California Educational Facilities Authority

Bond Financing Program

Designed to provide private university financing that can be used to purchase equipment or build and improve campus facilities.

Contact Information

If you have any questions about the Bond Financing Program, please contact CEFA.

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Standard Bond Financing

This program provides affordable, tax-exempt bonds to qualified nonprofit higher education institutions that wish to buy or refinance property and equipment, or build and improve campus facilities, in order to better serve its student population and faculty.

Eligible borrowers may use proceeds from the sale of bonds for:

  • Construction and/or renovation of facilities.
  • Land acquisition for future projects.
  • Acquisition of existing facilities.
  • Refinancing of existing debt.
  • Costs of issuance.
  • Other qualified expenses.

Alternative Financings

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.

Application (Online) Application (PDF)

Bond Application Process and Resources Model Bond Documents - Investment Grade Related Transactions