construction, remodeling, renovation, and/or improvements -Land acquisition -Acquisition of existing health facilities  -Equipment and/or furnishings -Refunding of prior debt -Working capital for start-up facilities -Costs of bond issuances, feasibility studies & reimbursement of prior expenditures  Loan Terms -Any commercial paper issued by Authority must receive short-term rating of at least A-1/P-1/F-1 by at least one nationally recognized rating agency -Must be issued in denominations of $100,000 -Final maturity date cannot exceed 40 years -Commercial paper application must include a detailed description of capital projects to be funded by proceeds Fees -No application fee -Initial fee of 0.05% of the issue amount (maximum $100,000) -Annual administrative fee; greater of $5,000 or 0.0175% of the maximum amount of notes outstanding during the billing year Required Documentation -Three most recent fiscal years of audited financial statements

Details

• Agency: State Treasurer's Office
• Type: Loan
• Funding Source: Other
• Estimated Available Funds: $5,000,000,000
• Estimated Awards: Dependant on number of submissions received, application process, etc.
• Award Amount: Between $1 and $5,000,000,000
• Funding Method: Advances & Reimbursement(s)
• Matching Funds: Not Required

Apply here: https://www.treasurer.ca.gov/chffa/programs/bond.asp