California Educational Facilities Authority

What Sets CEFA Apart


California Educational Facilities Authority (CEFA) management and staff will work with the borrower and its financing team through the bond application process. Once approved, bonds can typically be priced and closed within less than two months of application submission. Additionally, CEFA is amenable to scheduling a meeting for a financing approval to accommodate a borrower’s expedited timeline.

Experienced Staff

Having been in business since 1973, CEFA has issued over $14 billion in bonds to 52 California private colleges and universities. Over five decades, CEFA has honed its ability to ensure a smooth application process and to make the closing process as straightforward as possible. The California State Treasurer is the Agent for Sale on all transactions financed with CEFA as the conduit issuer, which also provides borrowers access to experienced bond financing staff from the California State Treasurer’s Office, Public Finance Division.

Flexibility of Financing Structure

CEFA has extensive experience issuing bonds and other forms of indebtedness in both public offerings and direct placements using a variety of structures, including multi-modal indentures, master indentures, master loan agreements, deeds of trust and other security documents, and other financing structures (including forward delivery). The depth of experience of CEFA staff has made the agency well positioned to consider innovative financing techniques.

Cost Effectiveness

CEFA has one of the lowest fee structures in the business.

  • Initial fees are 15 basis points of the par amount (capped at $75,000).
  • Annual fees are 1.5 basis points (capped at only $12,000) and based on the outstanding balance at fiscal year-end.
  • For large issuances, the annual fee imposed by CEFA’s competitors can be multiples of the amount charged by CEFA.

Statewide TEFRA Hearing

  • As a state agency, CEFA conducts one public Tax Equity and Fiscal Responsibility Act (TEFRA) hearing at its offices in Sacramento, regardless of the number and locations of the projects being financed, resulting in a streamlined, efficient process.
  • Any eligible borrower may apply to CEFA, regardless of its location
  • In addition, TEFRA notices may be posted on CEFA’s website at no further cost, saving potentially thousands of dollars that would be otherwise required to publish the public hearings in the newspapers of the cities where the projects are located.


CEFA is an authority housed in the California State Treasurer’s Office.

All financings are approved by a five member board consisting of:

  • the State Treasurer (chair),
  • the State Controller,
  • the Director of Finance, and
  • two representatives appointed by the Governor.

Meetings are held in an open, public setting, and materials (including agendas, minutes, and staff reports) are posted on CEFA’s website well in advance of the meeting dates.

Historical and current meeting materials as well as audit and annual reports also are available to the public through CEFA’s website.