OFA offers a variety of bond offering programs from traditional fixed rate, credit enhanced, public sale bond issues to special private placement programs with various banks. In this section you will find information relative to all of these programs and links on how to apply.
STAGE 1: Scoping Process
A borrower determines the need for financing for a capital project. The borrower then contacts a bank or underwriter for further analysis on specific terms and then contacts OFA for vetting the project. The specific details of the transaction will determine what OFA bond program is appropriate. For the SNAP Loan program, OFA requires that the borrower work with the OFA financial advisor before moving toward making an application with OFA.
STAGE 2: Application & Approval Process
A borrower makes an application to OFA and works with the bank or underwriter to set up a scoping call. Once the OFA team has vetted out the details of the transaction at a scoping call, the borrower will then appear at the next monthly OFA meeting for preliminary approval. If the application receives preliminary approval, the borrower works with OFA and others to prepare the transaction for closing. When the bond documents are substantially complete, the borrower again appears at the OFA meeting for final approval. Final approval means that OFA recommends the transaction to the Office of the State Treasurer, which works with the borrower to close the transaction.
STAGE 3: Maintenance
A borrower will work with the financing team to close the bond transaction. After closing, the borrower will report to OFA on a regular basis.